Mead Johnson Press Releases and Statements http://www.cyberkeycorp.com/news/press-releases en Mead Johnson Nutrition Merger with Reckitt Benckiser Completed http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-merger-reckitt-benckiser-completed <p> <location value="LU/us.il.chicgo" idsrc="xmltag.org">CHICAGO</location>--(BUSINESS WIRE)--Jun. 15, 2017-- <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org> (MJN) announced today that its merger with <org value="RB" idsrc="xmltag.org">Reckitt Benckiser Group plc</org> (RB) has been completed. As a result of the transaction, Mead Johnson’s common stock is no longer traded on the <org>New York Stock Exchange</org>, effective today. Mead Johnson is now a division of RB, adding its globally-recognized brands, including Enfa? and Nutramigen?, to RB’s powerful consumer health portfolio. </p> <p> "We are pleased that the completion of this transaction returns significant and immediate value to our shareholders,” said James Cornelius, MJN's Chairman of the Board. “The merger with RB is a recognition of the strong growth and geographic expansion the Mead Johnson business achieved since the company’s split-off from Bristol-Meyers Squibb in 2009. We wish our thousands of employees, whose work and dedication enabled this success, all the best in the next chapter of the Mead Johnson story. We expect the business and brands to continue to flourish as part of RB, with its larger scale and proven marketing and innovation prowess.” </p> <p> <span class="bwuline"><b>About Mead Johnson</b></span> </p> <p> Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The company's mission is to nourish the world's children for the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products for over 110 years. The company's Enfa? family of brands, including Enfamil??infant formula, is a world leading brand franchise in pediatric nutrition. </p> <p> </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170615005692r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170615005692/en/" rel="nofollow">http://www.businesswire.com/news/home/20170615005692/en/</a></span></p> <p>Source: <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></p> <p> Mead Johnson Nutrition Company<br />Christopher Perille, 312-466-5814<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a> </p> <p> </p> Wed, 14 Jun 2017 19:00 -0500 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-merger-reckitt-benckiser-completed Final Approval Received for Acquisition of Mead Johnson by Reckitt Benckiser http://www.cyberkeycorp.com/news/press-releases/final-approval-received-acquisition-mead-johnson-reckitt-benckiser <p> <location value="LU/us.il.chicgo" idsrc="xmltag.org">CHICAGO</location>--(BUSINESS WIRE)--Jun. 12, 2017-- <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org> (NYSE: MJN) announced that the final regulatory approval has been received in order to complete its acquisition by <org>Reckitt Benckiser Group plc</org>. The transaction is expected to close on <chron>Thursday, June 15, 2017</chron>, subject to the satisfaction of customary closing conditions at such time. </p> <p> <span class="bwuline"><b>About Mead Johnson</b></span> </p> <p> Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The company's mission is to nourish the world's children for the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products for over 110 years. The company's "Enfa?" family of brands, including Enfamil??infant formula, is a world leading brand franchise in pediatric nutrition. </p> <p> <span class="bwuline"><b>Cautionary Statement Regarding Forward-Looking Statements</b></span> </p> <p> This release contains certain statements with respect to a transaction involving Mead Johnson and RB that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the fact they use words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression. Forward-looking statements can also be identified by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on current expectations that involve inherent risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: (1) the possibility that a transaction will not be consummated or delays in consummating the transaction; (2) adverse effects on the market price of the Company’s common stock and on the Company’s operating results because of a failure to complete the transaction; (3) negative effects relating to the announcement of the transaction or any further announcements relating to the transaction or the entrance into or consummation of the transaction on the market price of the Company’s common stock; (4) unanticipated difficulties or expenditures relating to the transaction; (5) legal proceedings instituted against the Company and others in connection with the transaction; (6) disruptions of current plans and operations caused by the announcement and pendency of the transaction; (7) potential difficulties in employee retention as a result of the announcement and pendency of the transaction; (8) the response of customers, distributors, suppliers and competitors to the announcement of the transaction; (9) the ability to sustain brand strength, particularly the Enfa family of brands; (10) the effect on the Company’s reputation of real or perceived quality issues; (11) the effect of regulatory restrictions related to the Company’s products; (12) the adverse effect of commodity costs; (13) increased competition from branded, private label, store and economy-branded products; (14) the effect of an economic downturn on consumers’ purchasing behavior and customers’ ability to pay for product; (15) inventory reductions by customers; (16) the adverse effect of changes in foreign currency exchange rates; (17) the effect of changes in economic, political and social conditions in the markets where we operate; (18) changing consumer preferences; (19) the possibility of changes in the Women, Infants and Children (WIC) program, or participation in WIC; (20) legislative, regulatory or judicial action that may adversely affect the Company’s ability to advertise its products, maintain product margins, or negatively impact the Company’s reputation or result in fines or penalties that decrease earnings; and (21) the ability to develop and market new, innovative products. </p> <p> Where, in any forward-looking statement, the Company or its management expresses an expectation or belief as to future results or actions, there can be no assurance that the statement of expectation or belief will result or be achieved or accomplished. Our actual results may differ materially from our expectations, plans or projections. Forward-looking statements are only predictions and estimates, which are inherently subject to risks, trends and uncertainties, many of which are beyond our ability to control or predict with accuracy and some of which we might not even anticipate. There can be no assurance that we will achieve our expectations and we do not assume responsibility for the accuracy and completeness of the forward-looking statements. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements as a result of many factors, including the risk factors described in the risk factor section of our reports filed with the <org>Securities and Exchange Commission</org> ("<org>SEC</org>"). Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of the Company. </p> <p> For additional information regarding these and other factors, see the Company’s filings with the <org>SEC</org>, including its most recent Annual Report on Form 10-K, which filings are available upon request from the <org>SEC</org> or at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51573060&amp;newsitemid=20170612005675&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=1&amp;md5=3348e9c9cbbf936ce9aae7eb41e18345" rel="nofollow">www.cyberkeycorp.com</a>. All forward-looking statements included in this release are based upon information available to the Company as of the date of the release, and we assume no obligation to update or revise any such forward-looking statements except as required by law. </p> <p> </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170612005675r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170612005675/en/" rel="nofollow">http://www.businesswire.com/news/home/20170612005675/en/</a></span></p> <p>Source: <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></p> <p> <b>Mead Johnson Nutrition</b><br /><b>Investors:</b><br />Kathy MacDonald, 312-466-8900<br /><a href="mailto:kathy.macdonald@mjn.com">kathy.macdonald@mjn.com</a><br />or<br /><b>Media:</b><br />Christopher Perille, 312-466-5814<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a> </p> <p> </p> Sun, 11 Jun 2017 19:00 -0500 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/final-approval-received-acquisition-mead-johnson-reckitt-benckiser Mead Johnson Stockholders Approve Acquisition by RB; Mead Johnson Nutrition Board Announces Dividend http://www.cyberkeycorp.com/news/press-releases/mead-johnson-stockholders-approve-acquisition-rb-mead-johnson-nutrition-board <p class="bwalignc"> RB Shareholders Also Vote to Approve Transaction </p> <p> <location value="LU/us.il.chicgo" idsrc="xmltag.org">CHICAGO</location>--(BUSINESS WIRE)--May 31, 2017-- <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org> (NYSE: MJN) (“Mead Johnson” or the “Company”) announced that its stockholders approved the acquisition of Mead Johnson by <org value="RB" idsrc="xmltag.org">Reckitt Benckiser Group plc</org> (“RB”) at a Special Meeting of Stockholders held today in <location value="LU/us.il.chicgo" idsrc="xmltag.org">Chicago, Illinois</location>. Shareholders of RB also approved the transaction at a General Meeting held earlier today in <location value="LU/gb.eng.london" idsrc="xmltag.org">London</location>. </p> <p> At Mead Johnson’s Special Meeting, approximately 70.30% of shares outstanding as of the record date were voted in favor of the transaction, with 97.12% of all shares voted being cast in favor of the transaction. The Company will be filing the final vote results on a Form 8-K with the <org>Securities and Exchange Commission</org>. </p> <p> Under the terms of the merger agreement between Mead Johnson and RB, stockholders of Mead Johnson will receive $90 in cash for each share upon closing of the transaction, and Mead Johnson will become a new division of RB, with its globally-recognized Enfamil? and Nutramigen? brands joining RB’s portfolio of leading consumer health brands. </p> <p> “We are pleased to have received such strong support for this transaction from our stockholders,” said Kasper Jakobsen, President and CEO of Mead Johnson. “In addition to providing our stockholders with significant and immediate value, this transaction also creates attractive opportunities to increase our scale and diversification, enabling our business to even better serve a larger consumer base.” Closing of the transaction is subject to customary conditions, including receipt of approval from one outstanding regulatory authority, the <org>Ministry of Commerce</org> of the People’s <location value="LC/cn;LB/eas" idsrc="xmltag.org">Republic of China</location>. The closing of the transaction is expected to occur at the end of the second quarter of 2017 or beginning of the third quarter of 2017. </p> <p> In addition, Mead Johnson announced today that its board of directors has declared a regular quarterly dividend of $0.4125 per share for the quarter ending June?30, 2017. The dividend will be paid on July?5, 2017, to shareholders of record at close of business on June?20, 2017. In the event that the merger of Mead Johnson with RB is completed on or prior to <chron>June 20, 2017</chron>, RB will become the sole shareholder as of the record date and therefore no dividend will be paid. </p> <p> <span class="bwuline"><b>About Mead Johnson</b></span> </p> <p> Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The company's mission is to nourish the world's children for the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products for over 110 years. The company's "Enfa?" family of brands, including Enfamil??infant formula, is a world leading brand franchise in pediatric nutrition. </p> <p> For further information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com%2F&amp;esheet=51567885&amp;newsitemid=20170531006497&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=1&amp;md5=4cd19b223c8d29e306bd9bd65f30060e" rel="nofollow">www.cyberkeycorp.com</a>. </p> <p> <span class="bwuline"><b>Cautionary Statement Regarding Forward-Looking Statements</b></span> </p> <p> This release contains certain statements with respect to a transaction involving Mead Johnson and RB that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the fact they use words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression. Forward-looking statements can also be identified by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on current expectations that involve inherent risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: (1) the possibility that a transaction will not be consummated or delays in consummating the transaction; (2) adverse effects on the market price of the Company’s common stock and on the Company’s operating results because of a failure to complete the transaction; (3) negative effects relating to the announcement of the transaction or any further announcements relating to the transaction or the entrance into or consummation of the transaction on the market price of the Company’s common stock; (4) unanticipated difficulties or expenditures relating to the transaction; (5) legal proceedings instituted against the Company and others in connection with the transaction; (6) disruptions of current plans and operations caused by the announcement and pendency of the transaction; (7) potential difficulties in employee retention as a result of the announcement and pendency of the transaction; (8) the response of customers, distributors, suppliers and competitors to the announcement of the transaction; (9) the ability to sustain brand strength, particularly the Enfa family of brands; (10) the effect on the Company’s reputation of real or perceived quality issues; (11) the effect of regulatory restrictions related to the Company’s products; (12) the adverse effect of commodity costs; (13) increased competition from branded, private label, store and economy-branded products; (14) the effect of an economic downturn on consumers’ purchasing behavior and customers’ ability to pay for product; (15) inventory reductions by customers; (16) the adverse effect of changes in foreign currency exchange rates; (17) the effect of changes in economic, political and social conditions in the markets where we operate; (18) changing consumer preferences; (19) the possibility of changes in the Women, Infants and Children (WIC) program, or participation in WIC; (20) legislative, regulatory or judicial action that may adversely affect the Company’s ability to advertise its products, maintain product margins, or negatively impact the Company’s reputation or result in fines or penalties that decrease earnings; and (21) the ability to develop and market new, innovative products. </p> <p> Where, in any forward-looking statement, the Company or its management expresses an expectation or belief as to future results or actions, there can be no assurance that the statement of expectation or belief will result or be achieved or accomplished. Our actual results may differ materially from our expectations, plans or projections. Forward-looking statements are only predictions and estimates, which are inherently subject to risks, trends and uncertainties, many of which are beyond our ability to control or predict with accuracy and some of which we might not even anticipate. There can be no assurance that we will achieve our expectations and we do not assume responsibility for the accuracy and completeness of the forward-looking statements. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements as a result of many factors, including the risk factors described in the risk factor section of our reports filed with the <org>Securities and Exchange Commission</org> ("<org>SEC</org>"). Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of the Company. </p> <p> For additional information regarding these and other factors, see the Company’s filings with the <org>SEC</org>, including its most recent Annual Report on Form 10-K, which filings are available upon request from the <org>SEC</org> or at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51567885&amp;newsitemid=20170531006497&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=2&amp;md5=fc086cfd0b8679f7ca27b80ad64a03c3" rel="nofollow">www.cyberkeycorp.com</a>. All forward-looking statements included in this release are based upon information available to the Company as of the date of the release, and we assume no obligation to update or revise any such forward-looking statements except as required by law. </p> <p> </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170531006497r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170531006497/en/" rel="nofollow">http://www.businesswire.com/news/home/20170531006497/en/</a></span></p> <p>Source: <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></p> <p> <b>Mead Johnson Nutrition</b><br /><b>Investors:</b><br />Kathy MacDonald, 312-466-8900<br /><a href="mailto:kathy.macdonald@mjn.com">kathy.macdonald@mjn.com</a><br />or<br /><b>Media:</b><br />Christopher Perille, 312-466-5814<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a> </p> Tue, 30 May 2017 19:00 -0500 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/mead-johnson-stockholders-approve-acquisition-rb-mead-johnson-nutrition-board Mead Johnson Nutrition Reports First Quarter 2017 Results http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-reports-first-quarter-2017-results <p> <location value="LU/us.il.chicgo" idsrc="xmltag.org">CHICAGO</location>--(BUSINESS WIRE)--Apr. 27, 2017-- <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org> (NYSE: MJN) today announced its financial results for the quarter ended March?31, 2017. </p> <p> Highlights are as follows: </p> <ul><li class="bwlistitemmargb"> Net sales were 8% below the prior year quarter on a reported basis and 5% below the prior year quarter on a constant dollar basis.(1) </li> <li class="bwlistitemmargb"> Gross Margin was 62.6% for the first quarter 2017, which was 130 basis points below the prior year quarter on a GAAP basis and 150 basis points below the prior year quarter on a non-GAAP basis. Benefits from lower dairy costs and price increases were more than offset by higher costs for new premium products, increased trade investments and adverse foreign exchange. </li> <li class="bwlistitemmargb"> Advertising and Promotion increased 6% in the first quarter compared to the prior year quarter, primarily as a result of investments to support product launches and the channel transition in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location>. </li> <li class="bwlistitemmargb"> Selling, general and administrative expenses decreased 3% in the first quarter compared to the prior year quarter primarily due to beneficial foreign currency translation. </li> <li class="bwlistitemmargb"> Earnings before Interest and Income Taxes (EBIT) was 3% higher in the first quarter compared to the prior year quarter. Reduced gross profit from lower sales and adverse foreign exchange in the first quarter of 2017 were less than the impact of the prior year <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location> charges. Excluding Specified Items and the impact of foreign exchange, non-GAAP EBIT was 22% below the prior year quarter due to lower sales and reduced gross margin. </li> <li class="bwlistitemmargb"> In the quarter, the company's effective tax rate (ETR) was 8.1%, primarily reflecting the timing of foreign tax credit recognition associated with the repatriation of foreign earnings. </li> <li class="bwlistitemmargb"> Earnings per Share (EPS) for the first quarter of 2017 was $0.65 compared to $0.39 in the prior year quarter. Excluding Specified Items, non-GAAP EPS on a constant dollar basis for the first quarter of 2017 was $0.80, which excludes $0.06 of adverse foreign currency impacts, compared to $0.87 in the prior year quarter. </li> </ul><p> Kasper Jakobsen, Chief Executive Officer, said “Our first quarter of the year results were much as expected. Comparisons to last year were impacted by one-time events in both the base year period and the current period. While we are addressing challenges across the business, we importantly remain on track in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location>, where our new products continue to deliver strong growth for us and the channel transition to an online model in <location value="LC/hk;LB/eas" idsrc="xmltag.org">Hong Kong</location> continues to accelerate.” </p> <p> (1) Constant dollar figures exclude the impact of changes in foreign currency exchange rates and are reconciled in the tables in the body of this earnings release and in the schedules titled “Reconciliation of non-GAAP to GAAP Results.” Non-GAAP results exclude Specified Items. For a description of Specified Items and a reconciliation of non-GAAP to GAAP, see the schedules titled “Reconciliation of non-GAAP to GAAP Results.” </p> <table cellspacing="0" class="bwtablemarginb"><tr><td colspan="20"> ? </td> </tr><tr><td colspan="20"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="20"> <b>First Quarter 2017</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="20"> <b>(Dollars in Millions)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="20"> <b>(UNAUDITED)</b> </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td colspan="7"> </td> <td> ? </td> <td colspan="3"> </td> <td> ? </td> <td colspan="5"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended March 31,</b> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>% Change</b> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="5"> <b>% Change Due to</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Net Sales</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2017</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Total</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Total</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Volume</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Price/Mix</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $434.1 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 49% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $500.6 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 52% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (13)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (10)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (10)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> —% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 156.2 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 18% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 160.3 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 17% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 6% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 11% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (9)% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 293.2 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 33% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 301.2 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 31% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (2)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 4% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> </tr><tr><td class="bwpadl4 bwpadb3 bwvertalignm bwalignl"> Net Sales </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $883.5 </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 100% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $962.1 </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 100% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 3% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><ul><li class="bwlistitemmargb"> In <location value="LR/asp" idsrc="xmltag.org">Asia</location>, first quarter sales were 13% below the prior year quarter on a reported basis. Sales were negatively impacted by adverse foreign exchange, mainly in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location>. On a constant dollar basis, sales were 10% below the prior year quarter driven by volume declines. <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location> was impacted by lower cross-border trade, reduced demand for locally manufactured products and lower promotional activities related to the <chron>Chinese new year</chron>. Such declines were partially offset by improved market share within growing channels, including the successful launch of imported premium products and a shift to e-commerce in the <location value="LC/hk;LB/eas" idsrc="xmltag.org">Hong Kong</location> channel. Market share weakness and retail inventory adjustments continued to negatively impact sales volume, particularly in <location value="LC/ph;LB/seas" idsrc="xmltag.org">the Philippines</location>. </li> <li class="bwlistitemmargb"> In <location value="LR/cam" idsrc="xmltag.org">Latin America</location>, first quarter sales were 3% below the prior year quarter on a reported basis. Sales were negatively impacted by adverse foreign exchange, primarily in <location value="LC/mx;LB/cam" idsrc="xmltag.org">Mexico</location>. On a constant dollar basis, net sales were 6% above the prior year quarter. Price increases across the segment, most noticeably in <location value="LC/mx;LB/cam" idsrc="xmltag.org">Mexico</location>, more than offset the impact of market share losses following competitive pricing in <location value="LC/co;LB/sam" idsrc="xmltag.org">Colombia</location>. </li> <li class="bwlistitemmargb"> In <location value="LB/nam" idsrc="xmltag.org">North America</location>/<location value="LR/eur" idsrc="xmltag.org">Europe</location>, first quarter sales were 3% below the prior year quarter on a reported basis and 2% on a constant dollar basis. Sales in the U.S. were below the prior year quarter due to current year market share weakness and the beneficial timing of 2016 retail shipments. In the U.S., price increases taken in the second quarter of 2016 benefited the first quarter 2017 comparison. In <location value="LC/ca;LB/nam" idsrc="xmltag.org">Canada</location>, sales of infant products increased compared to the prior year quarter. </li> </ul><table cellspacing="0" class="bwtablemarginb"><tr><td> </td> <td> ? </td> <td> ? </td> <td colspan="7"> </td> <td> ? </td> <td colspan="3"> </td> <td> ? </td> <td> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended March 31,</b> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>% Change</b> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <p class="bwcellpmargin"> <b>% Change</b><br /><b> Due to</b> </p> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Earnings Before Interest and Income Taxes (EBIT)</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2017</b> </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <p class="bwcellpmargin"> <b>% of</b><br /><b> Sales</b> </p> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <p class="bwcellpmargin"> <b>% of</b><br /><b> Sales</b> </p> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <p class="bwcellpmargin"> <b>Constant</b><br /><b> Dollar</b> </p> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <p class="bwcellpmargin"> <b>Foreign</b><br /><b> Exchange</b> </p> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $116.8 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 27% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $169.1 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 34% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (31)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (27)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 39.8 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 26% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 40.8 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 26% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (2)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 13% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (15)% </td> </tr><tr><td class="bwpadl0 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 69.0 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 24% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 82.0 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 27% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (16)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (15)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Corporate and Other (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> (70.5) </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> (141.8) </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 50% </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl4 bwpadb1 bwvertalignt bwalignl"> GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 155.1 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 18% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 150.1 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 16% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 3% </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl4 bwpadb3 bwvertalignt bwalignl"> Non-GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $177.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $244.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (27)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (22)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="16"> <p class="bwcellpmargin"> (a) All Specified Items are included in Corporate and Other. </p> </td> </tr><tr><td colspan="16"> ? </td> </tr></table><ul><li class="bwlistitemmargb"> First quarter EBIT was 3% above the prior year quarter on a reported basis. Excluding Specified Items, non-GAAP EBIT on a constant dollar basis was 22% below the prior year quarter primarily due to reduced gross profit from lower sales. EBIT was also adversely impacted by a lower gross margin percentage compared to the prior year quarter as higher costs for new premium products, increased trade investments and adverse foreign exchange were only partially offset by benefits from lower dairy costs and price increases. EBIT in the quarter was also negatively impacted by increased advertising and promotion spending, primarily in <location value="LR/asp" idsrc="xmltag.org">Asia</location>. Fuel for Growth resulted in approximately $4 million of lower operating expenses in 2017 compared to the prior year quarter. </li> <li class="bwlistitemmargb"> In <location value="LR/asp" idsrc="xmltag.org">Asia</location>, first quarter EBIT decreased 31% on a reported basis and 27% on a constant dollar basis when compared to the prior year quarter. The decrease in EBIT was primarily due to lower sales and the Company's strategic investments to reshape the product portfolio and channel mix in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location> and the adverse dynamics in <location value="LC/ph;LB/seas" idsrc="xmltag.org">the Philippines</location> referenced above. </li> <li class="bwlistitemmargb"> In <location value="LR/cam" idsrc="xmltag.org">Latin America</location>, first quarter EBIT decreased 2% on a reported basis but increased 13% on a constant dollar basis when compared to the prior year quarter. The improvement on a constant dollar basis was driven by increased sales while the adverse impact of foreign exchange was predominantly due to the depreciation of the Mexican Peso. </li> <li class="bwlistitemmargb"> In <location value="LB/nam" idsrc="xmltag.org">North America</location>/<location value="LR/eur" idsrc="xmltag.org">Europe</location>, first quarter EBIT decreased 16% on a reported basis and 15% on a constant dollar basis. The decrease in EBIT was primarily due to reduced gross profit from lower sales and higher advertising and promotion investments in support of the Enfa product line in the U.S. compared to the prior year quarter. </li> <li class="bwlistitemmargb"> Corporate and Other expenses for the first quarter were 50% lower than the prior year quarter on a reported basis. The prior year quarter included $78.2 million of charges associated with the devaluation and impairment of assets in <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>. Excluding the impact of Specified Items, Corporate and Other expenses were in line with the prior year quarter. </li> </ul><p> <b>Cash Flow Items and Liquidity</b> </p> <ul><li class="bwlistitemmargb"> Cash and cash equivalents were $1,724.4 million at March?31, 2017 compared to $1,795.4 million at December?31, 2016. The company's net debt was $1,253.4 million at March?31, 2017, consisting of debt of $2,977.8 million less cash and cash equivalents. </li> <li class="bwlistitemmargb"> Cash generated from operating activities was $196.4 million for 2017 compared to $160.1 million in the prior year period. Cash flows for the quarter ended <chron>March 31, 2017</chron> benefited from lower receivables of approximately $23 million, primarily in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location>. </li> <li class="bwlistitemmargb"> Cash used in investing activities included capital expenditures of $48.5 million for the first quarter of 2017 primarily related to production facilities in <location value="LB/nam" idsrc="xmltag.org">North America</location>, <location value="LR/cam" idsrc="xmltag.org">Latin America</location> and <location value="LR/eur" idsrc="xmltag.org">Europe</location>. </li> <li class="bwlistitemmargb"> Cash used in financing activities was $74.6 million for 2017 compared to $77.0 million in the prior year. Dividend payments were lower in 2017 due to the retirement of shares repurchased during 2016. Long-term debt was approximately $3.0 billion as of <chron>March 31, 2017</chron> and <chron>December 31, 2016</chron>. </li> <li class="bwlistitemmargb"> The Company had restricted cash of $152.5 million as of <chron>March 31, 2017</chron> in anticipation of finalizing an acquisition of assets from <org>Bega Cheese Limited</org>. </li> <li class="bwlistitemmargb"> Interest expense, net, for the three months ended <chron>March 31, 2017</chron> was $27.1 million, an increase from $26.2 million in prior year period due to an increase in the floating interest rate on our fixed-to-floating swaps for the 2019 and 2020 notes. </li> </ul><p> <b>Outlook</b> </p> <p> In view of the proposed merger agreement with <org value="RB" idsrc="xmltag.org">Reckitt Benckiser Group plc</org> (RB) announced on <chron>February 10, 2017</chron>, we will not be hosting an investor conference call to discuss this quarter’s or subsequent financial results. In addition, given the proposed merger, we believe the previously-issued guidance for Mead Johnson as a standalone entity is no longer applicable. The transaction, which is subject to customary closing conditions including regulatory approvals in several jurisdictions and approval by both Mead Johnson’s and RB’s shareholders, is expected to close in the third quarter of 2017. </p> <p> Kasper Jakobsen continued, “We expect significant benefits from the proposed merger with Reckitt Benckiser, including benefits from scale, potential geographic expansion, and increased resilience within a diversified group to help strengthen our business. Hence, our 2017 annual earnings guidance is no longer applicable and will not be updated.” </p> <p> <b>About Mead Johnson</b> </p> <p> Mead Johnson, a global leader in pediatric nutrition ("Mead Johnson" or the "Company"), develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The Company’s mission is to nourish the world’s children for the best start in life.?The Mead Johnson name has been associated with science-based pediatric nutrition products for over 100 years. The Company’s “Enfa” family of brands, including Enfamil? infant formula, is the world’s leading brand franchise in pediatric nutrition. For more information, go to <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51547009&amp;newsitemid=20170427005825&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=1&amp;md5=c11b9d861ad66c0c8246623540c90110" rel="nofollow"><span class="bwuline"><a href="http://www.cyberkeycorp.com">www.cyberkeycorp.com</a></span></a>. </p> <p> <b>Cautionary Statement Regarding Forward-Looking Statements</b> </p> <p> Certain statements in this release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the fact they use words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression. Such statements are likely to relate to, among other things, a discussion of goals, plans and projections regarding financial position, results of operations, cash flows, market position, product development, product approvals, sales efforts, expenses, capital expenditures, performance or results of current and anticipated products and the outcome of contingencies such as legal proceedings and financial results. Forward-looking statements can also be identified by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on current expectations that involve inherent risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks include, but are not limited to: (1) the ability to sustain brand strength, particularly the Enfa family of brands; (2) the effect on the Company’s reputation of real or perceived quality issues; (3) the effect of regulatory restrictions related to the Company’s products; (4) the adverse effect of commodity costs; (5) increased competition from branded, private label, store and economy-branded products; (6) the effect of an economic downturn on consumers’ purchasing behavior and customers’ ability to pay for product; (7) inventory reductions by customers; (8) the adverse effect of changes in foreign currency exchange rates; (9) the effect of changes in economic, political and social conditions in the markets where the Company operates; (10) changing consumer preferences; (11) the possibility of changes in the Women,?Infants and Children (WIC) program, or participation in WIC; (12) legislative, regulatory or judicial action that may adversely affect the Company’s ability to advertise its products, maintain product margins, or negatively impact the Company’s reputation or result in fines or penalties that decrease earnings; and (13) the ability to develop and market new, innovative products. </p> <p> In addition, this release contains certain statements with respect to a transaction involving the Company and <org>Reckitt Benckiser Group plc</org> that are also forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties related to the transaction include, but are not limited to: the possibility that the transaction will not be consummated or delays in consummating the transaction; adverse transaction on the market price of the Company's common stock and on the Company's operating results because of a failure to complete the transaction; negative effects relating to the announcement of the transaction or any further announcements relating to the transaction or the entrance into or consummation of the transaction on the market price of the Company's stock; unanticipated difficulties or expenditures relating to the transaction; legal proceedings instituted against the Company and others in connection with the transaction; disruptions of current plans and operations caused by the announcement and pendency of the transaction; potential difficulties in employee retention as a result of the announcement and pendency of the transaction; and the response of customers, distributors, suppliers and competitors to the announcement of the transaction. </p> <p> For additional information regarding these and other factors, see the Company’s filings with the <org>United States Securities and Exchange Commission</org> (the “SEC”), including its most recent Annual Report on Form 10-K, which filings are available upon request from the <org>SEC</org> or at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51547009&amp;newsitemid=20170427005825&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=2&amp;md5=0c72c612420e81ff446fd97bed649453" rel="nofollow">www.cyberkeycorp.com</a>. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise. </p> <p> <b>Additional Information and Where to Find It</b> </p> <p> This communication may be deemed to be solicitation material in respect of the transaction. In connection with the transaction, Mead Johnson will file a proxy statement and other materials with the <org>SEC</org>. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MEAD JOHNSON AND THE TRANSACTION. </p> <p> Mead Johnson’s investors and security holders will be able to obtain a free copy of these documents filed with the <org>SEC</org> at the SEC’s website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=51547009&amp;newsitemid=20170427005825&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.sec.gov&amp;index=3&amp;md5=86bada30c9a47a9f7773b2a9c45e86cc" rel="nofollow">http://www.sec.gov</a>. In addition, investors will be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) at Mead Johnson’s website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51547009&amp;newsitemid=20170427005825&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=4&amp;md5=c204e9a79c7016a48dd4b10604c9f415" rel="nofollow">www.cyberkeycorp.com</a> or by contacting Mead Johnson: </p> <p> <b>Investors:?</b>Kathy MacDonald, 312-466-8900, <a href="mailto:kathy.macdonald@mjn.com" rel="nofollow">kathy.macdonald@mjn.com</a>; or </p> <p> <b>Media:?</b>Christopher Perille, 312-466-5814, <a href="mailto:chris.perille@mjn.com" rel="nofollow">chris.perille@mjn.com</a> </p> <p> <b>Participants in the Solicitation</b> </p> <p> Mead Johnson and its officers and directors may be deemed to be participants in the solicitation of proxies from Mead Johnson stockholders with respect to the transaction. Information about Mead Johnson officers and directors and their ownership of Mead Johnson common shares is set forth in Amendment No. 1 to the Company's Annual Report on Form 10-K, which was filed with the <org>SEC</org> on <chron>March 13, 2017</chron>, and in other documents filed with the <org>SEC</org> by Mead Johnson and its officers and directors. Investors and security holders may obtain more detailed information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the transaction by reading the preliminary and definitive proxy statements regarding the transaction, which have been or will be filed by Mead Johnson with the <org>SEC</org>. </p> <table cellspacing="0" class="bwtablemarginb"><tr><td colspan="10"> ? </td> </tr><tr><td colspan="10"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="10"> <b>MEAD JOHNSON NUTRITION COMPANY</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="10"> <b>CONSOLIDATED STATEMENTS OF EARNINGS</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="10"> <b>(Dollars and shares in millions, except per share data)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="10"> <b>(UNAUDITED)</b> </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td colspan="7"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="7"> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended March 31,</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2017</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>2016</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> NET SALES </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 883.5 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 962.1 </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Cost of Products Sold </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 330.2 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 347.6 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> GROSS PROFIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 553.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 614.5 </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Operating Expenses: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Selling, General and Administrative </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 193.7 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 198.9 </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Advertising and Promotion </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 160.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 151.8 </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Research and Development </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 21.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 25.4 </td> </tr><tr><td class="bwpadl4 bwpadb1 bwvertalignb bwalignl"> Other (Income)/Expenses—net </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 22.8 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 88.3 </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> EARNINGS BEFORE INTEREST AND INCOME TAXES </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 155.1 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 150.1 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Interest Expense—net </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 27.1 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 26.2 </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> EARNINGS BEFORE INCOME TAXES </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 128.0 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 123.9 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Provision for Income Taxes </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 10.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 47.2 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> NET EARNINGS </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 117.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 76.7 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Less Net Earnings/(Loss) Attributable to Noncontrolling Interests </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (2.3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 4.0 </td> </tr><tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"> NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 119.9 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 72.7 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Earnings per Share—Basic </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignb bwalignl"> Net Earnings Attributable to Shareholders </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.65 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.39 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Earnings per Share—Diluted </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignb bwalignl"> Net Earnings Attributable to Shareholders </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.65 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.39 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Weighted Average Shares—Diluted </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 183.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 186.7 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Dividends Declared per Share </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.4125 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.4125 </td> </tr></table><p> (a) The numerator for basic and diluted earnings per share is net earnings attributable to shareholders. Net earnings has been reduced by dividends and undistributed earnings attributable to unvested share based incentive plan awards. The denominator for basic earnings per share is the weighted-average shares outstanding during the period. The denominator for diluted earnings per share is the weighted-average shares outstanding adjusted for the effect of dilutive stock options and performance share awards. </p> <table cellspacing="0" class="bwtablemarginb"><tr><td colspan="11"> ? </td> </tr><tr><td colspan="11"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>MEAD JOHNSON NUTRITION COMPANY</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>(Dollars and shares in millions, except per share data)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>(UNAUDITED)</b> </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td colspan="3"> </td> <td> ? </td> <td> ? </td> <td colspan="3"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>March 31, 2017</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>December 31, 2016</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> <b>ASSETS</b> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CURRENT ASSETS: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Cash and Cash Equivalents </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,724.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,795.4 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Restricted Cash </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 152.5 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Receivables—net of allowances of $4.4 and $4.4, respectively </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 355.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 369.0 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Inventories - net </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 498.5 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 473.5 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Income Taxes Receivable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 26.1 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 8.3 </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Prepaid Expenses and Other Assets </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 60.8 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 60.4 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Total Current Assets </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,817.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,706.6 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Property, Plant and Equipment – net </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 963.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 948.6 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Goodwill </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 113.1 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 108.9 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Other Intangible Assets – net </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 43.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 46.0 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Deferred Income Taxes – net of valuation allowance </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 148.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 143.1 </td> <td> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Other Assets </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 140.8 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 134.5 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl"> TOTAL </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 4,227.1 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 4,087.7 </td> <td class="bwdoublebottom"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> <b>LIABILITIES AND EQUITY</b> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CURRENT LIABILITIES: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Short-Term Borrowings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 4.5 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.9 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Accounts Payable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 536.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 515.8 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Dividends Payable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 76.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 76.0 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Accrued Expenses </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 216.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 194.7 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Accrued Rebates and Returns </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 415.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 417.4 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Deferred Income </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 10.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 12.4 </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Income Taxes Payable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 49.9 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 24.0 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Total Current Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1,308.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1,244.2 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Long-Term Debt </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,973.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,976.2 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Deferred Income Taxes </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 6.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 6.2 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Pension and Other Post-employment Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 99.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 104.2 </td> <td> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Other Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 232.6 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 229.0 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Total Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 4,619.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 4,559.8 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> COMMITMENTS AND CONTINGENCIES </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> EQUITY </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Shareholders’ Equity </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Common Stock, $0.01 par value: 3,000 authorized, 188.6 and 188.3 issued, respectively </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1.9 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Additional Paid-in/(Distributed) Capital </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (499.5 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (514.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Retained Earnings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 812.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 773.4 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Treasury Stock – at cost </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (362.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (362.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Accumulated Other Comprehensive Loss </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (383.3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (411.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Total Shareholders’ Equity/(Deficit) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (431.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (512.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Noncontrolling Interests </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 38.3 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 40.6 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl4 bwpadb1 bwvertalignt bwalignl"> Total Equity/(Deficit) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (392.8 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (472.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl"> TOTAL </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 4,227.1 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 4,087.7 </td> <td class="bwdoublebottom"> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td colspan="11"> ? </td> </tr><tr><td colspan="11"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>MEAD JOHNSON NUTRITION COMPANY</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>(Dollars in millions)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>(UNAUDITED)</b> </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td colspan="8"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="8"> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="8"> <b>Three Months Ended March 31,</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2017</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CASH FLOWS FROM OPERATING ACTIVITIES: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Net Earnings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 117.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 76.7 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Depreciation and Amortization </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 25.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 24.9 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Impairment of Long-Lived Assets </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 45.9 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Other Non-Cash Items </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (12.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 36.0 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Changes in Assets and Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 65.7 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (23.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Pension and Other Post-employment Benefit Contributions </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (0.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl6 bwvertalignt bwalignl"> Net Cash Provided by Operating Activities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 196.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 160.1 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CASH FLOWS FROM INVESTING ACTIVITIES: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Payments for Capital Expenditures </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (48.5 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (55.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Proceeds from Sale of Property, Plant and Equipment </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.1 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.1 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl6 bwvertalignt bwalignl"> Net Cash Used in Investing Activities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (48.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (55.5 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CASH FLOWS FROM FINANCING ACTIVITIES: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Proceeds from Short-term Borrowings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.4 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Repayments of Short-term Borrowings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Debt Issuance Costs </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Payments of Dividends </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (75.9 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (77.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Stock-based Compensation related Proceeds and Excess Tax Benefits </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 5.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 3.7 </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Stock-based Compensation Tax Withholdings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (4.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (3.5 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl6 bwvertalignt bwalignl"> Net Cash Used in Financing Activities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (74.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (77.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Effects of Changes in Exchange Rates on Cash, Cash Equivalents and Restricted Cash </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 8.1 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (26.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 81.5 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.9 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CASH, CASH EQUIVALENTS AND RESTRICTED CASH: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Beginning of Period </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,795.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,701.4 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignt bwalignl"> End of Period </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 1,876.9 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 1,702.3 </td> <td class="bwdoublebottom"> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><p> <b><org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></b><br /><b>Financial Information (UNAUDITED) </b><br /><b>Reconciliation of Non-GAAP to GAAP Results</b> </p> <p> This news release contains non-GAAP financial measures, each of which is listed in the tables below. The items included in GAAP measures, but excluded for the purpose of determining the non-GAAP financial measures, include significant income/expenses not indicative of underlying operating results, including the related tax effect and, at times, the impact of foreign exchange. The non-GAAP measures represent an indication of the company’s underlying operating results and are intended to enhance an investor’s overall understanding of the company’s financial performance and ability to compare the company’s performance to that of its peer companies. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, setting incentive compensation targets and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Tables that reconcile non-GAAP to GAAP disclosure follow below. </p> <p> <span class="bwuline">Constant Dollar</span> </p> <p> Certain measures in this release are presented excluding the impact of foreign currency exchange (constant dollar). To present this information, current period results for entities reporting in currencies other than <location value="LC/us;LB/nam" idsrc="xmltag.org">United States</location> dollars are translated into <location value="LC/us;LB/nam" idsrc="xmltag.org">United States</location> dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year. The company believes that these constant dollar measures provide useful information to investors because they provide transparency to underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given volatility in foreign currency exchange markets. The primary currencies which impact the company are: the Argentine peso, the Chinese renminbi, the <location value="LC/hk;LB/eas" idsrc="xmltag.org">Hong Kong</location> dollar, the Mexican peso and the Philippine peso. </p> <p> <span class="bwuline">Specified Items</span> </p> <p> Non-GAAP measures presented within this release exclude Specified Items. The company considers Specified Items to be significant income/expense items as not indicative of underlying operating results, including the related tax effect. See the following pages for a description of Specified Items and the related tax effect. </p> <table cellspacing="0" class="bwtablemarginb"><tr><td colspan="16"> ? </td> </tr><tr><td colspan="16"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="16"> <b>Mead Johnson Nutrition Company</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="16"> <b>Financial Information (UNAUDITED)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="16"> <b>Reconciliation of Non-GAAP to GAAP Results</b> </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td colspan="5"> </td> <td> ? </td> <td colspan="5"> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="16"> <p class="bwcellpmargin"> <span class="bwuline">Constant dollar net sales</span> </p> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="5"> </td> <td> </td> <td colspan="5"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="5"> <b>Three Months Ended</b> </td> <td> </td> <td colspan="5"> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="5"> <b>March 31,</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="5"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Net Sales</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwsinglebottom"> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2017</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwsinglebottom"> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> <p class="bwcellpmargin"> $ </p> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> <p class="bwcellpmargin"> 434.1 </p> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> <p class="bwcellpmargin"> $ </p> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> <p class="bwcellpmargin"> 500.6 </p> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (13)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (10)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 156.2 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 160.3 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (9)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 6% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwsinglebottom"> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom"> 293.2 </td> <td> </td> <td class="bwsinglebottom"> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom"> 301.2 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (2)% </td> </tr><tr><td class="bwpadl4 bwvertalignm bwalignl"> Net Sales </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 883.5 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 962.1 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> </tr><tr><td class="bwpadl4 bwpadb1 bwvertalignm bwalignl"> Impact of Foreign Exchange </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwsinglebottom"> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom"> 28.8 </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignm bwalignl"> Constant Dollar Sales </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> <p class="bwcellpmargin"> $ </p> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> <p class="bwcellpmargin"> 912.3 </p> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td colspan="10"> </td> <td colspan="10"> ? </td> </tr><tr><td colspan="10"> </td> <td colspan="10"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="10"> <p class="bwcellpmargin"> <span class="bwuline">Non-GAAP constant dollar gross margin</span> </p> </td> <td colspan="10"> </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td colspan="5"> </td> <td colspan="10"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="15"> <b>Three Months Ended March 31,</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="6"> <b>2017</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="6"> <b>2016</b> </td> <td> ? </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Gross</b> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>Profit</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Margin</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>Profit</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Margin</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> GAAP Gross Profit and Gross Margin </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 553.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 62.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 614.5 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 63.9 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> <p class="bwcellpmargin"> (1.3)% </p> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignr"> <p class="bwcellpmargin"> — </p> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignl"> <p class="bwcellpmargin"> % </p> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 2.1 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.2 </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP Gross Profit and Gross Margin </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 553.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 62.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 616.6 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 64.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (1.5)% </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Foreign currency impact </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 26.8 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1.0 </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Non-GAAP Constant Dollar Gross Profit and Gross Margin </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 580.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 63.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 616.6 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 64.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (0.5)% </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td colspan="18"> ? </td> </tr><tr><td colspan="18"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="18"> <p class="bwcellpmargin"> <span class="bwuline">Constant dollar segment EBIT</span> </p> </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td colspan="7"> </td> <td> ? </td> <td colspan="5"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended March 31,</b> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="5"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Earnings Before Interest and Income Taxes (EBIT)</b> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2017</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <p class="bwcellpmargin"> <b>Foreign</b><br /><b> Exchange</b> </p> </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <p class="bwcellpmargin"> <b>Constant</b><br /><b> Dollar</b> </p> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 116.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 169.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (31)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (27)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 39.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 40.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (2)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (15)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 13% </td> </tr><tr><td class="bwpadl0 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 69.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 82.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (16)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (15)% </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td colspan="7"> </td> <td> ? </td> <td colspan="2"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="7"> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> <p class="bwcellpmargin"> <span class="bwuline">Non-GAAP EBIT and constant dollar EBIT</span> </p> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="7"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="7"> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended March 31,</b> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>% Change</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2017</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Reported</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> EBIT </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 155.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 150.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 9.9 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 9.1 </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Merger (c) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 6.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Real Estate (e) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 6.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Venezuela (d) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 78.2 </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 6.1 </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwpadb1 bwvertalignb bwalignl"> All Other (f) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.8 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP EBIT </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 177.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 244.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (27 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> Foreign currency impact </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 13.3 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP Constant Dollar EBIT </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 191.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 244.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (22 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td colspan="10"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="10"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> <p class="bwcellpmargin"> <span class="bwuline">Non-GAAP diluted EPS</span> </p> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="10"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="10"> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="10"> <b>Three Months Ended March 31,</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2017</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> GAAP EPS-Diluted </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.65 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.39 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 67 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.05 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.04 </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Merger (c) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.02 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Real Estate (e) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.02 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Venezuela (d) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.42 </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwpadb1 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.02 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP EPS * </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.74 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.87 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (15 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> Foreign currency impact </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.06 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwsinglebottom" colspan="3"> ? </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"> Non-GAAP Constant Dollar EPS-Diluted </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.80 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.87 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignr"> (8 </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> <p class="bwcellpmargin"> * Figures may not sum due to rounding. </p> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td colspan="2"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> <p class="bwcellpmargin"> <span class="bwuline">Consolidated Net Debt</span> </p> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>March 31, 2017</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Short-term borrowings </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 4.5 </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> Long-Term Debt </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 2,973.3 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Total Debt </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,977.8 </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> Less: Cash and cash equivalents </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,724.4 </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Net debt </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,253.4 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><p> (a) Pension Remeasurement: When incurred, gains and losses related to the remeasurement of defined benefit pension and post-employment benefit plans are classified as Specified Items and excluded from non-GAAP performance measures. Pension remeasurement reflects changes in the pension assets and liabilities above what was estimated and included in periodic costs. Factors beyond our control such as changes in discount rates, market volatility and mortality assumptions drive the remeasurement amount. The majority of our pension and post-employment plans are frozen, and therefore the benefit provided to such employees is not related to our underlying operations. </p> <p> (b) Fuel for Growth: The Company approved a plan to implement a business productivity program referred to as “Fuel for Growth,” during the third quarter of 2015, which is anticipated to be implemented over a three-year period. Fuel for Growth is designed to improve operating efficiencies and reduce costs. Fuel for Growth is expected to improve profitability and create additional investments behind brand building and growth initiatives. Fuel for Growth focuses on the optimization of resources within various operating functions and certain third party costs across the business. </p> <p> (c) Merger: Includes costs incurred by the Company associated with the proposed merger with Reckitt Benckiser. </p> <p> (d) <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>: Foreign exchange losses, long-lived asset impairments and other asset write-offs in <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>. </p> <p> (e) Real Estate: Includes costs related to the relocation of an office within the U.S., such as contract termination fees and accelerated amortization on leasehold improvements from the vacated property. </p> <p> (f) All Other: Primarily includes specified items related to legal, settlement and related costs, severance and other expenses. </p> <p> </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170427005825r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170427005825/en/" rel="nofollow">http://www.businesswire.com/news/home/20170427005825/en/</a></span></p> <p>Source: <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></p> <p> <b>Mead Johnson Nutrition Company</b><br /><b>Investors:</b><br />Kathy MacDonald, 312-466-8900<br /><a href="mailto:kathy.macdonald@mjn.com">kathy.macdonald@mjn.com</a><br />or<br /><b>Media:</b><br />Christopher Perille, 312-466-5814<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a> </p> Wed, 26 Apr 2017 19:00 -0500 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-reports-first-quarter-2017-results Mead Johnson Board of Directors Announces Dividend http://www.cyberkeycorp.com/news/press-releases/mead-johnson-board-directors-announces-dividend-6 <p> <location value="LU/us.il.gleiew" idsrc="xmltag.org">GLENVIEW, Ill.</location>--(BUSINESS WIRE)--Mar. 1, 2017-- <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org> (NYSE: MJN) announced today that its board of directors has declared a regular quarterly dividend of $0.4125 per share for the quarter ending <chron>March 31, 2017</chron>. </p> <p> The dividend will be paid on <chron>April 3, 2017</chron>, to shareholders of record at close of business on <chron>March 13, 2017</chron>. </p> <p> <b>About Mead Johnson</b> </p> <p> Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The company’s mission is to nourish the world’s children for the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products for over 100 years. The company’s “Enfa” family of brands, including Enfamil? infant formula, is the world’s leading brand franchise in pediatric nutrition. For more information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51518066&amp;newsitemid=20170301006455&amp;lan=en-US&amp;anchor=meadjohnson.com&amp;index=1&amp;md5=6689b1195e61a8ea6de7043cd96a2b30" rel="nofollow">meadjohnson.com</a>. </p> <p> <b>Additional Information and Where to Find It</b> </p> <p> This release may be deemed to be solicitation material in respect of the proposed acquisition of Mead Johnson by <org>Reckitt Benckiser Group plc</org> announced on <chron>February 10, 2017</chron>. In connection with the transaction, Mead Johnson will file a proxy statement and other materials with the Securities and Exchange Commission?(<org>SEC</org>). INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MEAD JOHNSON AND THE TRANSACTION. </p> <p> Mead Johnson's investors and security holders will be able to obtain a free copy of these documents filed with the?SEC?at the <org>SEC's</org> website at?<a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=51518066&amp;newsitemid=20170301006455&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.sec.gov&amp;index=2&amp;md5=bb68557244ccf23b05bda9b05837d553" rel="nofollow">http://www.sec.gov</a>. In addition, investors will be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) at Mead Johnson's Website at?<a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51518066&amp;newsitemid=20170301006455&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=3&amp;md5=80055d60fe09e19f771d9a13a75e7f77" rel="nofollow">www.cyberkeycorp.com</a>?or by contacting Mead Johnson: </p> <p> <b>Contacts at <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition</org></b>:<br /><b>Investors: </b><br />Kathy MacDonald, 847-832-2182<br /><a href="mailto:kathy.macdonald@mjn.com" rel="nofollow">kathy.macdonald@mjn.com</a><br />or<br /><b>Media</b>:<br />Christopher Perille, 847-832-2178<br /><a href="mailto:chris.perille@mjn.com" rel="nofollow">chris.perille@mjn.com</a> </p> <p> <b>Participants in the Solicitation</b> </p> <p> Mead Johnson and its officers and directors may be deemed to be participants in the solicitation of proxies from Mead Johnson stockholders with respect to the transaction. Information about Mead Johnson officers and directors and their ownership of Mead Johnson common stock is set forth in the proxy statement for Mead Johnson's 2016 Annual Meeting of Stockholders, which was filed with the?SEC?on?April 4, 2016, and in other documents filed with the?SEC?by Mead Johnson and its officers and directors. Investors and security holders may obtain more detailed information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the transaction by reading the preliminary and definitive proxy statements regarding the transaction, which will be filed by Mead Johnson with the?SEC. </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170301006455r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170301006455/en/" rel="nofollow">http://www.businesswire.com/news/home/20170301006455/en/</a></span></p> <p>Source: <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></p> <p> <b>Mead Johnson Nutrition</b><br /><b>Investors:</b><br />Kathy MacDonald, 847-832-2182<br /><a href="mailto:kathy.macdonald@mjn.com">kathy.macdonald@mjn.com</a><br />or<br /><b>Media</b>:<br />Christopher Perille, 847-832-2178<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a> </p> Tue, 28 Feb 2017 18:00 -0600 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/mead-johnson-board-directors-announces-dividend-6 Mead Johnson Acquires Strategic Capabilities and Capacity in Australia http://www.cyberkeycorp.com/news/press-releases/mead-johnson-acquires-strategic-capabilities-and-capacity-australia <p> <location value="LU/us.il.gleiew" idsrc="xmltag.org">GLENVIEW, Ill.</location>--(BUSINESS WIRE)--Feb. 27, 2017-- <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org> (NYSE: MJN) is pleased to announce it has reached an agreement to acquire spray drying and finishing capabilities in <location value="LC/au;LB/anz" idsrc="xmltag.org">Australia</location> from <org>Bega Cheese Limited</org> (Bega), one of Australia’s leading dairy product companies. This deal builds on the long and successful relationship between the two companies, as Bega has been a certified ingredient supplier for MJN products since 2009. </p> <p> “We believe that supply chain flexibility is important in the pediatric nutrition category,” commented Kasper Jakobsen, president and chief executive officer. “This acquisition further strengthens our ability to protect and expand our growth in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location> by creating both additional capacity and the ability to adapt to a changing regulatory environment.” </p> <p> “Bega is known the world over for its pure, high-quality dairy sourcing and its environmentally responsible operations,” noted Jeff Jobe, Senior Vice President – Global Operations. “These outstanding facilities – with which we are very familiar – are a perfect fit for our global supply chain network, which is built on our uncompromising commitment to scientific rigor and product quality.” </p> <p> “In our drive to become even more consumer-centric, this move also enables us to better respond to evolving consumer preferences and to compete effectively in additional market segments in China,” added Jakobsen. </p> <p> The transaction is expected to close in the second quarter of 2017. </p> <p> <span class="bwuline"><b>About Mead Johnson</b></span> </p> <p> Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The company’s mission is to nourish the world’s children for the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products for over 110 years. The company’s “Enfa?” family of brands, including Enfamil??infant formula, is a world leading brand franchise in pediatric nutrition. </p> <p> <span class="bwuline"><b>About <org>Bega Cheese</org></b></span> </p> <p> Today, with sites spread from Bega to <location value="LU/au..melbou" idsrc="xmltag.org">Melbourne</location> to <location value="LU/au..vicria" idsrc="xmltag.org">Northern Victoria</location>, <org>Bega Cheese</org> employs over 1,700 people and the company has evolved from its modest and localized co-operative heritage in Bega into a significant and innovative player in the Australian and international dairy industry. Bega’s rich history stands in pride of place across the business, and the factors which have driven its success for over a century remain enmeshed in its culture, ensuring that it remains an Australian icon. </p> <p> </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170227005513r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170227005513/en/" rel="nofollow">http://www.businesswire.com/news/home/20170227005513/en/</a></span></p> <p>Source: <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></p> <p> Mead Johnson Nutrition Company<br />Media<br />Christopher Perille<br />1.847.832.2178<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a><br />or<br />Investors<br />Kathy MacDonald<br />1.847.832.2182<br /><a href="mailto:kathy.macdonald@mjn.com">kathy.macdonald@mjn.com</a> </p> Sun, 26 Feb 2017 18:00 -0600 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/mead-johnson-acquires-strategic-capabilities-and-capacity-australia Mead Johnson Nutrition Agrees to Be Acquired by Reckitt Benckiser http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-agrees-be-acquired-reckitt-benckiser <p> <b>Deal Creates New Opportunities for Expansion, Growth</b> </p><p><b>Information on RB transaction: </b><br /><a href="http://www.healthier-lives.com">www.healthier-lives.com</a></p> <p> <location idsrc="xmltag.org" value="LU/us.il.gleiew">GLENVIEW, Ill.</location>--(BUSINESS WIRE)--Feb. 10, 2017-- <org idsrc="xmltag.org" value="MJN">Mead Johnson Nutrition Company</org> (NYSE:MJN) today announced that it has reached an agreement to be acquired by <org idsrc="xmltag.org" value="RB">Reckitt Benckiser Group plc</org> (RB), the world's leading consumer health and hygiene company. As a result of this transaction, Mead Johnson will become a new division of RB with its globally-recognized Enfamil and Nutramigen brands joining RB's portfolio of leading consumer health brands. </p> <p> RB has agreed to pay $90 cash for each share of Mead Johnson common stock in a transaction valued at approximately $17.9 billion (including net debt). The price represents a premium of 29% to MJN's undisturbed closing price on <chron>February 1, 2017</chron> before market speculation of a potential transaction. Including Mead Johnson's net debt of $1.2 billion as of <chron>December 31, 2016</chron>, the total enterprise value of the transaction is $17.9 billion, representing a multiple of 17.4x 2016 non-GAAP EBITDA. The transaction has been unanimously approved by the Mead Johnson Board of Directors. Closing of the transaction is subject to customary conditions, including approval by shareholders of both Mead Johnson and RB and regulatory approvals, and is expected to occur during the third quarter of 2017. Mead Johnson will continue to pay its normal quarterly dividend until closing. </p> <p> "This transaction recognizes the value of our leading brands and strong, global organization," said Kasper Jakobsen, MJN's Chief Executive Officer. "As part of Reckitt Benckiser, a bigger health care focused business recognized for its marketing capabilities, we will derive benefits from both increased scale and diversification. We are pleased that our shareholders have an opportunity to recognize significant and immediate value and are excited for the new opportunities for our employees as part of a larger company." </p> <p> "Mead Johnson's geographic footprint significantly strengthens our position in developing markets, which account for approximately 40% of the combined group's sales, with <location idsrc="xmltag.org" value="LC/cn;LB/eas">China</location> becoming our second largest ‘Powermarket,'" noted RB's Chief Executive Officer, Rakesh Kapoor. "We are confident that our deep understanding of consumer needs and our expertise in scaling global brands will deliver significant growth for the MJN portfolio. We will draw on the best of both businesses and continue to build on Mead Johnson's extensive R&amp;D, regulatory, quality and specialist distribution capabilities." </p> <p> <org>Goldman Sachs</org> acted as Mead Johnson's lead financial advisor. <org>Morgan Stanley</org> also acted as financial advisor to the company. <org>Kirkland &amp; Ellis LLP</org> acted as Mead Johnson's legal advisor. </p> <p> <span class="bwuline"><b>About Mead Johnson</b></span> </p> <p> Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The company's mission is to nourish the world's children for the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products for over 110 years. The company's "Enfa?" family of brands, including Enfamil??infant formula, is a world leading brand franchise in pediatric nutrition. </p> <p> For further information, log onto?<a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com%2F&amp;esheet=51508228&amp;newsitemid=20170209006454&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=1&amp;md5=158b1d1136e68603665a324655479c5c" rel="nofollow">www.cyberkeycorp.com</a>. </p> <p> <span class="bwuline"><b>About Reckitt Benckiser (RB)</b></span> </p> <p> RB is the world's leading consumer health and hygiene company. The company has operations in over 60 countries, with headquarters in <location idsrc="xmltag.org" value="LU/gb.eng.london">London</location>, <location idsrc="xmltag.org" value="LU/ae..dubai">Dubai</location> and <location idsrc="xmltag.org" value="LU/nl..amster">Amsterdam</location>, and sales in most countries across the globe. The company employs approximately 37,000 people worldwide. </p> <p> Led by a purpose of providing innovative solutions for healthier lives and happier homes, RB is amongst the top 10 companies listed on the <org>London Stock Exchange</org>. It is the global No 1 or No 2 in the majority of its fast-growing categories, driven by an exceptional focus on innovation. RB's Health, Hygiene and Home portfolio is led by its global Powerbrands including Nurofen, Strepsils, Gaviscon, Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic, Cillit Bang, Mortein, Finish, Vanish, Calgon, Air Wick, Woolite and French's. Powerbrands represent 80% of RB's net revenue. </p> <p> RB is redefining the world of consumer health and hygiene. Its people and unique culture are at the heart of its success. It has a drive for achievement and a passion to outperform wherever it focuses, including sustainability where it is targeting a 1/3 reduction in water impact, a 1/3 reduction in carbon and 1/3 of net revenue from more sustainable products. RB is proud to lead the Save a Child a Minute campaign, which aims to eliminate child deaths from diarrhea, one of the world's largest killers of children under 5. </p> <p> <span class="bwuline"><b>Cautionary Statement Regarding Forward-Looking Statements</b></span> </p> <p> This release contains certain statements with respect to a transaction involving <org idsrc="xmltag.org" value="MJN">Mead Johnson Nutrition Company</org> ("Mead Johnson") and <org>Reckitt Benckiser Group plc</org> that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the fact they use words such as "should," "expect," "anticipate," "estimate," "target," "may," "project," "guidance," "intend," "plan," "believe" and other words and terms of similar meaning and expression. Forward-looking statements can also be identified by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on current expectations that involve inherent risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: (1) the possibility that a transaction will not be consummated or delays in consummating the transaction; (2) adverse effects on the market price of Mead Johnson's common stock and on Mead Johnson's operating results because of a failure to complete the transaction; (3) negative effects relating to the announcement of the transaction or any further announcements relating to the transaction or the entrance into or consummation of the transaction on the market price of Mead Johnson's stock; (4) unanticipated difficulties or expenditures relating to the transaction; (5) legal proceedings instituted against Mead Johnson and others in connection with the transaction; (6) disruptions of current plans and operations caused by the announcement and pendency of the transaction; (7) potential difficulties in employee retention as a result of the announcement and pendency of the transaction; (8) the response of customers, distributors, suppliers and competitors to the announcement of the transaction; (9) the ability to sustain brand strength, particularly the Enfa family of brands; (10) the effect on the company's reputation of real or perceived quality issues; (11) the effect of regulatory restrictions related to the company's products; (12) the adverse effect of commodity costs; (13) increased competition from branded, private label, store and economy-branded products; (14) the effect of an economic downturn on consumers' purchasing behavior and customers' ability to pay for product; (15) inventory reductions by customers; (16) the adverse effect of changes in foreign currency exchange rates; (17) the effect of changes in economic, political and social conditions in the markets where we operate; (18) changing consumer preferences; (19) the possibility of changes in the Women, Infants and Children (WIC) program, or participation in WIC; (20) legislative, regulatory or judicial action that may adversely affect the company's ability to advertise its products, maintain product margins, or negatively impact the company's reputation or result in fines or penalties that decrease earnings; and (21) the ability to develop and market new, innovative products. </p> <p> Where, in any forward-looking statement, we or our management expresses an expectation or belief as to future results or actions, there can be no assurance that the statement of expectation or belief will result or be achieved or accomplished. Our actual results may differ materially from our expectations, plans or projections. Forward-looking statements are only predictions and estimates, which are inherently subject to risks, trends and uncertainties, many of which are beyond our ability to control or predict with accuracy and some of which might not even anticipate. There can be no assurance that we will achieve our expectations and we do not assume responsibility for the accuracy and completeness of the forward-looking statements. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements as a result of many factors, including the risk factors described in the risk factor section of our reports filed with the <org>Securities and Exchange Commission</org> ("SEC"). Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of Mead Johnson. </p> <p> All forward-looking statements included in this release are based upon information available to Mead Johnson as of the date of the release, and we assume no obligation to update or revise any such forward-looking statements except as required by law. </p> <p> <span class="bwuline"><b>Additional Information and Where to Find It</b></span> </p> <p> This release may be deemed to be solicitation material in respect of the transaction. In connection with the transaction, Mead Johnson will file a proxy statement and other materials with the <org>SEC</org>. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MEAD JOHNSON AND THE TRANSACTION. </p> <p> Mead Johnson's investors and security holders will be able to obtain a free copy of these documents filed with the <org>SEC</org> at the SEC's website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=51508228&amp;newsitemid=20170209006454&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.sec.gov&amp;index=2&amp;md5=fce48a8164453f9b0ddd039823aeb9d7" rel="nofollow">http://www.sec.gov</a>. In addition, investors will be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) at Mead Johnson's Website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51508228&amp;newsitemid=20170209006454&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=3&amp;md5=723ef8795f15d145be00f66a7c87c9e9" rel="nofollow">www.cyberkeycorp.com</a> or by contacting Mead Johnson: </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td> </td> <td> ? </td> <td> ? </td> <td> </td> </tr><tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"> <p> <b>Investors:</b> </p> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"> <p> <b>Media:</b> </p> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Kathy MacDonald, 847-832-2182 </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignt bwalignl"> Christopher Perille, 847-832-2178 </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> <p> <a href="mailto:kathy.macdonald@mjn.com" rel="nofollow">kathy.macdonald@mjn.com</a> </p> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignt bwalignl"> <p> <a href="mailto:chris.perille@mjn.com" rel="nofollow">chris.perille@mjn.com</a> </p> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> ? </td> </tr></tbody></table><p> <span class="bwuline"><b>Participants in the Solicitation</b></span> </p> <p> Mead Johnson and its officers and directors may be deemed to be participants in the solicitation of proxies from Mead Johnson stockholders with respect to the transaction. Information about Mead Johnson officers and directors and their ownership of Mead Johnson common shares is set forth in the proxy statement for Mead Johnson's 2016 Annual Meeting of Stockholders, which was filed with the <org>SEC</org> on <chron>April 4, 2016</chron>, and in other documents filed with the <org>SEC</org> by Mead Johnson and its officers and directors. Investors and security holders may obtain more detailed information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the transaction by reading the preliminary and definitive proxy statements regarding the transaction, which will be filed by Mead Johnson with the <org>SEC</org>. </p> <p> <b><org idsrc="xmltag.org" value="MJN">Mead Johnson Nutrition Company</org></b><br /><b>Financial Information (UNAUDITED)</b><br /><b>Reconciliation of Non-GAAP to GAAP Results</b> </p> <p> This news release contains non-GAAP financial measures, each of which is listed in the tables below. The items included in GAAP measures, but excluded for the purpose of determining the non-GAAP financial measures, include significant income/expenses not indicative of underlying operating results, including the related tax effect and, at times, the impact of foreign exchange. The non-GAAP measures represent an indication of the company's underlying operating results and are intended to enhance an investor's overall understanding of the company's financial performance and ability to compare the company's performance to that of its peer companies. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Tables that reconcile non-GAAP to GAAP disclosure follow below. </p> <table class="bwtablemarginb" cellspacing="0"><tbody><tr><td> </td> <td> ? </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"> <p> <span class="bwuline">Non-GAAP EBITDA</span> </p> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td> </td> <td> </td> <td colspan="3"> ? </td> </tr><tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> <p> <b>Year Ended December 31, 2016</b> </p> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> EBIT </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 818.7 </td> <td> </td> </tr><tr><td class="bwpadl3 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (7.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl3 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 29.2 </td> <td> </td> </tr><tr><td class="bwpadl3 bwvertalignb bwalignl"> Venezuela (c) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 81.8 </td> <td> </td> </tr><tr><td class="bwpadl3 bwvertalignb bwalignl"> All Other (d) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 4.5 </td> <td> </td> </tr><tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl"> Depreciation and Amortization </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 99.6 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl3 bwpadb1 bwvertalignb bwalignl"> Non-GAAP EBITDA </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,026.4 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td> </td> <td> </td> <td colspan="2"> </td> <td> ? </td> </tr></tbody></table><table class="bwtablemarginb" cellspacing="0"><tbody><tr><td> </td> <td> ? </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignl"> <p> <span class="bwuline">Consolidated Net Debt</span> </p> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> <b>December 31, 2016</b> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Short-term borrowings </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.9 </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> Long-Term Debt </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 2,976.2 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Total Debt </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,980.1 </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> Less: Cash and cash equivalents </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,795.4 </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Net debt </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,184.7 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> ? </td> </tr></tbody></table><p> (a) Pension Remeasurement: When incurred, gains and losses related to the remeasurement of defined benefit pension and post-employment benefit plans are classified as Specified Items and excluded from non-GAAP performance measures. Pension remeasurement reflects changes in the pension assets and liabilities above what was estimated and included in periodic costs. Factors beyond our control such as changes in discount rates, market volatility and mortality assumptions drive the remeasurement amount. The majority of our pension and post-employment plans are frozen, and therefore the benefit provided to such employees is not related to our underlying operations. </p> <p> (b) Fuel for Growth: The Company approved a plan to implement a business productivity program referred to as "Fuel for Growth," during the third quarter of 2015, which is anticipated to be implemented over a three-year period. Fuel for Growth is designed to improve operating efficiencies and reduce costs. Fuel for Growth is expected to improve profitability and create additional investments behind brand building and growth initiatives. Fuel for Growth focuses on the optimization of resources within various operating functions and certain third party costs across the business. </p> <p> (c) Venezuela: Foreign exchange losses, long-lived asset impairments and other asset write-offs in <location idsrc="xmltag.org" value="LC/ve;LB/sam">Venezuela</location>. </p> <p> (d) All Other: Primarily includes restructuring costs in 2016. </p> <p> </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170209006454r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170209006454/en/" rel="nofollow">http://www.businesswire.com/news/home/20170209006454/en/</a></span></p> <p>Source: <org idsrc="xmltag.org" value="MJN">Mead Johnson Nutrition Company</org></p> <p> <b>Mead Johnson Nutrition</b><br /><b>Investors:</b><br />Kathy MacDonald, 847-832-2182<br /><a href="mailto:kathy.macdonald@mjn.com">kathy.macdonald@mjn.com</a><br />or<br /><b>Media:</b><br />Christopher Perille, 847-832-2178<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a> </p> <p> </p> Thu, 09 Feb 2017 18:00 -0600 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-agrees-be-acquired-reckitt-benckiser Mead Johnson Nutrition Statement on Discussions with Reckitt Benckiser plc http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-statement-discussions-reckitt-benckiser-plc <p> <location value="LU/us.il.gleiew" idsrc="xmltag.org">GLENVIEW, Ill.</location>--(BUSINESS WIRE)--Feb. 1, 2017-- While it is the longstanding policy of <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition</org> (NYSE:MJN) not to comment on market speculation or rumors, in response to media reports and a subsequent statement released by <org>Reckitt Benckiser plc</org> (RB), the company confirms that it is in discussions with RB with respect to its proposal to acquire the outstanding shares of MJN for $90 per share in cash. </p> <p> Mead Johnson notes that no agreement has been completed, and there are no assurances that any transaction will result from these discussions. The company does not intend to make any additional comments regarding this matter unless and until a formal agreement has been reached or discussions have been terminated. </p> <p> Mead Johnson remains committed to doing what is best for its shareholders, employees and, as always, the children, families and health care professionals around the world who trust and depend on its products and expertise. </p> <p> <span class="bwuline"><b>Forward-Looking Statements</b></span> </p> <p> This news release contains certain statements with respect to a possible transaction involving Mead Johnson and Reckitt Benckiser that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the fact they use words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression. Forward-looking statements can also be identified by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on current expectations that involve inherent risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: (1) the possibility that a possible transaction will not be pursued or fails to be consummated; (2) adverse effects on the market price of Mead Johnson’s common stock and on Mead Johnson’s operating results because of a failure to enter into or complete the possible transaction; (3) negative effects relating to the announcement of the possible transaction or any further announcements relating to the possible transaction or the entrance into or consummation of the possible transaction on the market price of Mead Johnson’s stock; (4) the ability to sustain brand strength, particularly the Enfa family of brands; (5) the effect on the company’s reputation of real or perceived quality issues; (6) the effect of regulatory restrictions related to the company’s products; (7) the adverse effect of commodity costs; (8) increased competition from branded, private label, store and economy-branded products; (9) the effect of an economic downturn on consumers’ purchasing behavior and customers’ ability to pay for product; (10) inventory reductions by customers; (11) the adverse effect of changes in foreign currency exchange rates; (12) the effect of changes in economic, political and social conditions in the markets where we operate; (13) changing consumer preferences; (14) the possibility of changes in the Women, Infants and Children (WIC) program or participation in WIC; (15) legislative, regulatory or judicial action that may adversely affect the company’s ability to advertise its products, maintain product margins, or negatively impact the company’s reputation or result in fines or penalties that decrease earnings; and (16) the ability to develop and market new, innovative products. For additional information regarding these and other factors, see the company’s filings with the <org>United States Securities and Exchange Commission</org> (the “SEC”), including its most recent Annual Report on Form 10-K, which filings are available upon request from the <org>SEC</org> or at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51504047&amp;newsitemid=20170201006442&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=1&amp;md5=07aa265b130d3dc8173cbd425ac922f3" rel="nofollow"><span class="bwuline"><a href="http://www.cyberkeycorp.com">www.cyberkeycorp.com</a></span></a>. The company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. </p> <p> <span class="bwuline"><b>About Mead Johnson</b></span> </p> <p> Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The company’s mission is to nourish the world’s children for the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products for over 110 years. The company’s “Enfa?” family of brands, including Enfamil??infant formula, is a world leading brand franchise in pediatric nutrition. </p> <p> For additional information on the company, you can go to?<a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com%2F&amp;esheet=51504047&amp;newsitemid=20170201006442&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=2&amp;md5=0b211abf667edb0abf29a4a01dca698d" rel="nofollow">www.cyberkeycorp.com</a>. </p> <p> </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170201006442r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170201006442/en/" rel="nofollow">http://www.businesswire.com/news/home/20170201006442/en/</a></span></p> <p>Source: <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition</org></p> <p> Mead Johnson Nutrition<br />Media<br />Christopher Perille<br />1.847.832.2178<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a><br />or<br />Investors<br />Kathy MacDonald<br />1.847.832.2182<br /><a href="mailto:kathy.macdonald@mjn.com">kathy.macdonald@mjn.com</a> </p> <p> </p> Tue, 31 Jan 2017 18:00 -0600 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-statement-discussions-reckitt-benckiser-plc Mead Johnson Nutrition Reports Fourth Quarter and Full Year 2016 Results; Provides 2017 Guidance http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-reports-fourth-quarter-and-full-year-2016-results <p> <location value="LU/us.il.gleiew" idsrc="xmltag.org">GLENVIEW, Ill.</location>--(BUSINESS WIRE)--Jan. 26, 2017-- <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org> (NYSE: MJN) today announced its financial results for the quarter and year ended December?31, 2016. </p> <p> Highlights are as follows: </p> <ul><li class="bwlistitemmargb"> Fourth quarter gross sales were 3% below the prior year quarter on a reported basis and in-line with the prior year quarter on a constant dollar(1) basis. Net sales were 7% below the prior year quarter on a reported basis and 3% below the prior year quarter on a constant dollar basis. The difference between gross sales and net sales growth rates reflects increases in ongoing trade investments. </li> <li class="bwlistitemmargb"> Full year 2016 net sales were 8% below the prior year on a reported basis and 3% below the prior year on a constant dollar basis. Excluding the impact of <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>, net sales for 2016 were 2% below the prior year on a constant dollar basis. </li> <li class="bwlistitemmargb"> Selling, general and administrative expenses decreased 19% in the fourth quarter compared to the prior year quarter as a result of the company's Fuel for Growth program. The program delivered savings of approximately $90 million in 2016, above the high end of the expected range. Total cost savings to date are $110 million, with approximately $180 million expected by the end of 2018. </li> <li class="bwlistitemmargb"> Earnings before Interest and Income Taxes (EBIT) was 15% higher in the fourth quarter compared to the prior year quarter. Excluding Specified Items and the impact of foreign exchange, non-GAAP EBIT was 4% above the prior year quarter. </li> <li class="bwlistitemmargb"> Earnings per Share (EPS) for the fourth quarter was $0.91. Excluding Specified Items, non-GAAP EPS for the fourth quarter was $0.78. EPS for 2016 was $2.92. Excluding Specified Items, non-GAAP EPS was $3.40 for the full year. </li> <li class="bwlistitemmargb"> For 2017, the company expects full year net sales to be in the range of -3% to 0% compared to 2016 on a reported basis, and in the range of -1% to +2% compared to 2016 on a constant dollar basis. Based upon recent spot rates, the estimated adverse foreign exchange impact is approximately 2%. Sales on a reported basis will be impacted by future foreign exchange changes which cannot be estimated. </li> <li class="bwlistitemmargb"> The company expects 2017 GAAP EPS to be in the range of $3.05 to $3.20. GAAP EPS guidance includes estimated adverse foreign exchange impacts of approximately $0.20, based on recent spot rates. GAAP EPS will be impacted by future foreign exchange changes and potentially significant future specified mark-to-market pension adjustments which cannot be estimated. Specified Items such as charges related to Fuel for Growth and other items are estimated to be $0.10 in 2017. The company expects non-GAAP EPS of $3.35 to $3.50 on a constant dollar basis. </li> </ul><p> "In the fourth quarter we continued to make progress with a series of important strategic transitions in key markets. Our imported products again grew strongly in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location> - and we doubled our sales volume via e-commerce out of <location value="LC/hk;LB/eas" idsrc="xmltag.org">Hong Kong</location> over the prior quarter. Though it will take some time for us to complete the transition phase we are currently in, we are encouraged by early signs our plans are working," said Kasper Jakobsen, Chief Executive Officer. </p> <p> (1) Constant dollar figures exclude the impact of changes in foreign currency exchange rates and are reconciled in the tables in the body of this earnings release and in the schedules titled “Reconciliation of non-GAAP to GAAP Results.” Non-GAAP results exclude Specified Items. For a description of Specified Items and a reconciliation of non-GAAP to GAAP, see the schedules titled “Reconciliation of non-GAAP to GAAP Results.” </p> <table cellspacing="0" class="bwtablemarginb"><tr><td colspan="22"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="22"> <b>Fourth Quarter 2016</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="22"> <b>(Dollars in Millions)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="22"> <b>(UNAUDITED)</b> </td> </tr><tr><td colspan="22"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>% Change</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="5"> <b>% Change Due to</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Net Sales</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Total</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Total</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Volume</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Price/Mix</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $436.9 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 48% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $468.0 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 48% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (7)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 1% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 156.3 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 17% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 169.8 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 18% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 4% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 10% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (12)% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 308.4 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 35% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 329.2 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 34% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 3% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignm bwalignl"> Net Sales </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $901.6 </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 100% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $967.0 </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 100% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (7)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 3% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><ul><li class="bwlistitemmargb"> In <location value="LR/asp" idsrc="xmltag.org">Asia</location>, fourth quarter sales were 7% below the prior year quarter on a reported basis. Sales were negatively impacted by adverse foreign exchange, mainly in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location>. On a constant dollar basis, sales were 4% below the prior year quarter. We continued to experience strong sales growth from our new product offerings in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location>, which was more than offset by reduced visitor numbers and channel transformation towards an e-commerce model in <location value="LC/hk;LB/eas" idsrc="xmltag.org">Hong Kong</location> and reduced demand for locally manufactured products. Market share weakness and retail inventory related adjustments continued to negatively impact our sales in <location value="LC/ph;LB/seas" idsrc="xmltag.org">the Philippines</location>. </li> <li class="bwlistitemmargb"> In <location value="LR/cam" idsrc="xmltag.org">Latin America</location>, fourth quarter sales were 8% below the prior year quarter on a reported basis. Sales were negatively impacted by adverse foreign exchange, primarily in <location value="LC/ar;LB/sam" idsrc="xmltag.org">Argentina</location> and <location value="LC/mx;LB/cam" idsrc="xmltag.org">Mexico</location>. On a constant dollar basis, net sales were 4% above the prior year quarter. Price increases across the segment more than offset lower volume and suspended shipments into <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>. Excluding the impact of suspended shipments into <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>, constant dollar sales increased by 8%. </li> <li class="bwlistitemmargb"> In <location value="LB/nam" idsrc="xmltag.org">North America</location>/<location value="LR/eur" idsrc="xmltag.org">Europe</location>, fourth quarter sales were 6% below the prior year quarter on a reported basis and were 5% below on a constant dollar basis. Sales in the U.S. were negatively impacted by market share weakness. In <location value="LC/ca;LB/nam" idsrc="xmltag.org">Canada</location>, the company's market share position continued to strengthen. In <location value="LR/eur" idsrc="xmltag.org">Europe</location>, we continued to experience strong performance in our specialty and solutions offering. </li> </ul><table cellspacing="0" class="bwtablemarginb"><tr><td> </td> <td> ? </td> <td> ? </td> <td colspan="7"> </td> <td> ? </td> <td> ? </td> <td colspan="3"> </td> <td> ? </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="7"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended December 31,</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>% Change</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Due to</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Earnings Before Interest and Income Taxes (EBIT)</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Sales</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Sales</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $118.6 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 27% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $139.9 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 30% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (15)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (7)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 39.6 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 25% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 34.2 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 20% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 16% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 33% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (17)% </td> </tr><tr><td class="bwpadl0 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 92.0 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 30% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 96.9 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 29% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Corporate and Other (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> (24.2) </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> (75.2) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 68% </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 226.0 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 25% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 195.8 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 20% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 15% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 25% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (10)% </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignt bwalignl"> Non-GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $208.1 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $219.6 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 4% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (9)% </td> </tr><tr><td colspan="17"> ? </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl" colspan="17"> <p class="bwcellpmargin"> (a) All Specified Items are included in Corporate and Other. </p> </td> </tr><tr><td colspan="17"> ? </td> </tr></table><ul><li class="bwlistitemmargb"> Fourth quarter EBIT was 15% above the prior year quarter on a reported basis. Excluding pension remeasurement and Fuel for Growth related charges, non-GAAP EBIT on a constant dollar basis was 4% above the prior year quarter. Gross margin percentage was slightly below the prior year quarter primarily due to increased promotional activities. Fuel for Growth resulted in approximately $18 million in lower operating expenses in 2016 compared to the prior year quarter. </li> <li class="bwlistitemmargb"> In <location value="LR/asp" idsrc="xmltag.org">Asia</location>, fourth quarter EBIT decreased 15% on a reported basis and 7% on a constant dollar basis when compared to the prior year quarter. The decrease in EBIT was primarily due to the Company's strategic investments in the reshaping of our product portfolio and channel mix in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location> and <location value="LC/hk;LB/eas" idsrc="xmltag.org">Hong Kong</location>, and the adverse market dynamics in <location value="LC/ph;LB/seas" idsrc="xmltag.org">the Philippines</location> referenced above. </li> <li class="bwlistitemmargb"> In <location value="LR/cam" idsrc="xmltag.org">Latin America</location>, fourth quarter EBIT increased 16% on a reported basis and 33% on a constant dollar basis when compared to the prior year quarter. The improvement seen was despite adverse foreign exchange impacts, primarily the depreciation of the Mexican Peso. EBIT benefited from higher sales on a constant dollar basis and lower dairy costs. </li> <li class="bwlistitemmargb"> In <location value="LB/nam" idsrc="xmltag.org">North America</location>/<location value="LR/eur" idsrc="xmltag.org">Europe</location>, fourth quarter EBIT decreased 5% on a reported basis and 1% on a constant dollar basis compared to the prior year quarter. Improved gross margin from lower dairy costs, reduced operating expenses and lower incentive based compensation partially offset lower sales. </li> <li class="bwlistitemmargb"> Corporate and Other expenses for the fourth quarter were 68% lower than the prior year quarter on a reported basis. Excluding the impact of Specified Items, Corporate and Other expenses were 18% below the prior year due to savings from the company's Fuel for Growth program. </li> </ul><table cellspacing="0" class="bwtablemarginb"><tr><td colspan="26"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="26"> <b>Full Year 2016</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="26"> <b>(Dollars in Millions)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="26"> <b>(UNAUDITED)</b> </td> </tr><tr><td colspan="26"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="11"> <b>Year Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>% Change</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="5"> <b>% Change Due to</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Net Sales</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Total</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Total</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Volume</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Price/Mix</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,856.9 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 50% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 2,039.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 50% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (9)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 1% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 643.7 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 17% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 757.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 19% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (15)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (10)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 9% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (14)% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,242.1 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 33% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,275.2 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 31% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (2)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 2% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignm bwalignl"> Net Sales </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 3,742.7 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 100% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 4,071.3 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 100% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 3% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><ul><li class="bwlistitemmargb"> In <location value="LR/asp" idsrc="xmltag.org">Asia</location>, full year sales were 9% below the prior year on a reported basis. Sales were negatively impacted by adverse foreign exchange, most notably in <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location>. Sales were 5% below prior year on a constant dollar basis. Growth in mainland <location value="LC/cn;LB/eas" idsrc="xmltag.org">China</location> was driven by new product offerings, reflecting a rapid change in consumer preferences toward imported premium products. China’s results were impacted by reduced visitor numbers and channel transformation towards an e-commerce model in <location value="LC/hk;LB/eas" idsrc="xmltag.org">Hong Kong</location>. In addition, continued adverse market dynamics and retail inventory related adjustments negatively impacted our results in <location value="LC/ph;LB/seas" idsrc="xmltag.org">the Philippines</location>. </li> <li class="bwlistitemmargb"> In <location value="LR/cam" idsrc="xmltag.org">Latin America</location>, full year sales were 15% below the prior year on a reported basis. On a constant dollar basis, net sales were 1% below. Excluding the impact of reduced shipments to <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>, constant dollar sales increased 6%. The segment was negatively impacted by adverse foreign exchange, mainly in <location value="LC/mx;LB/cam" idsrc="xmltag.org">Mexico</location> and <location value="LC/ar;LB/sam" idsrc="xmltag.org">Argentina</location>. Price increases taken mainly in 2016 in key markets offset a substantial portion of the adverse foreign exchange impact across the segment. </li> <li class="bwlistitemmargb"> In <location value="LB/nam" idsrc="xmltag.org">North America</location>/<location value="LR/eur" idsrc="xmltag.org">Europe</location>, full year sales decreased 3% on a reported basis and 2% on a constant dollar basis compared to the prior year. In the U.S., the company experienced market share weakness, which was partially offset by strong growth and market share gains in both infant and children's products in <location value="LC/ca;LB/nam" idsrc="xmltag.org">Canada</location> and strong performance in <location value="LR/eur" idsrc="xmltag.org">Europe</location>. </li> </ul><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> ? </td> <td class="bwpadl0 bwvertalignt bwalignl"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="7"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignt bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignt bwalignc"> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Year Ended December 31,</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>% Change</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Due to</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>% of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Earnings Before Interest and Income Taxes (EBIT)</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Sales</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Sales</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $559.3 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 30% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> $682.0 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 33% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (18)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (12)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 156.7 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 24% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 175.2 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 23% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (11)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 10% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (21)% </td> </tr><tr><td class="bwpadl0 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 380.3 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 31% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 361.8 </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 28% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 5% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 9% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Corporate and Other (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> (277.6) </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> (282.8) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 2% </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 818.7 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 22% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> 936.2 </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> 23% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (13)% </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (9)% </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignt bwalignl"> Non-GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $926.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwdoublebottom"> $980.8 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> 3% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb3 bwnowrap bwpadr0 bwvertalignb bwalignc"> (9)% </td> </tr><tr><td colspan="18"> ? </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl" colspan="18"> <p class="bwcellpmargin"> (a) All Specified Items are included in Corporate and Other. </p> </td> </tr><tr><td colspan="18"> ? </td> </tr></table><ul><li class="bwlistitemmargb"> EBIT for 2016 declined 13% in 2016 compared to the prior year on a reported basis. EBIT in 2016 includes $82 million of charges related to the <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location> business and adverse foreign exchange, partially offset by pension gains of $7 million. Excluding the impact of Specified Items and the impact of foreign exchange, non-GAAP EBIT improved 3%. Reduced gross profit was more than offset by lower operating expenses. Fuel for Growth resulted in a $90 million reduction in operating expenses. </li> <li class="bwlistitemmargb"> In <location value="LR/asp" idsrc="xmltag.org">Asia</location>, full year EBIT decreased 18% on a reported basis and 12% on a constant dollar basis compared to the prior year. Adverse foreign exchange impacts were driven mainly by the Chinese Renminbi. EBIT was further impacted by reduced gross profit from lower sales volumes and investments to increase consumer awareness of Enfinitas, partially offset by lower dairy costs. </li> <li class="bwlistitemmargb"> In <location value="LR/cam" idsrc="xmltag.org">Latin America</location>, full year EBIT decreased 11% on a reported basis and increased 10% on a constant dollar basis compared to the prior year, with the <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location> business driving the decline in the segment. EBIT benefited from lower dairy costs, cost savings initiatives and lower advertising and promotion spending. </li> <li class="bwlistitemmargb"> In <location value="LB/nam" idsrc="xmltag.org">North America</location>/<location value="LR/eur" idsrc="xmltag.org">Europe</location>, full year EBIT increased 5% on a reported basis and increased 9% on a constant dollar basis compared to the prior year. EBIT increased due to lower dairy costs, reduced advertising and promotion expenses, lower incentive based compensation and savings from Fuel for Growth. </li> <li class="bwlistitemmargb"> Corporate and Other expenses for 2016 were 2% higher on a reported basis compared to the prior year primarily due to the long-lived asset impairment and devaluation charges related to the <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location> business and charges associated with the Fuel for Growth program, partially offset by pension mark-to-market adjustments. Excluding the impact of these Specified Items, Corporate and Other expenses were 29% lower due primarily to cost reduction savings from Fuel for Growth. </li> </ul><p> <b>Cash Flow Items and Liquidity</b> </p> <ul><li class="bwlistitemmargb"> Cash and cash equivalents were $1,795.4 million at December?31, 2016 compared to $1,701.4 million at December?31, 2015. The company's net debt was $1,184.7 million at December?31, 2016, consisting of debt of $2,980.1 million less cash and cash equivalents. Cash and cash equivalents were negatively impacted in 2016 by $49.3 million of foreign currency devaluation, primarily in <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>. </li> <li class="bwlistitemmargb"> Cash generated from operating activities was $691.6 million for 2016 compared to $909.9 million in the prior year period. The decrease in 2016 is due to lower earnings, increased prepaid taxes, and lower levels of customer prepayments, partially offset by increases in accounts payables and reduced pension plan contributions. </li> <li class="bwlistitemmargb"> Cash used in investing activities included capital expenditures of $149.0 million for 2016. This included investments in capacity expansion for manufacturing facilities in the U.S. and <location value="LR/eur" idsrc="xmltag.org">Europe</location>. </li> <li class="bwlistitemmargb"> Cash used in financing activities was $399.6 million for 2016 compared to $286.8 million in the prior year. The current year includes $100 million of share repurchases under the 2015 share repurchase authorization which has $400 million remaining as of <chron>December 31, 2016</chron>. In 2015, financing activities include cash outflows of $1,437.0 million for the repurchase of approximately 16.4 million shares of stock under the company's 2013 and 2015 share repurchase authorizations. These purchases were funded with long-term debt of $1.5 billion issued in 2015. Long-term debt was approximately $3.0 billion as of <chron>December 31, 2016</chron> and 2015. Dividend payments were lower in 2016 due to the retirement of shares repurchased primarily under an accelerated repurchase agreement. </li> <li class="bwlistitemmargb"> Interest expense, net, for the year ended <chron>December 31, 2016</chron> was $105.4 million, an increase from $65.0 million in 2015 due to the incremental interest on the long-term debt issued in <chron>November 2015</chron>, partially offset by the impact of related interest rate swaps. </li> </ul><p> <b>Outlook</b> </p> <p> For 2017, the company expects full year net sales to be in the range of -3% to 0% compared to 2016 on a reported basis, and in the range of -1% to +2% compared to 2016 on a constant dollar basis. Based upon recent spot rates, the estimated adverse foreign exchange impact is approximately 2%. Sales on a reported basis will be impacted by future foreign exchange changes which cannot be estimated. </p> <p> The company expects 2017 GAAP EPS to be in the range of $3.05 to $3.20. GAAP EPS guidance includes estimated adverse foreign exchange impacts of approximately $0.20, based on recent spot rates. GAAP EPS will be impacted by future foreign exchange changes and potentially significant future specified mark-to-market pension adjustments which cannot be estimated. Specified Items such as charges related to Fuel for Growth and other items are estimated to be $0.10 in 2017. The company expects non-GAAP EPS of $3.35 to $3.50 on a constant dollar basis. </p> <p> Kasper Jakobsen continued, "2017 will see us complete our strategic?transition program. We expect some pressure on both topline and costs in the beginning of the year, and the impact of currency and rising dairy costs will likely?weigh on?results. The impact will be?partially offset by momentum behind?productivity initiatives in both cost of goods and operating expenses. As previously stated, we expect only very?modest growth in both Sales and EPS on a constant dollar basis - with performance strengthening through the second half of the year." </p> <p> <b>Conference Call Scheduled</b> </p> <p> Mead Johnson will host a conference call at <chron>8:30 a.m.</chron> U.S. Central Time, during which company executives will review the financial results for the fourth quarter and full year 2016. The call will be broadcast with accompanying slides over the Internet at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Finvestors.meadjohnson.com&amp;esheet=51499865&amp;newsitemid=20170126005518&amp;lan=en-US&amp;anchor=http%3A%2F%2Finvestors.meadjohnson.com&amp;index=1&amp;md5=1ef50f036f6bdf5d60a7957991fa7e6b" rel="nofollow"><span class="bwuline"><a href="http://investors.meadjohnson.com">http://investors.meadjohnson.com</a></span></a>. Security analysts and investors wishing to participate by telephone should call 877-359-9508, pass code: Mead Johnson. Callers outside of <location value="LB/nam" idsrc="xmltag.org">North America</location> should call +1-224-357-2393 to be connected. A replay of the conference call will be available through <chron>11:00 p.m.</chron> U.S. Central Time <chron>Sunday, March 12, 2017</chron>, by calling 855-859-2056, or outside of <location value="LB/nam" idsrc="xmltag.org">North America</location> by calling +1-404-537-3406, passcode: 37021489. The replay will also be available at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com%2F&amp;esheet=51499865&amp;newsitemid=20170126005518&amp;lan=en-US&amp;anchor=meadjohnson.com&amp;index=2&amp;md5=2855b2591c48fe5625beb672d7edb8df" rel="nofollow"><span class="bwuline">meadjohnson.com</span></a>. </p> <p> <b>Forward-Looking Statements</b> </p> <p> Certain statements in this news release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the fact they use words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression. Such statements are likely to relate to, among other things, a discussion of goals, plans and projections regarding financial position, results of operations, cash flows, market position, product development, product approvals, sales efforts, expenses, capital expenditures, performance or results of current and anticipated products and the outcome of contingencies such as legal proceedings and financial results. Forward-looking statements can also be identified by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on current expectations that involve inherent risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: (1) the ability to sustain brand strength, particularly the Enfa family of brands; (2) the effect on the company’s reputation of real or perceived quality issues; (3) the effect of regulatory restrictions related to the company’s products; (4) the adverse effect of commodity costs; (5) increased competition from branded, private label, store and economy-branded products; (6) the effect of an economic downturn on consumers’ purchasing behavior and customers’ ability to pay for product; (7) inventory reductions by customers; (8) the adverse effect of changes in foreign currency exchange rates; (9) the effect of changes in economic, political and social conditions in the markets where we operate; (10) changing consumer preferences; (11) the possibility of changes in the WIC program, or participation in WIC(2); (12) legislative, regulatory or judicial action that may adversely affect the company’s ability to advertise its products, maintain product margins, or negatively impact the company’s reputation or result in fines or penalties that decrease earnings; and (13) the ability to develop and market new, innovative products. For additional information regarding these and other factors, see the company’s filings with the <org>United States Securities and Exchange Commission</org> (the “SEC”), including its most recent Annual Report on Form 10-K, which filings are available upon request from the <org>SEC</org> or at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51499865&amp;newsitemid=20170126005518&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=3&amp;md5=693f82877ba7c6b8e86ba55c1bc68ba7" rel="nofollow"><span class="bwuline"><a href="http://www.cyberkeycorp.com">www.cyberkeycorp.com</a></span></a>. The company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. </p> <p> <b>About Mead Johnson</b> </p> <p> Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The company’s mission is to nourish the world’s children for the best start in life.?The Mead Johnson name has been associated with science-based pediatric nutrition products for over 100 years. The company’s “Enfa” family of brands, including Enfamil? infant formula, is the world’s leading brand franchise in pediatric nutrition. For more information, go to <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51499865&amp;newsitemid=20170126005518&amp;lan=en-US&amp;anchor=www.cyberkeycorp.com&amp;index=4&amp;md5=ff0281a11e65bace6344fa0525c12f4c" rel="nofollow"><span class="bwuline"><a href="http://www.cyberkeycorp.com">www.cyberkeycorp.com</a></span></a>. </p> <p> (2) <org>The Special Supplemental Nutrition Program for Women, Infants and Children</org> (WIC) is a federal assistance program of the Food and Nutrition Services (FNS) of the <org>United States Department of Agriculture</org> (USDA). </p> <table cellspacing="0" class="bwtablemarginb"><tr><td colspan="18"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="18"> <b>MEAD JOHNSON NUTRITION COMPANY</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="18"> <b>CONSOLIDATED STATEMENTS OF EARNINGS</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="18"> <b>(Dollars and shares in millions, except per share data)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="18"> <b>(UNAUDITED)</b> </td> </tr><tr><td colspan="18"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="6"> <b>Year Ended December 31,</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>2015</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> NET SALES </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 901.6 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 967.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3,742.7 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 4,071.3 </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Cost of Products Sold </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 326.5 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 358.6 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,341.0 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,455.3 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> GROSS PROFIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 575.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 608.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,401.7 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,616.0 </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Operating Expenses: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Selling, General and Administrative </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 170.9 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 211.1 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 766.5 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 890.6 </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Advertising and Promotion </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 146.9 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 151.1 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 627.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 641.8 </td> </tr><tr><td class="bwpadl4 bwvertalignb bwalignl"> Research and Development </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 22.5 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 28.5 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 97.4 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 108.4 </td> </tr><tr><td class="bwpadl4 bwpadb1 bwvertalignb bwalignl"> Other (Income)/Expenses – net </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 8.8 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 21.9 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 92.1 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 39.0 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> EARNINGS BEFORE INTEREST AND INCOME TAXES </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 226.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 195.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 818.7 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 936.2 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Interest Expense – net </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 26.5 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 22.5 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 105.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 65.0 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> EARNINGS BEFORE INCOME TAXES </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 199.5 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 173.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 713.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 871.2 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Provision for Income Taxes </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 31.3 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 42.3 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 164.0 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 215.9 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> NET EARNINGS </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 168.2 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 131.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 549.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 655.3 </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Less: Net Earnings Attributable to Noncontrolling Interests </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 3.0 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 4.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1.8 </td> </tr><tr><td class="bwpadl0 bwpadb3 bwvertalignb bwalignl"> NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 167.8 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 128.0 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 544.9 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 653.5 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Earnings per Share – Basic </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignb bwalignl"> Net Earnings Attributable to Shareholders </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.91 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.67 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 2.93 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 3.28 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Earnings per Share – Diluted </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignb bwalignl"> Net Earnings Attributable to Shareholders </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.91 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 0.67 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 2.92 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 3.27 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="2"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Weighted-average Shares - Diluted </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 184.4 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 189.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 185.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 199.4 </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Dividends Declared per Share </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.4125 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.4125 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1.6500 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1.6500 </td> </tr></table><p> (a) The numerator for basic and diluted earnings per share is net earnings attributable to shareholders. Net earnings has been reduced by dividends and undistributed earnings attributable to unvested share based incentive plan awards. The denominator for basic earnings per share is the weighted-average shares outstanding during the period. The denominator for diluted earnings per share is the weighted-average shares outstanding adjusted for the effect of dilutive stock options and performance share awards. </p> <table cellspacing="0" class="bwtablemarginb"><tr><td colspan="11"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>MEAD JOHNSON NUTRITION COMPANY</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>(Dollars and shares in millions, except per share data)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>(UNAUDITED)</b> </td> </tr><tr><td colspan="11"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>December 31, 2016</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>December 31, 2015</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> <b>ASSETS</b> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CURRENT ASSETS: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Cash and Cash Equivalents </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,795.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,701.4 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Receivables—net of allowances of $4.4 and $5.4, respectively </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 369.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 342.5 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Inventories </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 473.5 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 484.9 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Income Taxes Receivable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 8.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 13.2 </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Prepaid Expenses and Other Assets </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 60.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 60.4 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Total Current Assets </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,706.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,602.4 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Property, Plant and Equipment—net </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 948.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 964.0 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Goodwill </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 108.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 126.0 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Other Intangible Assets—net </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 46.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 54.9 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Deferred Income Taxes—net of valuation allowance </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 143.1 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 118.5 </td> <td> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Other Assets </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 134.5 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 132.3 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl"> TOTAL </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 4,087.7 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 3,998.1 </td> <td class="bwdoublebottom"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> <b>LIABILITIES AND EQUITY</b> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CURRENT LIABILITIES: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Short-term Borrowings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.0 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Accounts Payable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 515.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 481.5 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Dividends Payable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 76.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 77.8 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Accrued Expenses </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 194.7 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 213.0 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Accrued Rebates and Returns </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 417.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 376.8 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Deferred Income </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 12.4 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 35.5 </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Income Taxes Payable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 24.0 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 65.7 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Total Current Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1,244.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1,253.3 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Long-Term Debt </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,976.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,981.0 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Deferred Income Taxes </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 6.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 8.7 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Pension and Other Post employment Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 104.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 132.4 </td> <td> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Other Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 229.0 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 215.2 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Total Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 4,559.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 4,590.6 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> COMMITMENTS AND CONTINGENCIES </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> EQUITY </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Shareholders’ Equity </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Common Stock, $0.01 par value: 3,000 authorized, 188.3 and 191.4 issued, respectively </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1.9 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Additional Paid-in/(Distributed) Capital </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (514.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (564.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Retained Earnings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 873.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 640.4 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Treasury Stock—at cost </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (463.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (362.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Accumulated Other Comprehensive Income/(Loss) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (411.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (347.8 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Total Shareholders’ Equity/(Deficit) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (512.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (632.3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Noncontrolling Interests </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 40.6 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 39.8 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl4 bwpadb1 bwvertalignt bwalignl"> Total Equity/(Deficit) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (472.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (592.5 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl"> TOTAL </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 4,087.7 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 3,998.1 </td> <td class="bwdoublebottom"> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>MEAD JOHNSON NUTRITION COMPANY</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>(Dollars in millions)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="11"> <b>(UNAUDITED)</b> </td> </tr><tr><td colspan="11"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="8"> <b>Year Ended December 31,</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CASH FLOWS FROM OPERATING ACTIVITIES: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Net Earnings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 549.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 655.3 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Depreciation and Amortization </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 99.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 99.1 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Stock-Based Compensation Expense </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 34.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 26.4 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Deferred Income Taxes </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (53.3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 43.3 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Exchange Loss from Devaluation </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 31.7 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2.3 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Mark-to-market on Trading Security </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (5.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Pension and Other Post-employment Benefits Expense </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (7.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 12.8 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Impairment of Long-Lived Assets </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 45.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Other </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (3.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (1.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Change in Assets and Liabilities: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Receivables </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (42.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 10.4 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Inventories </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (8.9 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 25.8 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Accounts Payable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 52.5 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 3.7 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Accrued Expenses, Rebates and Returns </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 47.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 73.8 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Income Taxes Payable </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (40.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 15.3 </td> <td> </td> </tr><tr><td class="bwpadl4 bwvertalignt bwalignl"> Other Assets and Liabilities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 6.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 38.8 </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Pension and Other Post-employment Benefits Contributions </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (19.3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (90.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl6 bwvertalignt bwalignl"> Net Cash Provided by Operating Activities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 691.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 909.9 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CASH FLOWS FROM INVESTING ACTIVITIES: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Payments for Capital Expenditures </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (149.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (173.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Proceeds from Sale of Property, Plant and Equipment </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.3 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.5 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl6 bwvertalignt bwalignl"> Net Cash Used in Investing Activities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (148.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (173.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CASH FLOWS FROM FINANCING ACTIVITIES: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Proceeds from Short-term Borrowings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1,003.0 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Repayments of Short-term Borrowings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (1,002.9 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Proceeds from Issuance of Long-term Notes, net of original issue discounts and expenses paid </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1,487.7 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Proceeds from Long-term Revolver Borrowings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 446.0 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Repayment of Long-term Revolver Borrowings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (446.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Payments of Dividends </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (308.8 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (326.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Stock-based Compensation related Proceeds and Excess Tax Benefits </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 15.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 25.4 </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Stock-based Compensation Tax Withholdings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (4.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (11.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Payments for Repurchase of Common Stock </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (100.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (1,437.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Purchase of Noncontrolling Interest Redeemable Shares </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (24.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Purchase of Trading Securities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (16.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl2 bwvertalignt bwalignl"> Sale of Trading Securities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 21.7 </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Distributions to Noncontrolling Interests </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (3.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (6.9 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl6 bwvertalignt bwalignl"> Net Cash Used in Financing Activities </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (399.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (286.8 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> Effects of Changes in Exchange Rates on Cash and Cash Equivalents </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (49.3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (46.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> NET INCREASE IN CASH AND CASH EQUIVALENTS </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 94.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 403.7 </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> CASH AND CASH EQUIVALENTS: </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignt bwalignl"> Beginning of Period </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,701.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,297.7 </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl2 bwpadb3 bwvertalignt bwalignl"> End of Period </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 1,795.4 </td> <td class="bwdoublebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom"> 1,701.4 </td> <td class="bwdoublebottom"> ? </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><p> <b><org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></b><br /><b>Financial Information (UNAUDITED) </b><br /><b>Reconciliation of Non-GAAP to GAAP Results</b> </p> <p> This news release contains non-GAAP financial measures, each of which is listed in the tables below. The items included in GAAP measures, but excluded for the purpose of determining the non-GAAP financial measures, include significant income/expenses not indicative of underlying operating results, including the related tax effect and, at times, the impact of foreign exchange. The non-GAAP measures represent an indication of the company’s underlying operating results and are intended to enhance an investor’s overall understanding of the company’s financial performance and ability to compare the company’s performance to that of its peer companies. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, setting incentive compensation targets and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Tables that reconcile non-GAAP to GAAP disclosure follow below. </p> <p> <span class="bwuline">Constant Dollar</span> </p> <p> Certain measures in this release are presented excluding the impact of foreign currency exchange (constant dollar). To present this information, current period results for entities reporting in currencies other than <location value="LC/us;LB/nam" idsrc="xmltag.org">United States</location> dollars are translated into <location value="LC/us;LB/nam" idsrc="xmltag.org">United States</location> dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year. The company believes that these constant dollar measures provide useful information to investors because they provide transparency to underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given volatility in foreign currency exchange markets. The primary currencies which impact the company are: the Argentine peso, the Chinese renminbi, the <location value="LC/hk;LB/eas" idsrc="xmltag.org">Hong Kong</location> dollar, the Mexican peso and the Philippine peso. </p> <p> <span class="bwuline">Specified Items</span> </p> <p> Non-GAAP measures presented within this release exclude Specified Items. The company considers Specified Items to be significant income/expense items as not indicative of underlying operating results, including the related tax effect. See below for a description of Specified Items and the related tax effect. </p> <table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="25"> <b>Mead Johnson Nutrition Company</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="25"> <b>Financial Information (UNAUDITED)</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="25"> <b>Reconciliation of Non-GAAP to GAAP Results</b> </td> </tr><tr><td colspan="25"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="25"> <p class="bwcellpmargin"> <span class="bwuline">Constant dollar gross sales</span> </p> </td> </tr><tr><td colspan="25"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="9"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Gross Sales</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Total gross sales </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,265.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,310.2 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> —% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="26"> <p class="bwcellpmargin"> <span class="bwuline">Constant dollar net sales</span> </p> </td> </tr><tr><td colspan="26"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> ? </td> <td class="bwpadl0 bwvertalignt bwalignl"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="8"> <b>Three Months Ended</b> </td> <td> ? </td> <td> ? </td> <td colspan="13"> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="8"> <b>December 31,</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="13"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Dollar</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Impact of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Excluding</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Net Sales</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Venezuela</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Venezuela</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 436.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 468.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (7)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 156.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 169.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (12)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 4% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 8% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 308.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 329.2 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignm bwalignl"> Net Sales </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 901.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 967.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (7)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (2)% </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignm bwalignl"> Impact of Foreign Exchange </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 37.3 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignm bwalignl"> Constant Dollar Sales </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 938.9 </td> <td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="8"> <b>Year Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="13"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Dollar</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Impact of</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Excluding</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Net Sales</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Venezuela</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Venezuela</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,856.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 2,039.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (9)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 643.7 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 757.1 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (15)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (14)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (7)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 6% </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,242.1 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,275.2 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignc"> (2)% </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignm bwalignl"> Net Sales </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 3,742.7 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 4,071.3 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (3)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (2)% </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignm bwalignl"> Impact of Foreign Exchange </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 189.7 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignm bwalignl"> Constant Dollar Sales </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3,932.4 </td> <td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="35"> <p class="bwcellpmargin"> <span class="bwuline">Non-GAAP constant dollar gross margin</span> </p> </td> </tr><tr><td colspan="35"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="15"> <b>Three Months Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="15"> <b>Year Ended December 31,</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="6"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="6"> <b>2015</b> </td> <td> ? </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="6"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="6"> <b>2015</b> </td> <td> ? </td> <td class="bwsinglebottom"> ? </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> <b>Gross</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Gross</b> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>Profit</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Margin</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>Profit</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Margin</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Change</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>Profit</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Margin</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>Profit</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Margin</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> GAAP Gross Profit and Gross Margin </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 575.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 63.8 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 608.4 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 62.9 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.9% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 2,401.7 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 64.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 2,616.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 64.3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (0.1)% </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (10.5 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (1.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> )% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (0.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> )% </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (2.5 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (0.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> )% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 3.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> —% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 10.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> —% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 10.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Foreign currency impact </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 36.6 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1.4 </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 170.1 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1.2 </td> <td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Non-GAAP Constant Dollar Gross Profit and Gross Margin </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 601.2 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 64.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 618.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 63.9 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.1% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 2,569.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 65.3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 2,629.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 64.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.7% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="25"> <p class="bwcellpmargin"> <span class="bwuline">Non-GAAP constant dollar selling, general and administrative expenses</span> </p> </td> </tr><tr><td colspan="25"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="10"> <b>Three Months Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="10"> <b>Year Ended December 31,</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>% Change</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> GAAP SG&amp;A </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 170.9 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 211.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (19 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 766.5 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 890.6 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (14 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 17.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 1.1 </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 4.2 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (4.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Venezuela (d) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (2.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> All Other (e) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.8 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (2.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (2.0 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> Foreign currency impact </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 11.0 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 40.2 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP Constant Dollar SG&amp;A </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 198.4 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 211.7 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 806.5 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 883.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (9 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="21"> <p class="bwcellpmargin"> <span class="bwuline">Constant dollar segment EBIT</span> </p> </td> </tr><tr><td colspan="21"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="9"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignt bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> <td class="bwpadl0 bwvertalignt bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignt bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Earnings Before Interest and Income Taxes (EBIT)</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 118.6 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 139.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (15)% </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (8)% </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (7)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 39.6 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 34.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 16% </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (17)% </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 33% </td> </tr><tr><td class="bwpadl0 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 92.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 96.9 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (5)% </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (1)% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Year Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="5"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Foreign</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> <b>Constant</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Earnings Before Interest and Income Taxes (EBIT)</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Reported</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Exchange</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> <b>Dollar</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Asia </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 559.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 682.0 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (18)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (6)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (12)% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Latin America </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 156.7 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 175.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (11)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (21)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 10% </td> </tr><tr><td class="bwpadl0 bwvertalignm bwalignl"> North America/Europe </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 380.3 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 361.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 5% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> (4)% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> <p class="bwcellpmargin"> 9% </p> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="13"> <p class="bwcellpmargin"> <span class="bwuline">Non-GAAP Corporate and Other EBIT</span> </p> </td> </tr><tr><td colspan="13"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Corporate and Other</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (24.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (75.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 68% </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (30.8 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (1.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 10.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 25.1 </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Venezuela (d) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.6 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> All Other (e) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1.5 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Non-GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (42.1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (51.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 18% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="9"> <b>Year Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> ? </td> <td> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> <b>Corporate and Other</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (277.6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (282.8 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 2% </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (7.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 8.2 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Investigation Accrual (c) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 12.0 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 29.2 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 25.1 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Venezuela (d) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 81.8 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> All Other (e) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 4.5 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (0.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl"> Non-GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (169.5 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (238.2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc"> 29% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="20"> <p class="bwcellpmargin"> <span class="bwuline">Non-GAAP EBIT and constant dollar EBIT</span> </p> </td> </tr><tr><td colspan="20"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Three Months Ended December 31,</b> </td> <td class="bwsinglebottom"> ? </td> <td class="bwsinglebottom"> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="8"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Constant</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Foreign</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Reported</b> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Dollar</b> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Exchange</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 226.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 195.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 15 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 25 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (10 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (30.8 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (1.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Investigation Accrual (c) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 10.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 25.1 </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Venezuela (d) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.6 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> All Other (e) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1.5 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.4 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 208.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 219.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (5 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> Foreign currency impact </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 19.3 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP Constant Dollar EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 227.4 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 219.6 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="7"> <b>Year Ended December 31,</b> </td> <td class="bwsinglebottom"> ? </td> <td class="bwsinglebottom"> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="8"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="3"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignt bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Constant</b> </td> <td class="bwpadl0 bwvertalignb bwalignc"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc" colspan="2"> <b>Foreign</b> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignl"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td class="bwpadl0 bwpadb1 bwvertalignb bwalignc"> </td> <td class="bwpadl0 bwpadb1 bwvertalignt bwalignc"> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Reported</b> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Dollar</b> </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>Exchange</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 818.7 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 936.2 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (13 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> <p class="bwcellpmargin"> )% </p> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (9 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> <p class="bwcellpmargin"> )% </p> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (7.4 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 8.2 </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Investigation Accrual (c) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 12.0 </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 29.2 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 25.1 </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Venezuela (d) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 81.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> All Other (e) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 4.5 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (0.7 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 926.8 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 980.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (6 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"> Foreign currency impact </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 80.2 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP Constant Dollar EBIT </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,007.0 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 980.8 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td colspan="2"> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="25"> <p class="bwcellpmargin"> <span class="bwuline">Non-GAAP diluted EPS</span> </p> </td> </tr><tr><td colspan="25"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="10"> <b>Three Months Ended December 31,</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="10"> <b>Year Ended December 31,</b> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>% Change</b> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2016</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>2015</b> </td> <td> ? </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>% Change</b> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> GAAP EPS-Diluted </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.91 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.67 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 36 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 2.92 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.27 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (11 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Pension Remeasurement (a) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.11 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.01 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.03 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.03 </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Investigation Accrual (c) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.04 </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Fuel for Growth (b) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.05 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.11 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.13 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.11 </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwvertalignb bwalignl"> Venezuela (d) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.08 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 0.36 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td> </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl2 bwpadb1 bwvertalignb bwalignl"> All Other (e) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> — </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 0.02 </td> <td class="bwsinglebottom"> ? </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (0.01 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td colspan="2"> </td> </tr><tr><td class="bwpadl0 bwvertalignb bwalignl"> Non-GAAP EPS * </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.78 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 0.78 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> <p class="bwcellpmargin"> — </p> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> <p class="bwcellpmargin"> % </p> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.40 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.44 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> (1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="25"> <p class="bwcellpmargin"> * Figures may not sum due to rounding. </p> </td> </tr><tr><td colspan="25"> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="9"> <p class="bwcellpmargin"> <span class="bwuline">Consolidated Net Debt</span> </p> </td> </tr><tr><td colspan="9"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>December 31, 2016</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="2"> <b>December 31, 2015</b> </td> </tr><tr><td class="bwpadl1 bwvertalignt bwalignl"> Short-term borrowings </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.9 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.0 </td> </tr><tr><td class="bwpadl1 bwpadb1 bwvertalignb bwalignl"> Long-Term Debt </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 2,976.2 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 2,981.0 </td> </tr><tr><td class="bwpadl1 bwvertalignb bwalignl"> Total Debt </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,980.1 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2,984.0 </td> </tr><tr><td class="bwpadl1 bwpadb1 bwvertalignb bwalignl"> Less: Cash and cash equivalents </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,795.4 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> 1,701.4 </td> </tr><tr><td class="bwpadl1 bwvertalignt bwalignl"> Net debt </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,184.7 </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 1,282.6 </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><table cellspacing="0" class="bwtablemarginb"><tr><td class="bwpadl0 bwvertalignt bwalignl" colspan="11"> <p class="bwcellpmargin"> <span class="bwuline">Non-GAAP Guidance</span> </p> </td> </tr><tr><td colspan="11"> ? </td> </tr><tr><td> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>High End</b> </td> <td> ? </td> <td> ? </td> <td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom" colspan="3"> <b>Low End</b> </td> </tr><tr><td class="bwpadl1 bwvertalignt bwalignl"> Reported Sales </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> — </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (3 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td class="bwpadl1 bwpadb1 bwvertalignb bwalignl"> Less impact of Foreign Currency </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> )% </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> )% </td> </tr><tr><td class="bwpadl1 bwvertalignb bwalignl"> Constant Dollar Sales </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> 2 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> % </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (1 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> )% </td> </tr><tr><td> </td> <td> </td> <td> </td> <td colspan="3"> </td> <td> </td> <td> </td> <td colspan="3"> ? </td> </tr><tr><td class="bwpadl1 bwvertalignt bwalignl"> GAAP Earnings per Share </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.20 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.05 </td> <td> </td> </tr><tr><td class="bwpadl1 bwvertalignb bwalignl"> Less Specified Items </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.10 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr" colspan="2"> (0.10 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl"> ) </td> </tr><tr><td class="bwpadl1 bwpadb1 bwvertalignb bwalignl"> Less impact of Foreign Currency </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (0.20 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom" colspan="2"> (0.20 </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom"> ) </td> </tr><tr><td class="bwpadl1 bwvertalignt bwalignl"> Non-GAAP Earnings per Share </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.50 </td> <td> </td> <td> </td> <td> </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> $ </td> <td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr"> 3.35 </td> <td> </td> </tr><tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> ? </td> </tr></table><p> (a) Pension Remeasurement: When incurred, gains and losses related to the remeasurement of defined benefit pension and post-employment benefit plans are classified as Specified Items and excluded from non-GAAP performance measures. Pension remeasurement reflects changes in the pension assets and liabilities above what was estimated and included in periodic costs. Factors beyond our control such as changes in discount rates, market volatility and mortality assumptions drive the remeasurement amount. The majority of our pension and post-employment plans are frozen, and therefore the benefit provided to such employees is not related to our underlying operations. </p> <p> (b) Fuel for Growth: The Company approved a plan to implement a business productivity program referred to as “Fuel for Growth,” during the third quarter of 2015, which is anticipated to be implemented over a three-year period. Fuel for Growth is designed to improve operating efficiencies and reduce costs. Fuel for Growth is expected to improve profitability and create additional investments behind brand building and growth initiatives. Fuel for Growth focuses on the optimization of resources within various operating functions and certain third party costs across the business. </p> <p> (c) Investigation Accrual: An accrual made in connection with the SEC settlement disclosed by the company in <chron>July 2015</chron>. </p> <p> (d) <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>: Foreign exchange losses, long-lived asset impairments and other asset write-offs in <location value="LC/ve;LB/sam" idsrc="xmltag.org">Venezuela</location>. </p> <p> (e) All Other: Primarily includes restructuring costs in 2016 and a marketable securities gain in 2015. </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170126005518r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170126005518/en/" rel="nofollow">http://www.businesswire.com/news/home/20170126005518/en/</a></span></p> <p>Source: <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></p> <p> <b>Mead Johnson Nutrition:</b><br /><b>Investors:</b><br />Kathy MacDonald, 847-832-2182<br /><a href="mailto:kathy.macdonald@mjn.com">kathy.macdonald@mjn.com</a><br />or<br /><b>Media:</b><br />Christopher Perille, 847-832-2178<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a> </p> Wed, 25 Jan 2017 18:00 -0600 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/mead-johnson-nutrition-reports-fourth-quarter-and-full-year-2016-results Mead Johnson Schedules Fourth Quarter and Full Year 2016 Earnings Conference Call http://www.cyberkeycorp.com/news/press-releases/mead-johnson-schedules-fourth-quarter-and-full-year-2016-earnings-conference <p> <location value="LU/us.il.gleiew" idsrc="xmltag.org">GLENVIEW, Ill.</location>--(BUSINESS WIRE)--Jan. 3, 2017-- <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org> (NYSE: MJN) will release its fourth quarter and full year 2016 earnings on <chron>Thursday, January 26, 2017</chron>, before the market opens. The company will host a conference call at <chron>8:30 a.m.</chron> U.S. Central Time that same day, during which company executives will review the financial results and respond to questions from analysts and investors. </p> <p> The call will be broadcast with accompanying slides over the Internet at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Finvestors.meadjohnson.com&amp;esheet=51482299&amp;newsitemid=20170103005033&amp;lan=en-US&amp;anchor=http%3A%2F%2Finvestors.meadjohnson.com&amp;index=1&amp;md5=f45e84af4bee7678aa62f7a54ba23bbc" rel="nofollow">http://investors.meadjohnson.com</a>. Security analysts and investors wishing to participate by telephone should call 877-359-9508, passcode: Mead Johnson. Callers outside of <location value="LB/nam" idsrc="xmltag.org">North America</location> should call +1-224-357-2393 to be connected. A replay of the conference call will be available through <chron>11:00 p.m.</chron> U.S. Central Time <chron>Sunday, March 12, 2017</chron>, by calling 855-859-2056, or outside of <location value="LB/nam" idsrc="xmltag.org">North America</location> by calling +1-404-537-3406, passcode: 37021489. The replay will also be available at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51482299&amp;newsitemid=20170103005033&amp;lan=en-US&amp;anchor=meadjohnson.com&amp;index=2&amp;md5=225d0988328b25126501db41b6fda68c" rel="nofollow">meadjohnson.com</a>. </p> <p> <b>About Mead Johnson</b> </p> <p> Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 countries worldwide. The company's mission is to nourish the world’s children for the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products for over 100 years. The company's "Enfa" family of brands, including Enfamil? infant formula, is the world's leading brand franchise in pediatric nutrition. For more information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cyberkeycorp.com&amp;esheet=51482299&amp;newsitemid=20170103005033&amp;lan=en-US&amp;anchor=meadjohnson.com&amp;index=3&amp;md5=773f60d3cd3c41ca95cd7d2dae3f6599" rel="nofollow">meadjohnson.com</a>. </p> <p> </p> <p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170103005033r1&amp;sid=acqr7&amp;distro=nx&amp;lang=en" /><span class="bwct31415"></span></p> <p id="mmgallerylink"><span id="mmgallerylink-phrase">View source version on businesswire.com: </span><span id="mmgallerylink-link"><a href="http://www.businesswire.com/news/home/20170103005033/en/" rel="nofollow">http://www.businesswire.com/news/home/20170103005033/en/</a></span></p> <p>Source: <org value="MJN" idsrc="xmltag.org">Mead Johnson Nutrition Company</org></p> <p> <b>Mead Johnson Nutrition</b>:<br /><b>Investors:</b><br />Kathy MacDonald, 847-832-2182<br /><a href="mailto:kathy.macdonald@mjn.com">kathy.macdonald@mjn.com</a><br />or<br /><b>Media</b>:<br />Christopher Perille, 847-832-2178<br /><a href="mailto:chris.perille@mjn.com">chris.perille@mjn.com</a> </p> Mon, 02 Jan 2017 18:00 -0600 Mead Johnson Nutrition http://www.cyberkeycorp.com/news/press-releases/mead-johnson-schedules-fourth-quarter-and-full-year-2016-earnings-conference 香蕉视频app无限观看-香蕉视频APP-官网下载