伊利诺伊州威彻斯特, May 08, 2020 (GLOBE NEWSWIRE) -- 面向食品生产业的全球领先原料解决方案提供商（NYSE：INGR）今天公布了2020年第一季度业绩。业绩数据依据2020年和2019年美国公认会计原则（GAAP）列报，含公司报告的非GAAP财务指标之外项目。

“在这一充满挑战的时期，Ingredion的业务被视为维持我们所在国家/地区食品供应的‘必需业务’，” Ingredion总裁兼首席执行官Jim Zallie表示。“我们的一线员工致力于确保我们继续为世界各地的客户提供高品质的原料和解决方案，我为他们感到无比自豪。我也要对我们的全球员工表示深深的感谢，他们从这场危机开始以来就一直表现出令人赞叹的干劲和奉献精神。在未来数周和数月的时间里，我们将继续专注于确保员工安全，服务于我们的客户和我们经营所在社区，并保持业务的连续运营。”

*调整后的摊薄每股收益（“调整后每股收益”）、调整后营业收入和调整后实际所得税率均为非GAAP财务指标。请参阅本新闻稿中随附的简明合并财务报表后题为“非GAAP信息”的补充财务信息第II节，以便根据最具直接可比性的美国公认会计原则指标进行这些非GAAP财务指标的对账。

“我们对第一季度的运营和财务结果感到满意。在宏观经济动荡的情况下，我们的产品需求强劲，我们也继续扩大了特种产品组合。我们进一步简化了组织结构，以最大限度地提高运营效率，作为我们成本智能节约计划的一部分。这项计划正按部就班地朝着实现2020年节约目标迈进。本季度结束后，我们推进了驱动增长路线图，宣布将收购Purecircle。该公司是高甜度天然甜菊甜味剂领域的全球领导者，此项收购扩展了我们在降糖产品方面的能力，” Zallie继续说道，

“在第二季度，我们预计主要在食品日用品零售渠道销售的传统包装食品所需原料将迎来非常强劲的需求。但是，这场疫情对餐饮业客流量产生了重大影响，我们预计，外出就餐消费的餐饮业食品饮料所采用的原料数量将会减少，”Zallie说。

“虽然我们面临前所未有的未知情况，但我相信我们的团队有足够的灵活性来应对未来的独特挑战并迅速适应，以作出最好业务定位，实现长期增长和为所有利益相关方创造价值，” Zallie总结道。

摊薄每股收益（EPS）

          1Q191Q20
         Reported EPS$1.48 $1.11
           Acquisition/Integration Costs$0.01  —
           Restructuring/Impairment Costs$0.05 $0.16
           Discrete Tax Items$(0.01)$0.32
         Adjusted EPS**$1.53 $1.59


预计会影响报告和调整后每股收益变化的因素

        1Q20
         Margin 0.11 
         Volume (0.02)
         Foreign exchange (0.05)
         Other income (0.01)
       Total operating items 0.03 
         
         Other non-operating income - 
         Financing costs 0.04 
         Shares outstanding (0.01)
         Tax rate - 
         Non-controlling interest - 
       Total non-operating items 0.03 
       Total items affecting EPS**$0.06 

**因数据舍入，总额可能有出入

主要财务数据

业务回顾

Ingredion净销售额总计

$ in millions2019FX ImpactVolumePrice mix2020% change% change
excl. FX
First quarter1,536-404431,543—3%

报告营业利润

$ in millions2019FX
Impact		Business
Drivers		Acquisition /
Integration		Restructuring
/ Impairment		2020% change% change
excl. FX
First quarter161-561-10153(5)%(2)%

调整后营业利润

$ in millions2019FX ImpactBusiness
Drivers		2020% change% change
excl. FX
First quarter166-561671%4%

净销售额

营业利润

北美
净销售额

$ in millions2019FX ImpactVolumePrice mix2020% change% change
excl. FX
First quarter951-1-8219631%1%

部门营业利润

$ in millions2019FX ImpactBusiness
Drivers		2020% change% change
excl. FX
First quarter125——125——

营业利润

南美洲
净销售额

$ in millions2019FX ImpactVolumePrice mix2020% change% change
excl. FX
First quarter228-2513212374%15%

部门营业利润

$ in millions2019FX ImpactBusiness
Drivers		2020% change% change
excl. FX
First quarter18-3112644%61%

营业利润

亚太区
净销售额

$ in millions2019FX ImpactVolumePrice mix2020% change% change
excl. FX
First quarter203-5-6-3189-7%-4%

部门营业利润

$ in millions2019FX ImpactBusiness
Drivers		2020% change% change
excl. FX
First quarter20——20——

营业利润

欧洲、中东和非洲（EMEA）

净销售额

$ in millions2019FX ImpactVolumePrice mix2020% change% change
excl. FX
First quarter154-954154—6%

部门营业利润

$ in millions2019FX ImpactBusiness
Drivers		2020% change% change
excl. FX
First quarter24-252713%21%

营业利润

股息

2020年展望

由于新冠疫情影响所造成的不确定性，该公司确定，先前关于2020年全年每股收益、运营现金流量和净销售额展望的指引已不再适用。新冠疫情在第一季度的影响相对较小。由于消费者预计居家禁足而囤积食品，我们在传统渠道中实现了更大的销量，我们预计这些渠道将继续保持良好的表现。然而，在餐饮部门，消费者人流何时回归以及回归的速度存在着极大的不确定性。

在南美洲，疫情正处于较早期的阶段，我们预计对餐饮、酿酒和糖果部门会产生严重的负面影响。在北美，我们预计餐饮业的需求将减少，特别是在墨西哥，由于政府执行
新冠疫情强制措施，啤酒的需求量将会受到抑制。

在EMEA地区，我们预计欧洲的特种产品销售强劲，但巴基斯坦的销售量低迷。在亚太地区，随着限制措施的解除，我们看到相对强劲的需求回升。然而，现在确定这种恢复是否会持续还为时过早。

我们预计全年的报告税率为28.5%至32%，调整后的实际税率范围为约26%至27%。

假定设备订单、网点通行情况和分包商的安全可得以维持，预计承诺资本投资将介于2.85亿美元至3.05亿美元之间。

电话会议和网络直播详情
Ingredion将于今天美国东部时间上午9:00 （中部时间上午8:00） 举行电话会议，由总裁兼首席执行官Jim Zallie以及执行副总裁兼首席财务官James Gray主持。电话会议将进行实时网络直播，其中的演示介绍可通过Ingredion网站https://ir.ingredionincorporated.com/“新闻和活动”下的“活动和演讲”栏目访问。演示介绍将于会议前数小时内开始提供下载。网络直播将通过https://ir.ingredionincorporated.com/网站提供限时重放。

近期交流
Jim Zallie和James Grey将以网上参与的方式参加2020年5月13日东部时间上午11:20举行的BMO农场到市场 会议。演示稿将可在公司网站https://ir.ingredionincorporated.com/上“新闻和活动”下“活动和演讲”部分查看。 此外，Ingredion还会在2020年5月20日星期三中部时间上午9:00主办其股东年度 会议。年度会议可通过www.virtualshareholdermeeting.com/INGR2020访问。

关于公司
Ingredion Incorporated（NYSE: INGR）总部位于芝加哥郊区，是全球领先的原料解决方案提供商，为全球120多个国家/地区的客户提供服务。公司将谷物、水果、蔬菜和其他植物基材料转化为食品、饮料、动物饲料、酿造和工业市场使用的增值原料和生物材料解决方案，2019年净销售额超过60亿美元。凭借遍布世界各地的Ingredion Idea Labs®创新中心和11,000多名员工，公司与客户共同确立并实现其目标：将人、自然和科技的潜力融合在一起以创建更美好的生活。如需了解更多信息和最新公司新闻，请访问ingcon.com。

前瞻性声明
本新闻稿含有或可能含有《1933年证券法案》第27A节（及其修订案）以及《1934年证券交易法案》第21E节（及其修订案）中定义的前瞻性声明。公司拟将这些前瞻性声明纳入该等声明的安全港条款。

除其他事项之外，前瞻性声明还包括公司关于其预期2020年实际税率和承诺资本投资的任何陈述，以及基于上述内容的任何假设、期望或意见。这些陈述有时可以通过使用的前瞻性词汇进行确定，如“可能”、“将”、“应该”、“预计”、“假设”、“相信”、“计划”、“规划”、“估计”、“期望”、“意图”、“继续”、“预估”、“预测”、“展望”、“拟制”、“驱使”、“机会”、“潜在”、“暂定”或其他类似的表达或否定。本新闻稿中包含或提及的历史事实之外的所有陈述均为“前瞻性声明”。

这些陈述均基于当前情况或预期作出，但存在某些固有的风险和不确定性，其中很多难以预测并且超出我们的控制范围。我们相信这些前瞻性声明所反映的预期均基于合理假设，但投资者须注意：我们无法担保这些预期将成为现实。

由于下列风险和不确定性，以及各类因素，实际结果和发展可能与这些声明中明示或暗示的预期显著不同：高果糖玉米糖浆相关及其他消费偏好和意识的改变；全球经济状况以及在我们购买原材料或产销产品的各地理区域和国家/地区影响到客户和消费者的总体政治、经济、商业和市场状况的影响，特别包括南美的经济、货币和政治状况和欧洲的经济和政治状况及其可能对我们产品销售量和定价、我们对信用市场的利用和我们向客户收取应收账款能力的影响；我们养老金资产投资回报收益方面的不利变化；我们所服务并且作为我们销售额重要来源的主要行业的未来财务表现，包括食品、饮料、动物饲料和酿造行业；对通过基因编辑和生物技术所开发产品之接受度的不确定性；我们开发或获得新产品和服务的速度和质量足以满足期望的能力；美国和外国政府政策、法规或监管的变动以及法律合规性成本；玉米加工行业和相关行业日益增长的竞争和/或消费者压力，包括在我们主要产品和副产品（尤其是玉米油）的市场和价格方面；原材料的供应情况，包括马铃薯淀粉、木薯淀粉、阿拉伯树胶和我们某些产品所需的特殊玉米品种，以及我们向客户转嫁玉米或其他原材料成本上涨的能力；原材料和能源成本及供应情况；我们消化成本、完成预算和实现预期协调的能力，包括我们能够按预算按时完成计划维护和投资项目，以及按照成本智能计划和货运和运输成本方面实现预期节约的能力；金融和资本市场对我们借贷成本的影响，包括由于外币波动、利率和汇率波动以及市场波动而产生的风险以及对冲此类波动的相关风险；气候变化的潜在影响；我们按有利条款成功确定并完成收购或结成战略联盟的能力，以及我们成功整合所收购企业或实施并在上述所有方面维持战略联盟实现预期协同作用的能力；我们生产厂或锅炉可靠性方面的运营困难；产品的安全和质量相关风险，以及环境、健康与安全、食品安全法律法规的合规性风险；涉及在外国使用外币以及跨国产品运输的运营所固有的经济、政治和其他风险，包括商品关税、配额和进口关税；可能对我们的信息技术系统、流程和网点造成影响的中断、安全违规或故障；我们维持良好劳资关系的能力；天气、自然灾害、战争或类似敌对活动、恐怖主义活动或威胁、新冠肺炎等流行病疫情的爆发或持续以及其他可能对我们业务造成的影响的重大事件；商誉或长期资产减值准备的潜在认列；税率变动或额外所得税负债敞口；以及我们以合理利率为我们的业务增长和扩张进行筹款的能力。

我们的前瞻性声明仅针对截至声明日期的情况，我们无任何义务在声明日期之后因为任何新的信息或未来事件或发展而更新任何前瞻性声明以反映事件或情况。如果我们确实更新或更正了其中一项或多项声明，投资者和其他人不应该就此推断我们将进行其他更新或更正。有关这些和其他风险的进一步描述，请参见我们截至2019年12月31日的年度报告（表10-K）以及我们的后续报告（表10-Q和表8-K上）中收录的“风险因素”。

Ingredion Incorporated ("Ingredion")
Condensed Consolidated Statements of Income
(Unaudited)
       
       
      
(in millions, except per share amounts)  Three Months
Ended March 31,		 Change
%
    2020  2019  
Net sales  $1,543 $1,536 0%
Cost of sales   1,220  1,220  
Gross profit   323  316 2%
       
Operating expenses   154  150 3%
Other income, net   2  1  
Restructuring/impairment charges   14  4  
Operating income   153  161 (5%)
Financing costs, net   18  22  
Other, non-operating expense (income), net   (1) -  
Income before income taxes   136  139 (2%)
Provision for income taxes   58  37  
Net income   78  102 (24%)
Less: Net income attributable to non-controlling interests   3  2  
Net income attributable to Ingredion  $75 $100 (25%)
       
       
Earnings per common share attributable to Ingredion      
common shareholders:      
       
Weighted average common shares outstanding:      
Basic   67.1  66.8  
Diluted   67.8  67.4  
       
Earnings per common share of Ingredion:      
Basic  $1.12 $1.50 (25%)
Diluted  $1.11 $1.48 (25%)
       
 
       
       
 
       
 


Ingredion Incorporated ("Ingredion") 
Condensed Consolidated Balance Sheets 
  
  
        
   (in millions, except share and per share amounts)March 31, 2020 December 31, 2019 
    (Unaudited)   
        
 Assets     
  Current assets    
   Cash and cash equivalents$278  $264  
   Short-term investments 2   4  
   Accounts receivable – net 996   977  
   Inventories 857   861  
   Prepaid expenses 55   54  
  Total current assets 2,188   2,160  
        
   Property, plant and equipment – net 2,208   2,306  
   Goodwill 787   801  
   Other intangible assets – net 427   437  
   Operating lease assets 147   151  
   Deferred income tax assets 16   13  
   Other assets 179   172  
 Total assets$5,952  $6,040  
        
 Liabilities and equity    
  Current liabilities    
   Short-term borrowings$77  $82  
   Accounts payable and accrued liabilities 860   885  
  Total current liabilities 937   967  
        
   Non-current liabilities 205   220  
   Long-term debt 1,871   1,766  
   Non-current operating lease liabilities 115   120  
   Deferred income tax liabilities 174   195  
   Share-based payments subject to redemption 23   31  
        
        
  Equity     
  Ingredion stockholders' equity:    
   Preferred stock – authorized 25,000,000 shares – $0.01 par value, none issued -   -  
   Common stock – authorized 200,000,000 shares – $0.01 par value, 77,810,875   
   shares issued at March 31, 2020 and December 31, 2019 1   1  
   Additional paid-in capital 1,142   1,137  
   Less: Treasury stock (common stock; 10,772,260 and 10,993,388 shares at    
   March 31, 2020 and December 31, 2019, respectively) at cost (1,028)  (1,040) 
   Accumulated other comprehensive loss (1,322)  (1,158) 
   Retained earnings 3,813   3,780  
  Total Ingredion stockholders' equity 2,606   2,720  
  Non-controlling interests 21   21  
  Total equity 2,627   2,741  
        
 Total liabilities and equity$5,952  $6,040  


Ingredion Incorporated ("Ingredion") 
Condensed Consolidated Statements of Cash Flows 
(Unaudited) 
  
    For the Three Months
Ended March 31,		 
 (in millions)  2020   2019  
        
 Cash provided by operating activities:     
  Net income $78  $102  
  Adjustments to reconcile net income to     
  net cash provided by operating activities:     
  Depreciation and amortization  54   51  
  Mechanical stores expense  13   13  
  Deferred income taxes  -   5  
  Margin accounts  (20)  1  
  Changes in other trade working capital  (85)  (171) 
  Other  25   17  
  Cash provided by operating activities  65   18  
        
 Cash used for investing activities:     
  Capital expenditures and mechanical stores purchases, net proceeds on disposals  (98)  (80) 
  Payments for acquisitions, net of cash acquired  -   (41) 
  Short-term investments  2   3  
  Cash used for investing activities  (96)  (118) 
        
 Cash used for financing activities:     
  Proceeds from borrowings (payments on), net  102   8  
  Repurchases of common stock, net  -   63  
  Issuances of common stock for share-based compensation, net of settlements  2   (1) 
  Dividends paid, including to non-controlling interests  (42)  (42) 
  Cash provided by financing activities  62   28  
        
  Effect of foreign exchange rate changes on cash  (17)  -  
  Increase (decrease) in cash and cash equivalents  14   (72) 
  Cash and cash equivalents, beginning of period  264   327  
  Cash and cash equivalents, end of period $278  $255  
        


          
Ingredion Incorporated ("Ingredion")        
Supplemental Financial Information         
(Unaudited)         
          
          
          
          
I. Geographic Information of Net Sales and Operating Income   
          
(in millions, except for percentages) Three Months Ended
March 31,		   Change 
   2020   2019  Change Excl. FX 
Net Sales         
  North America $963  $951  1% 1% 
  South America  237   228  4% 15% 
  Asia-Pacific  189   203  (7%) (4%) 
  EMEA  154   154  0% 6% 
 Total Net Sales $1,543  $1,536  0% 3% 
          
Operating Income         
  North America $125  $125  0% 0% 
  South America  26   18  44% 61% 
  Asia-Pacific  20   20  0% 0% 
  EMEA  27   24  13% 21% 
  Corporate  (31)  (21) (48%) (48%) 
Sub-total  167   166  1% 4% 
Acquisition/integration costs  -   (1)     
Restructuring/impairment charges  (14)  (4)     
 Total Operating Income $153  $161  (5%) (2%) 
          


II. Non-GAAP Information       
        
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration costs, restructuring and impairment cost, Mexico discrete tax provision, and certain other special items. We generally use the term “adjusted” when referring to these non-GAAP amounts.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies. A reconciliation of each non-GAAP historical financial measure to the most comparable GAAP measure is provided in the tables below. 
        
        
Ingredion Incorporated ("Ingredion") 
Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share ("EPS") to 
Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS 
(Unaudited) 
        
        
 Three Months Ended Three Months Ended  
 March 31, 2020 March 31, 2019  
 (in millions)Diluted EPS (in millions)Diluted EPS  
        
Net income attributable to Ingredion$75$1.11 $100 $1.48   
        
Add back:       
        
Acquisition/integration costs, net of income tax benefit of $- million for the three months ended March 31, 2020 and 2019 (i) - -  1  0.01   
        
Restructuring/impairment charges, net of income tax benefit of $3 million and $1 million for the three months ended March 31, 2020 and 2019, respectively (ii) 11 0.16  3  0.05   
        
Discrete tax item - Mexico (iii) 22 0.32  (1) (0.01)  
        
Non-GAAP adjusted net income attributable to Ingredion$108$1.59 $103 $1.53   
        
Net income, EPS and tax rates may not foot or recalculate due to rounding. 
        
Notes       
        
(i) The 2019 period includes costs related to the acquisition and integration of the business acquired from Western Polymer, LLC. 
        
(ii) During the first quarter in 2020, the Company recorded $14 million of pre-tax restructuring/impairment charges, consisting of $9 million of restructuring related expenses as part of the Cost Smart cost of sales program and $5 million of employee-related and other costs, including professional services, associated with our Cost Smart SG&A program. During the first quarter in 2019, the Company recorded $4 million of pre-tax restructuring charges, comprised of $3 million of employee-related severance and other costs as part of the Cost Smart SG&A program and $1 million in restructuring expenses as part of the Cost Smart cost of sales program in relation to the cessation of wet-milling at the Stockton, California plant. 
        
(iii) The discrete tax item represents the impact of the Company’s use of the U.S. dollar as the functional currency for its subsidiaries in Mexico. Mexico’s effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. A $22 million discrete tax provision was recorded for the three months ended March 31, 2020 as a result of the movement of the Mexican peso against the U.S. dollar during the period, compared to a $1 million discrete tax benefit recorded for the three months ended March 31, 2019.  
  
II. Non-GAAP Information (continued)       
        
        
Ingredion Incorporated ("Ingredion") 
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income 
(Unaudited) 
        
        
 Three Months Ended    
 March 31,    
(in millions, pre-tax) 2020 2019         
        
Operating income$153$161         
        
Add back:       
        
Acquisition/integration costs (i) - 1         
        
Restructuring/impairment charges (ii) 14 4         
        
Non-GAAP adjusted operating income$167$166         
        
        
        
        
For notes (i) through (ii) see notes (i) through (ii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS. 
  
        


II. Non-GAAP Information (continued)       
        
        
        
Ingredion Incorporated ("Ingredion")
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)
        
        
        
  Three Months Ended March 31, 2020 
  Income before Provision for Effective Income 
(in millions) Income Taxes (a) Income Taxes (b) Tax Rate (b / a) 
        
As Reported $136 $58  42.6% 
        
Add back:       
        
Restructuring/impairment charges (ii)  14  3    
        
Discrete tax item - Mexico (iii)  -  (22)   
        
Adjusted Non-GAAP $150 $39  26.0% 
        
        
        
  Three Months Ended March 31, 2019 
  Income before Provision for Effective Income 
(in millions) Income Taxes (a) Income Taxes (b) Tax Rate (b / a) 
        
As Reported $139 $37  26.6% 
        
Add back:       
        
Acquisition/integration costs (i)  1  -    
        
Restructuring/impairment charges (ii)  4  1    
        
Discrete tax item - Mexico (iii)  -  1    
        
Adjusted Non-GAAP $144 $39  27.1% 
        
        
        
For notes (i) through (iii) see notes (i) through (iii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
        
        
 


II. Non-GAAP Information (continued)        
         
         
Ingredion Incorporated ("Ingredion") 
Reconciliation of Reported U.S. GAAP Effective Tax Rate ("GAAP ETR") 
to Anticipated Adjusted Effective Tax Rate ("Adjusted ETR") 
(Unaudited) 
         
         
  Anticipated Effective Tax Rate Range    
  for Full Year 2020    
  Low End High End    
GAAP ETR 28.5% 32.0%    
         
Add:        
         
Restructuring/impairment charges (ii) 0.9% 0.9%    
         
Discrete tax item - Mexico (iii) -2.8% -5.2%    
         
Other tax matters (iv) 0.5% 0.5%    
         
Impact of adjustment on Effective Tax Rate (v) -1.1% -1.2%    
         
Adjusted ETR 26.0% 27.0%    
         
         
         
Above is a reconciliation of our anticipated full year 2020 GAAP ETR to our anticipated full year 2020 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, acquisition and integration costs, impairment and restructuring costs, and certain other special items. We generally exclude these items from our adjusted ETR guidance. For these reasons, we are more confident in our ability to predict adjusted ETR than we are in our ability to predict GAAP ETR. 
         
(ii) Reflects current estimates for 2020 restructuring charges related to the Cost Smart cost of sales & SG&A programs. As specific projects within these programs are approved, the estimates will be reviewed and may be subject to revision. 
         
(iii) Estimated impact of the change in the value of the Mexican peso against the U.S. dollar. Because the Company uses the U.S. dollar as the functional currency for its subsidiaries in Mexico, its effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. The change in the Mexican peso produced substantial taxable translation gains or losses on net-U.S.-dollar-monetary assets held in Mexico for which there are no corresponding gain in pre-tax income. 
         
(iv) This relates to other tax settlements and the reversal of interest and penalties for tax reserves. 
         
(v) Indirect impact of tax rate after items (ii) through (iv). 
  
  

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