Fourth Quarter 2014 Conference Call · Highlights 3 •Record full-year segment operating income of $1.7 billion(a) •Full-year free cash flow from operations of $1.0 billion(b)

Fourth Quarter 2014 Conference CallFebruary 17, 2015

Forward-Looking Statements

Certain information contained in this presentation constitutes forward-looking statements for purposes of the

safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors,

many of which are beyond our control, that affect our operations, performance, business strategy and

results and could cause our actual results and experience to differ materially from the assumptions,

expectations and objectives expressed in any forward-looking statements. These factors include, but are not

limited to: our ability to implement successfully our strategic initiatives; actions and initiatives taken by both

current and potential competitors; foreign currency translation and transaction risks; increases in the prices

paid for raw materials and energy; a labor strike, work stoppage or other similar event; deteriorating

economic conditions or an inability to access capital markets; work stoppages, financial difficulties or supply

disruptions at our suppliers or customers; the adequacy of our capital expenditures; our failure to comply

with a material covenant in our debt obligations; potential adverse consequences of litigation involving the

company; as well as the effects of more general factors such as changes in general market, economic or

political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings

with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports

on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our

estimates only as of today and should not be relied upon as representing our estimates as of any

subsequent date. While we may elect to update forward-looking statements at some point in the future, we

specifically disclaim any obligation to do so, even if our estimates change.

2

Highlights

3

• Record full-year segment operating income of $1.7 billion(a)

• Full-year free cash flow from operations of $1.0 billion(b)

• North America sets earnings records for fourth quarter, full year

• Completed $150 million in share repurchases in fourth quarter

• Company releases $2.2 billion U.S. tax valuation allowance, no

change to cash taxes

• Company reaffirms 2015 earnings growth target of 10%-15%

above 2014 results

(a) See Segment Operating Income reconciliation in Appendix on page 31(b) See Free Cash Flow from Operations reconciliation in Appendix on page 34

4

North America Kelly Edge

Branded line meeting customer needsBranded Line Meeting Customer Needs

North America E-CommerceBuy Online. Install Locally.

5

Making the Tire-Buying Process Easier

Strategy Roadmap

6

Our Destination - Creating Sustainable Value

Industry

MegaTrends

Where We Are

Key Strategies Key How To’s

Executing Plan

Innovation Leader

Record Earnings

Value Creating

Investing for Growth

US Pension Fully Funded

Top Line / Bottom Line Growth

First with Customers

Innovation Leaders

Leader in Targeted Segments

1. North America: Grow Profitably

2. Asia: Win in China / Grow Asia

3. EMEA / LA: Return to Historical

Profit

Market-Back Innovation Excellence

Sales & Marketing Excellence

Operational Excellence

Enabling Investments

Top Talent / Top Teams

Competitively Advantaged

Profitable thru Economic Cycle

Cash Flow Positive

Investment Grade

Financial Update

Fourth Quarter 2014

Income Statement

(a) See Segment Operating Income and Margin reconciliation in Appendix on page 31.(b) See Adjusted Diluted Earnings Per Share reconciliation in Appendix on pages 26 and 28.

In millions, except EPS

8

December 31, December 31,

2014 2013 Change

Units 39.5 40.7 (3)%

Net Sales 4,356$ 4,791$ (9)%

Gross Margin 23.3% 23.0% 0.3 pts

SAG 702$ 736$ (5)%

Segment Operating Income(a) 359$ 419$ (14)%

Segment Operating Margin(a) 8.2% 8.7% (0.5) pts

Goodyear Net Income 2,129$ 235$

Less: Preferred Stock Dividends -$ 7$

Goodyear Net Income Available to Common

Shareholders2,129$ 228$

Goodyear Net Income Available to Common

Shareholders - Per Share of Common Stock

Basic 7.82$ 0.92$

Diluted 7.68$ 0.84$

Cash Dividends Declared Per Common Share 0.06$ -$

Adjusted Diluted Earnings Per Share (b)

0.59$ 0.74$

Three Months Ended

99

Fourth Quarter 2014

Segment Operating Results

$ in millions

$419 ($29)($24) $30 ($81)

$105 ($77)

($17) $33 $359

Raw

Materials(a)

Cost

Savings Inflation(b)

Volume

Un-

absorbed

Fixed

CostPrice / Mix

Other(c)CurrencyQ4

2013Q4

2014

($53) +$28($51)

($60)

(a) Raw material variance of $30 million excludes raw material cost saving measures of $79 million, which are included in Cost Savings(b) Estimated impact of inflation (wages, utilities, energy, transportation and other)(c) Includes $18 million savings from Amiens plant closure, $17 million benefit from other-tire related businesses, and $15 million from North American pension

expense savings, partially offset by $22 million in incremental advertising, marketing, and R&D charges

Primarily weaker

European winter

tire sales

Includes Amiens plant

closure and N. American

pension expense savings

(a) Working capital represents accounts receivable and inventories, less accounts payable – trade.(b) See Total Debt and Net Debt reconciliation in Appendix on page 32.(c) See EBITDAP, Adjusted Debt, and Leverage Ratio Reconciliations in Appendix on page 33.

Fourth Quarter 2014

Balance Sheet

$ in millions

10

December 31, September 30, December 31,2014 2014 2013

Cash and cash equivalents 2,161$ 1,744$ 2,996$

Accounts receivable 2,126 3,021 2,435Inventories 2,671 2,924 2,816Accounts payable - trade (2,878) (2,827) (3,097)

Working capital(a)

1,919$ 3,118$ 2,154$

Total debt(b)

6,394$ 6,855$ 6,249$

Net debt(b)

4,233$ 5,111$ 3,253$

Memo:Net Global Pension Liability 714$ 1,855$

Adjusted Debt / EBITDAP(c)

2.96x 3.42x

Free Cash Flow from Operations

$ in millions

11

(a) Pension Expense is the net periodic pension cost before curtailments, settlements and termination benefits as reported in the pension-related note

in the Notes to Consolidated Financial Statements.

(b) See Free Cash Flow from Operations reconciliation in Appendix on page 34.

2014 2013

Net Income 2,521$ 675$

Depreciation and Amortization 732 722

Change in Working Capital (1) 415

Pension Expense (a)

158 285

Provision for Deferred Income Taxes (1,970) (34)

Other 464 109

Capital Expenditures (923) (1,168)

Free Cash Flow from Operations (non-GAAP) (b) 981$ 1,004$

Year Ended December 31,

Fourth Quarter 2014

Segment Results

in millions

12

2014 2013 Change 2014 2013 Change

Units 16.0 16.3 (1.1%) Units 12.8 14.4 (11.8%)

Net Sales $2,105 $2,131 (1.2%) Net Sales $1,306 $1,631 (19.9%)

Operating Income $229 $199 15.1% Operating Income $30 $101 (70.3%)

Margin 10.9% 9.3% Margin 2.3% 6.2%

2014 2013 Change 2014 2013 Change

Units 4.7 4.4 7.9% Units 6.0 5.6 6.6%

Net Sales $434 $492 (11.8%) Net Sales $511 $537 (4.8%)

Operating Income $20 $52 (61.5%) Operating Income $80 $67 19.4%

Margin 4.6% 10.6% Margin 15.7% 12.5%

North America Europe, Middle East and Africa

Latin America Asia Pacific

2015 Key Segment Operating Income Drivers

Driver 2015 FY vs 2014 Comments

Global Volume +1-2%

• Assumes growth in North America, Latin

America, and Asia Pacific; slower growth

North America H1 vs. H2

Price/Mix vs. Raw

Materials~$200 million

• Raw material costs down 10%; benefit reflects

partial offsets from raw material indexed

contracts and FX; See Appendix pages 20-21

for detail on raw materials

Overhead

AbsorptionNeutral

• Q4/14 production cuts of ~1 million units

impact Q1/15 SOI

Cost Savings vs.

Inflation~$160 million • Similar to 2014

Foreign Exchange ~($180) million• Based on current spot rates; see Appendix

page 22 for currency details

Amiens Closure ~$20 million• Carry-over of $75 million annualized savings

previously disclosed

Venezuela ~($50) million

• Assume zero earnings due to deteriorating

macro environment, significant uncertainty

regarding USD availability and FX rates

13

2015 OutlookOther Financial Assumptions

2015 FY Assumption

Interest Expense $415 - $440 million

Financing Fees ~$80 million

Income TaxExpense: ~30% of global pre-tax operating income

Cash: ~15% of global pre-tax operating income

Depreciation &

Amortization~$725 million

Global Pension Expense $125 - $175 million

Global Pension Cash

Contributions$50 - $75 million

Working Capital Not a significant source or use

Capital Expenditures~$1.1 billion

Memo – 2016: $1.2-$1.3 billion

14

15

2014-2016 Capital Allocation Plan

Update

2014-2016 is a balanced Capital Allocation Plan

Debt Repayment /

Pension Funding

Current Plan

(May 2014)Update

(Feb. 2015)

Growth CapEx

Restructurings

$0.6Shareholder

Return Program

$0.8

$3.6

~ $0.6B

~ $1.5B

$0.9B*

$0.9B

$3.8B

-

-

-

15* $0.65B approved by Board of Directors; increases dependent on Company performance including the achievement of financial targets

$0.6

$0.8

$3.6

~ $0.6B

~ $1.15B

$1.25B*

$0.9B

$3.8B

-

-

-

$350 Million

Reallocated

Within the

Capital Plan

Appendix

Full Year 2014

Tire Unit & Sales Summary

2014 Sales = $18,138

in millions

17

2014 2013 % Change

Consumer

Units 147.4 147.5 (0.0%)

Sales $10,510 $10,946 (4.0%)

Commercial

Units 12.6 12.7 (0.6%)

Sales $3,849 $4,113 (6.4%)

Unit/Sales Mix

1818

Full Year 2014

Segment Operating Results

$ in millions

$1,580 ($23) $58

$284 ($376)$454 ($296)

($77) $108 …

Raw

Materials(a)

Cost

Savings Inflation(b)

Volume

Un-

absorbed

Fixed

CostPrice / Mix

Other(c)CurrencyFY

2013FY

2014

+$35 +$158($92)

$1,712

+$132

(a) Raw material variance of $284 million excludes raw material cost saving measures of $269 million, which are included in Cost Savings(b) Estimated impact of inflation (wages, utilities, energy, transportation and other)(c) Includes $55 million savings from Amiens plant closure and $57 million from North American pension expense savings, partially offset by other items

Primarily OTR

$942

$207

$689

$2,356

$1,017

($321) ($376)

$712

($115)

$549

$1,822

$327

($985)

($553)

2008 2009 2010 2011 2012 2013 2014

Price/Mix Raw Materials

(e)

(d)

(c)

(b)

Price/Mix vs. Raw Materials(a)

(a) Reflects impact on Segment Operating Income. Raw Materials include the impact of raw material cost savings measures.(b) Raw material variance of $549 million includes raw material cost savings measures of $136 million. (c) Raw material variance of $1,822 million includes raw material cost savings measures of $177 million.(d) Raw material variance of $327 million includes raw material cost savings measures of $249 million.(e) Raw material variance of ($985) million includes raw material cost savings measures of $228 million.(f) Raw material variance of ($553) million includes raw material cost savings measures of $269 million.

$ in millions

(f)

19

Raw Materials

20

• Raw materials ~50% of tire business cost

of goods sold

– Tires ~85% of total cost of goods sold

– ~25% of raw materials cost not affected by

commodity prices

• Around two-thirds of raw materials are

influenced by oil prices

– P&L impact lags spot rates by 1-2 quarters

depending on commodity

• Approximately two-thirds of raw materials

are purchased in USD

– Largest foreign currency transactional

exposures are from Euro, Real and Canadian

dollar

• Customer agreements indexed to raw

materials:

– OE customers (~20% of sales)

– Certain large Commercial fleets

– OTR customers

Based on current commodity spot rates, we expect raw material

costs to be down ~10% for the full year

*Petrochemical-based

Goodyear Global Raw Material Usage2014 FY Estimate

*

*

**

Notes:

% Splits noted above on COGS are general “rules-of-thumb” for modeling purposes based on 2014 actuals

(a) Non-raw material costs include conversion cost, R&D, transportation, etc

(b) Commodity feedstocks; excludes other supplier processing costs, transportation, supplier margins, etc.

(c) Commodity price changes based on current plan assumptions

(d) FX transaction only relates to USD-based purchases outside of the US; see Page 22 for 2015 spot

assumptions

(e) Excludes impact of volume and cost savings

Raw Materials:Modeling Assumptions

Raw Materials Purchased in USD:

66% of Commodities

Commodities(b):

75% of Tire Business Raw Materials

Raw Materials:

50% of Tire Business COGS

Tire Business:

85% of Total Company COGS

2014 Total COGS

$13.9

Tire Business COGS

~$11.8

Tire Raw Materials

COGS ~$5.9

CommodityCOGS ~$4.4

USD-Based

~$2.9

Non-USD~$1.5

Non-Commodity

COGS ~$1.5

USD-Based ~$1.0

Non-USD

~$0.5

Tire Other (a) COGS

~$5.9

Non-Tire COGS

~$2.1

Commodity Price Change(c):($0.515)

~(18%)

($0.265)

~(18%)$0 $0

FX Transaction(d): +$0.13 $0 +$0.05 $0

Total Impact(e): ($0.385) ($0.265) +$0.05 $0

Impact on SOI as a result of 2015 vs. 2014 changes in raw

material costs due to changes in commodity prices and FX

21

($0.6) = (10%)

Total Impact:

$ in billions

Foreign Exchange:Modeling Assumptions

22

Note:

(a) Impact included in Foreign Exchange as part of 2015 Key SOI Drivers. See Page 13.

(b) Impact included in Raw Materials as part of 2015 Key SOI Drivers and before offsetting action (e.g., hedging). See Page 13.

$ in millions, except exchange rates

2015 Sensitivity Modeling ‘Rules of Thumb’

SOI Impact for Every 1 US Cent Change

Translation(a) Transaction(b)

Euro

Brazilian Real

Canadian Dollar

$4.4 $2.4

$1.2$0.5

$1.9 $2.9

2015 SOI Currency Impact

Euro

Brazilian Real

Canadian Dollar

All Other Currencies

(e.g., Polish Zloty, Indian

Rupee, Australian Dollar)

2015

Spot Assumption Translation(a) Transaction(b)

1.13

2.85

1.25

~$(85)

~$(25)

~$(30)

~$(40)

~$(45)

~$(60)

~$(40)

~$(35)

~$(180) ~$(180)

Fourth Quarter 2014

Liquidity Profile

(a) Total liquidity comprised of $2,161 million cash and cash equivalents, as well as $2,317 million of unused availability under various credit agreements.(b) Includes $289 million of cash in Venezuela denominated in bolivares fuertes at 12.0 bolivares fuertes per U.S. dollar at December 31, 2014. On February 3,

2015, we repaid $200 million of the borrowings due under the U.S. second lien term loan.23

Cash &

Equivalents(b)

Available

Credit Lines

Liquidity Profile

$4.5(a)

$ in billions

$1,842 $1,265

$900

$700

$150

$118

2015 2016 2017 2018 2019 2020 2021 2022 ≥ 2023

Undrawn Credit Lines

Funded Debt

$485 (a)

$2,000 (b)

Note: Based on December 31, 2014 balance sheet values and excludes notes payable, capital leases and other domestic and foreign debt.

(a) At December 31, 2014 there were no borrowings or letters of credit under the European revolving credit facility.

(b) At December 31, 2014, our borrowing base, and therefore our availability, under the U.S. revolving credit facility was $485 million below the facility's

stated amount of $2.0 billion. Also, $377 million in letters of credit were issued under this facility.

(c) At December 31, 2014, the amounts available and utilized under the Pan-European securitization program of $461 million (€380 million) totaled $343

million (€283 million).

(d) On February 3, 2015, we repaid $200 million of the borrowings due under the $1.2 billion U.S. second lien term loan facility.

Fourth Quarter 2014

Maturity Schedule

$ in millions

24

(c)

(d)

2015 Full-Year Industry Outlook

25

NA EMEA

Consumer

Replacement(2)-(3)% ~Flat

Consumer OE +1-2% +1-2%

Commercial

Replacement+0-1% +0-1%

Commercial OE Flat-(1)% ~Flat

Driven by

expected decline

in Chinese

imports

$ in millions (except EPS)

26

Fourth Quarter 2014 Significant Items(After Tax and Minority Interest)

Net Sales 4,356$ -$ -$ -$ -$ 4,356$

Cost of Goods Sold 3,340 - (4) - (14) 3,322

Gross Margin 1,016$ -$ 4$ -$ 14$ 1,034

SAG 702 -$ -$ -$ -$ 702

Rationalizations 15 - (15) - - -

Interest Expense 113 - - - (2) 111

Other Expense 60 (45) - 7 - 22

Pre-tax Income 126$ 45$ 19$ (7)$ 16$ 199

Taxes (2,002) - 2 - 2,028 28

Minority Interest (1) - 5 - 1 5

Goodyear Net Income 2,129$ 45$ 12$ (7)$ (2,013)$ 166$

EPS (Diluted) 7.68$ 0.16$ 0.04$ (0.03)$ (7.26)$ 0.59$

As

Reported

As

Adjusted

Net Venezuela

Currency Losses

Net Gains on

Asset Sales

Net Income and

Other Discrete

Tax Benefits

Rationalizations,

Asset Write-offs,

and Accelerated

Depreciation

Charges


27

Full Year 2014 Significant Items(After Tax and Minority Interest)

Net Sales 18,138$ -$ -$ -$ -$ -$ -$ -$ 18,138$

Cost of Goods Sold 13,906 - (7) (38) - - - (11) 13,850

Gross Margin 4,232$ -$ 7$ 38$ -$ -$ -$ 11$ 4,288

SAG 2,720 -$ -$ -$ -$ -$ -$ -$ 2,720

Rationalizations 95 - (95) - - - - - -

Interest Expense 428 - - - - - - 6 434

Other Expense 302 (200) - - (22) (16) 3 10 77

Pre-tax Income 687$ 200$ 102$ 38$ 22$ 16$ (3)$ (5)$ 1,057

Taxes (1,834) 25 9 - - - 1 1,972 173

Minority Interest 69 - 22 2 - - - 1 94

Goodyear Net Income 2,452$ 175$ 71$ 36$ 22$ 16$ (4)$ (1,978)$ 790$

EPS (Diluted) 8.78$ 0.63$ 0.25$ 0.13$ 0.08$ 0.06$ (0.01)$ (7.09)$ 2.83$

Charges for

Labor Claims

Related to a

Closed Facility

in Greece

Net Gains on

Asset SalesAs

Adjusted

As

Reported

Net Venezuela

Currency Losses

Pension

Curtailments &

Settlements

Rationalizations,

Asset Write-offs,

and Acclerated

Depreciation

Charges

Government

Investigation in

Africa

Net Income and

Other Discrete

Tax Benefits


28

Fourth Quarter 2013 Significant Items(After Tax and Minority Interest)

Net Sales 4,791$ -$ (5)$ -$ 4,786$

Cost of Goods Sold 3,690 (8) - - 3,682

Gross Margin 1,101$ 8$ (5)$ -$ 1,104

SAG 736 -$ -$ - 736

Rationalizations 17 (17) - - -

Interest Expense 105 - (1) - 104

Other Expense (15) - 11 2 (2)

Pre-tax Income 258$ 25$ (15)$ (2)$ 266

Taxes 2 3 33 - 38

Minority Interest 21 5 (7) - 19

Goodyear Net Income 235$ 17$ (41)$ (2) 209$

EPS (Diluted) 0.84$ 0.06$ (0.15)$ (0.01)$ 0.74$

As

Reported

Rationalizations,

Asset Write-offs,

and Accelerated

Depreciation

Charges

Net Income and

Other Discrete

Tax Benefits

As

Adjusted

Net Gains on

Asset Sales


29

Full Year 2013 Significant Items(After Tax and Minority Interest)

Net Sales 19,540$ -$ -$ -$ -$ -$ (5)$ 19,535$

Cost of Goods Sold 15,422 - (23) - - - - 15,399

Gross Margin 4,118$ -$ 23$ -$ -$ -$ (5)$ 4,136

SAG 2,758 -$ -$ -$ -$ -$ -$ 2,758

Rationalizations 58 - (58) - - - - -

Interest Expense 392 - - - - - (1) 391

Other Expense 97 (115) - (6) 8 9 11 4

Pre-tax Income 813$ 115$ 81$ 6$ (8)$ (9)$ (15)$ 983

Taxes 138 23 10 - (1) (2) 39 207

Minority Interest 46 - 13 - - (1) (7) 51

Goodyear Net Income 629$ 92$ 58$ 6$ (7)$ (6)$ (47)$ 725$

EPS (Diluted) 2.28$ 0.33$ 0.21$ 0.02$ (0.02)$ (0.02)$ (0.17)$ 2.63$

As

Reported

As

Adjusted

Charges for

Labor Claims

Related to a

Closed Facility in

Greece

Net Gains on

Asset Sales

Net Income and

Other Discrete

Tax Benefits

Insurance

Recoveries from

Thailand Flood

Net Venezuela

Currency Losses

Rationalizations,

Asset Write-offs,

and Acclerated

Depreciation

Charges

a) Includes cash funding for direct benefit payments for 2011 - 2014 only

b) Excludes one-time charges and benefits from pension settlements and curtailments

c) 2015E - 2017E are based on assumptions as of December 31, 2014

30

$ in millions

Pension Update

Reconciliation for Segment Operating Income / Margin

$ in millions

31

2014 2013 2014 2013

Total Segment Operating Income 359$ 419$ 1,712$ 1,580$

Rationalizations (15) (17) (95) (58)

Interest expense (113) (105) (428) (392)

Other income (expense) (60) 15 (302) (97)

Asset write-offs and accelerated depreciation (4) (8) (7) (23)

Corporate incentive compensation plans (28) (29) (97) (108)

Corporate pension curtailments/settlements - - (33) -

Intercompany profit elimination 8 9 4 4

Retained expenses of divested operations (5) (7) (16) (24)

Other (16) (19) (51) (69)

Income before Income Taxes 126$ 258$ 687$ 813$

United States and Foreign Tax (Benefit) Expense (2,002) 2 (1,834) 138

Less: Minority Shareholders Net Income (Loss) (1) 21 69 46

Goodyear Net Income 2,129$ 235$ 2,452$ 629$

Sales $4,356 $4,791 $18,138 $19,540

Return on Sales 48.9% 4.9% 13.5% 3.2%

Total Segment Operating Margin 8.2% 8.7% 9.4% 8.1%

Three Months Ended

December 31,

Twelve Months Ended

December 31,

Reconciliation for Total Debt and Net Debt

$ in millions

32

December 31, September 30, December 31,

2014 2014 2013

Long-Term Debt and Capital Leases 6,216$ 6,719$ 6,162$

Notes Payable and Overdrafts 30 38 14

Long-Term Debt and Capital Leases Due Within One Year 148 98 73

Total Debt 6,394$ 6,855$ 6,249$

Less: Cash and Cash Equivalents 2,161 1,744 2,996

Net debt 4,233$ 5,111$ 3,253$

EBITDAP, Adjusted Debt & Leverage Ratio Reconciliations

33

$ in millions

(a) Pension expense is the net periodic pension cost before curtailments, settlements and termination benefits as reported in the pension-related note in the Notes to

Consolidated Financial Statements.

(b) Other includes rationalization charges and other (income) expense.

2014 2013

Net Income $2,521 $675

Interest Expense 428 392

Income Tax (Benefit) Expense (1,834) 138


Pension Expense(a)

158 285

Other(b)

397 155

EBITDAP, as adjusted $2,402 $2,367

2014 2013

Notes Payable and Overdrafts 30 14

Long-Term Debt and Capital Leases Due Within One Year 148 73

Long-Term Debt and Capital Leases 6,216 6,162

Total Debt $6,394 $6,249

Global Unfunded Pension Obligations $714 $1,855

Adjusted Debt $7,108 $8,104

Adjusted Debt/EBITDAP 2.96x 3.42x

Year Ended December 31,

December 31,

Reconciliation for Free Cash Flow from Operations

a) Working capital represents total changes in accounts receivable, inventories and accounts payable – trade.

b) Pension expense is the net periodic pension cost before curtailments, settlements and termination benefits as reported in the pension-related note in the Notes to

Consolidated Financial Statements.

c) Other includes amortization and write-off of debt issuance costs, net pension curtailments and settlements, net rationalization charges, net (gains) losses on asset

sales, net Venezuela currency loss, customer prepayments and government grants, insurance proceeds, compensation and benefits less pension expense, other

current liabilities, and other assets and liabilities.34

($ in millions)

Dec. 31,

2014

Dec. 31,

2013

Net Income 2,521$ 675$


Change in Working Capital (a)

(1) 415

Pension Expense (b)

158 285

Provision for Deferred Income Taxes (1,970) (34)

Other (c)

464 109

Capital Expenditures (923) (1,168)

Free Cash Flow from Operations (non-GAAP) 981$ 1,004$

Capital Expenditures 923 1,168

Pension Contributions and Direct Payments (1,338) (1,162)

Rationalization Payments (226) (72)

Cash Flow from Operating Activities (GAAP) 340$ 938$

The amounts below are calculated from the Consolidated Statements of Cash Flows

except for pension expense, which is as reported in the pension-related note in the Notes

to Consolidated Financial Statements.

Year Ended

Documents

Fourth Quarter 2014 Conference Call · Highlights 3 •Record full-year segment operating income of $1.7 billion(a) •Full-year free cash flow from operations of $1.0 billion(b)