Identifying Operating and Nonrecurring Income Components Following is the The Dow Chemical Company income statement. {$ millions} For Year Ended December 31 2014 2013 Net sales $54,974 $45.9?5 Cost of sales 45,?80 39,148 Research and development expenses 1,660 1,492 Selling, general, and administrative expenses 2,609 2,487 Amortization of intangibles 509 399 Goodwill and other intangible asset impairment losses - 7 Restructuring charges [cred its) 26 689 Asbestosrelated charge 54 Equity in earnings of nonconsolidated affiliates 1,112 630 Sundry income [expense}net 125 891 Interest income 37 39 Interest expense and amortization of debt discount 1,473 1571 Income before income taxes 4,102 1,569 Provision for income taxes 481 [97} Net income $3,621 $1,776 Required a. Identify the components in its statement that you would consider operating. b. Identify those components that you would consider nonrecurring. ($ millions) For Year Ended December 31 a. b 2014 2013 Operating? Nonrecurring? Net sales $54,974 $45,975 Yes No Cost of sales 45,780 39,148 Yes No Research and development expenses 1,660 1,492 Yes No Selling, general, and administrative expenses 2,609 2,487 Yes No Amortization of intangibles 509 399 Yes No Goodwill and other intangible asset impairment losses 7 Yes Yes Restructuring charges (credits) 26 689 Yes Yes Asbestos-related charge 54 Yes Yes Equity in earnings of nonconsolidated affiliates 1,112 630 Yes No Sundry income (expense)-net 125 891 No No Interest income 37 39 No No Interest expense and amortization of debt discount 1,473 1,571 No No Income before income taxes 4,102 1,569 Provision for income taxes 481 (97) Yes No Net income $3,621 $1,776 c. Compute net operating profit after taxes (NOPAT) and net operating profit margin (NOPM) for each year. Assume a statutory tax rate of 35%. 2014 2013 NOPAT (Round your answer to the nearest million dollar.) $ 0 * $ 0 X NOPM (Round your answer to one decimal place.) 0% X 0% X