DUPONT E I DE NEMOURS & CO | 2013 | FY | 3


Unaudited
For the quarter ended
 
March 31,
June 30,
September 30,
December 31,
2013
 

 
 

  
 

 
 

  
Net sales
$
10,408

 
$
9,844

  
$
7,735

 
$
7,747

  
Cost of goods sold
6,193

 
6,057

 
5,165

 
5,133

 
Income from continuing operations before
income taxes
1,774

3 

1,365

3,4 
228

3,6 
122

3,7,8 
Net income
3,355

2 

1,034

5 
288

 
185

 
Basic earnings per share of common stock from continuing operations1
1.48

 
1.11

  
0.28

 
0.19

 
Diluted earnings per share of common stock from continuing operations1
1.47

 
1.10

  
0.28

 
0.19

  
2012
 

 
 

  
 

 
 

  
Net sales
$
10,180

 
$
9,917

  
$
7,390

 
$
7,325

  
Cost of goods sold
5,935

 
5,844

 
4,779

 
4,980

 
Income (loss) from continuing operations before income taxes
1,801

9 

1,496

9,10,11 
(175
)
9,12,13 
(34
)
9, 12, 13,14 
Net income
1,504

 
1,175

 
8

 
93

 
Basic earnings (loss) per share of common stock from continuing operations1
1.49

 
1.16

  
(0.05
)
 

  
Diluted earnings (loss) per share of common stock from continuing operations1
1.48

 
1.15

  
(0.05
)
 

 

1. 
Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations.
2. 
First quarter 2013 included a net tax benefit of $42 consisting of a $68 benefit for the 2013 extension of certain U.S business tax provisions offset by a $(26) charge related to the global distribution of Performance Coatings cash proceeds.
3. 
First and second quarter 2013 included charges of $(35) and $(80), respectively, recorded in Other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis®. Third and fourth quarter 2013 included charges of $(65) and $(245), respectively, offset by $25 and $48 of insurance recoveries, respectively. See description in Note 16 for further details.
4. 
Second quarter 2013 included a charge of $(11) in Other income, net related to interest on a prior year tax position.
5. 
Second quarter 2013 included a charge of $(49) associated with a change in accrual for a prior year tax position (inclusive of a benefit associated with interest on a prior year tax position) offset by a $33 benefit for an enacted tax law change.
6. 
Third quarter 2013 included a $(72) charge recorded in Other operating charges related to the titanium dioxide antitrust litigation. See description in Note 16 for further details.
7. 
Fourth quarter 2013 included a net $5 restructuring adjustment consisting of a $24 benefit associated with prior year restructuring programs and a $(19) charge associated with restructuring actions related to a joint venture. The majority of the $24 net reduction recorded in Employee separation/asset related charges, net was due to the achievement of work force reductions through non-severance programs associated with the 2012 restructuring program. The charge of $(19) included $(9) recorded in Employee separation/asset related charges, net and $(10) recorded in Other income, net and was the result of restructuring actions related to a joint venture within the Performance Materials segment. See Note 3 for additional information.
8. 
Fourth quarter 2013 included a $(129) impairment charge recorded in Employee separation/asset related charges, net related to an asset grouping within the Electronics & Communications segment. See Note 3 for additional information.
9. 
First quarter, second quarter, third quarter, and fourth quarter 2012 included charges of $(50), $(265), $(125), and $(135), respectively, recorded in Other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis®. See description in Note 16 for further details.
10. 
Second quarter 2012 included a $(137) charge recorded in Other operating charges primarily related to the company's settlement of litigation with INVISTA.
11. 
Second quarter 2012 included a pre-tax gain of $122 recorded in Other income, net associated with the sale of an equity method investment in the Electronics & Communications segment.
12. 
Third quarter 2012 included a $(152) restructuring charge recorded in Employee separation/asset related charges, net related to the 2012 restructuring program. Fourth quarter 2012 included a net $(66) charge recorded in Employee separation/asset related charges, net related to costs associated with the 2012 restructuring program partially offset by a reversal of prior years restructuring accruals. See description in Note 3 for further details.
13. 
Third and fourth quarter 2012 included asset impairment charges of $(242) and $(33), respectively, recorded in Employee separation/asset related charges, net related to certain asset groupings. See descriptions in Note 3 for further details.
14. 
Fourth quarter 2012 included a pre-tax gain of $117 recorded in Other income, net associated with the sale of a business within the Agriculture segment.

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