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. |