Note 18 — Quarterly Results of Operations (Unaudited)
| First | Second | Third | Fourth | |||||||||||||
|
2013 |
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|
Net sales |
$ | 1,883 | $ | 2,179 | $ | 2,135 | $ | 2,039 | ||||||||
|
Gross profit |
1,189 | 1,180 | 1,131 | 1,058 | ||||||||||||
|
Net income(1)(2) |
508 | 461 | 457 | 292 | ||||||||||||
|
Per share data(3) : |
||||||||||||||||
|
Basic: |
||||||||||||||||
|
Net income |
0.92 | 0.84 | 0.84 | 0.54 | ||||||||||||
|
Diluted: |
||||||||||||||||
|
Net income |
0.92 | 0.84 | 0.84 | 0.54 | ||||||||||||
|
2012 |
||||||||||||||||
|
Net sales |
$ | 1,933 | $ | 2,176 | $ | 2,117 | $ | 2,078 | ||||||||
|
Gross profit(4) |
939 | 1,064 | 1,035 | 945 | ||||||||||||
|
Net income(5) |
270 | 443 | 420 | 139 | ||||||||||||
|
Per share data(3) : |
||||||||||||||||
|
Basic: |
||||||||||||||||
|
Net income |
0.47 | 0.78 | 0.75 | 0.25 | ||||||||||||
|
Diluted: |
||||||||||||||||
|
Net income |
0.47 | 0.78 | 0.74 | 0.25 | ||||||||||||
| (1) |
Fourth quarter of 2013 net income includes a $32 million trademark impairment charge. |
| (2) |
Includes NPM Adjustment credits of $261 million in the first quarter of 2013, $90 million in the second quarter of 2013, $69 million in the third quarter of 2013 and $63 million in the fourth quarter of 2013, see “— Cost of Products Sold” in note 1. |
| (3) |
Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year. |
| (4) |
Third quarter of 2012 gross profit includes an MTM pension/postretirement adjustment of $16 million. Fourth quarter of 2012 gross profit includes an MTM pension/postretirement adjustment of $108 million. |
| (5) |
First quarter of 2012 net income includes a $149 million restructuring charge. Third quarter of 2012 net income includes a $40 million MTM postretirement adjustment. Fourth quarter of 2012 net income includes a $129 million trademark and other intangible assets charge and an MTM pension adjustment of $289 million. |