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Table of Contents E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
22. QUARTERLY FINANCIAL DATA
Unaudited For the quarter ended
March 31, June 30, September 30, December 31,
2011
Net sales $ 10,034 $ 10,264 $ 9,238 $ 8,425
Cost of goods sold and other expenses18,257 8,789 3 8,714 4,5,6 8,230 7,8
Income before income taxes 1,702 1,589 569 422 9
Net income 1,444 1,229 460 377 9
Basic earnings per share of common stock21.54 1.31 0.48 0.40
Diluted earnings per share of common stock21.52 1.29 0.48 0.40
2010
Net sales $ 8,484 $ 8,616 $ 7,001 $ 7,404
Cost of goods sold and other expenses17,154 7,409 6,634 7,235 11,12
Income before income taxes 1,587 1,56810 330 226 13
Net income 1,137 1,168 10 369 378 14
Basic earnings per share of common stock21.24 1.27 0.40 0.41
Diluted earnings per share of common stock21.24 1.26 0.40 0.40
1. Excludes interest expense and non-operating items.
2. Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations.
3. Included charges related to the businesses acquired from Danisco of $(103), including $(60) of transaction costs and a $(43) charge related to the fair value step-up of inventories that
were acquired from Danisco.
4. Included charges related to the businesses acquired from Danisco of $(171), including $(3) of transaction costs, a $(132) charge related to the fair value step-up of inventories that were
acquired from Danisco and a $(36) restructuring charge related to severance and related benefit costs.
5. Included a $(50) charge recorded in connection with a milestone payment associated with a Pioneer licensing agreement. See description in Note 21 for further details.
6. Included a $(75) charge associated with the company's process to fairly resolve claims associated with the use of Imprelis ® . See description in Note 15 for further details.
7. Included a $(14) charge for restructuring costs primarily associated with the Danisco acquisition.
8. Included a $(100) charge associated with the company's process to fairly resolve claims associated with the use of Imprelis®. See description in Note 15 for further details.
9. Included a pre-tax gain of $49 recorded in other income, net associated with the sale of a business in the Performance Materials segment and a related tax benefit of $73.
10. Included benefits for the adjustment of accrued interest of $59 ( $38 after-tax) in other income, net and the adjustment of income tax accruals of $49 associated with settlements of tax
contingencies related to prior years.
11. Included a $(50) charge in research and development expense for an upfront payment related to a Pioneer licensing agreement. See description in Note 21 for further details.
12. Included a $34 net reduction in estimated costs related to prior years restructuring programs primarily due to overall workforce reductions through lower than estimated individual
severance costs and workforce reductions through non-severance programs.
13. Included a $(179) charge in interest expense associated with the early extinguishment of debt.
14. Included a $39 benefit for the reversal of a tax valuation allowance related to the net deferred tax assets of a foreign subsidiary.
F-46