DuPont 2009 Annual Report Download - page 112

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E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
27. QUARTERLY FINANCIAL DATA
Unaudited For the quarter ended
March 31, June 30, September 30, December 31,
2009
Net sales $6,871 $6,858 $5,961 $6,419
Cost of goods sold and other expenses16,415 6,5103,4,5 5,665 6,1469
Income before income taxes 749 472 391 5728
Net income 489 421 414 445
Basic earnings per share of common stock20.54 0.46 0.45 0.48
Diluted earnings per share of common stock20.54 0.46 0.45 0.48
2008
Net sales $8,575 $8,837 $7,297 $5,820
Cost of goods sold and other expenses17,220 7,773 7,14966,9277
Income (loss) before income taxes 1,470 1,412 470 (961)
Net income (loss) 1,197 1,077 372 (636)
Basic earnings (loss) per share of common stock21.32 1.19 0.40 (0.70)
Diluted earnings (loss) per share of common stock21.31 1.18 0.40 (0.70)
1Excludes interest expense and nonoperating items.
2Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations.
3Includes a $340 charge for employee separation payments and asset related charges associated with the 2009 global restructuring
program.
4Includes a $75 net reduction in estimated costs recorded in employee separation/asset related charges, net related to the 2008
restructuring program primarily due to overall workforce reductions through lower than estimated individual severance costs and workforce
reductions through non-severance programs.
5Includes a $50 benefit resulting from a reduction of $26 from lower than estimated inventory and permanent investment write-offs, and $24 in
insurance recoveries relating to the damage from Hurricane Ike in 2008.
6Includes a $227 charge for damaged facilities, inventory write-offs, clean-up costs, and other costs related to the Hurricanes Ike and Gustav.
7Includes a $535 charge for employee separation payments and asset related charges associated with the 2008 global restructuring
program.
8Includes a $63 charge for increased rebates and other sales deductions related to the Cozaar/Hyzaarlicensing agreement. See
description below for further details.
9Includes a $55 net reduction in estimated costs recorded in employee separation/asset related charges, net related to the 2008 and 2009
restructuring program primarily due to overall workforce reductions through lower than estimated individual severance costs and workforce
reductions through non-severance programs.
In the fourth quarter 2009 the company recorded a $63 charge to other income, net and reduction to accounts and
notes receivable, net in the Pharmaceuticals segment to reflect increased rebates and other sales deductions related to
the Cozaar/Hyzaarlicensing agreement with Merck. This adjustment in the current period is the result of
overstatements to other income, net in prior periods which accumulated over the life of the contract. The company
determined the impact of this adjustment was not material to the results of operations for all current and prior interim
and annual periods.
28. SUBSEQUENT EVENT
In January 2010, the Venezuelan government announced a devaluation of the bolivar for the first time since 2005 in an
effort to stabilize the economy. Venezuela set the bolivar at 4.3 per U.S. dollar for non-essential items and 2.6 per
U.S. dollar for food, medical supplies and other national priorities. Before the change, all items were set at 2.15 bolivars
per U.S. dollar. This action is expected to result in an exchange loss from the revaluation of balance sheet accounts of
approximately $40 to $50, which will be reflected in the company’s first quarter 2010 financial results.
F-54