Quarterly Financial Data (Unaudited)

Summarized quarterly financial data is as follows:


(in millions, except per share amounts)	1st QTR (a)		2nd QTR (b)		3rd QTR (c)		4th QTR (d)
2017
Net sales before shipping and handling costs	$	1,537	$	1,542	$	1,574	$	1,527
Less: shipping and handling costs		84		85		89		90
Net sales		1,453		1,457		1,485		1,437
Gross profit		352		373		388		360
Net income attributable to Ingredion		124		130		166		99
Basic earnings per common share of Ingredion		1.72		1.81		2.31		1.37
Diluted earnings per common share of Ingredion		1.68		1.78		2.26		1.35
Per share dividends declared	$	0.50	$	0.50	$	0.60	$	0.60


(in millions, except per share amounts)	1st QTR (e)		2nd QTR (f)		3rd QTR (g)		4th QTR (h)
2016
Net sales before shipping and handling costs	$	1,434	$	1,533	$	1,569	$	1,484
Less: shipping and handling costs		74		78		80		85
Net sales		1,360		1,455		1,489		1,399
Gross profit		339		355		369		339
Net income attributable to Ingredion		130		117		143		94
Basic earnings per common share of Ingredion		1.81		1.62		1.98		1.29
Diluted earnings per common share of Ingredion		1.77		1.58		1.93		1.26
Per share dividends declared	$	0.45	$	0.45	$	0.50	$	0.50

(a)

In the first quarter of 2017, the Company recorded $11 million in after-tax, net restructuring costs, $3 million in after-tax non-cash inventory charges related to the TIC acquisition, and $1 million in after-tax acquisition and integration costs.

(b)

In the second quarter of 2017, the Company recorded $5 million in after-tax, net restructuring costs and $3 million in after-tax, non-cash inventory charges.

(c)

In the third quarter of 2017, the Company recorded a $10 million gain related to an income tax settlement, $5 million in after-tax, net restructuring costs, and $1 million in after-tax acquisition and integration costs.

(d)

In the fourth quarter of 2017, the Company recorded a $23 million after-tax charge related to the enactment of the TCJA, $10 million in after-tax, net restructuring costs, a $6 million after-tax gain related to insurance settlement, and $1 million in after-tax acquisition and integration costs.

(e)

In the first quarter of 2016, the Company recorded $1 million in after-tax acquisition and integration costs.

(f)

In the second quarter of 2016, the Company recorded $10 million in after-tax, net restructuring costs.

(g)

In the third quarter of 2016, the Company recorded $2 million in after-tax, net restructuring costs.

(h)

In the fourth quarter of 2016, the Company recorded a $27 million charge related to an income tax settlement, $2 million in after-tax, net restructuring charges, and $1 million in after-tax acquisition and integration costs.