XML 48 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
SELECTED QUARTERLY FINANCIAL DATA Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2017
Selected Quarterly Financial Data [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA
SELECTED QUARTERLY FINANCIAL DATA
2017
 
 
 
 
 
In millions, except per share amounts (Unaudited)
1st
2nd
3rd
4th
Year
Net sales
$
13,230

$
13,834

$
13,633

$
14,811

$
55,508

Cost of sales 1
$
10,197

$
10,763

$
10,666

$
12,682

$
44,308

Gross margin
$
3,033

$
3,071

$
2,967

$
2,129

$
11,200

Restructuring, goodwill impairment and asset related charges - net 2
$
(1
)
$
(12
)
$
139

$
2,974

$
3,100

Integration and separation costs
$
109

$
136

$
283

$
258

$
786

Net income (loss) 3
$
915

$
1,359

$
805

$
(2,484
)
$
595

Net income (loss) available for common stockholders
$
888

$
1,321

$
783

$
(2,526
)
$
466

Earnings per common share - basic 4
$
0.74

$
1.08

N/A

N/A

N/A

Earnings per common share - diluted 4
$
0.72

$
1.07

N/A

N/A

N/A

Dividends declared per share of common stock 4, 5
$
0.46

$
0.46

$
0.46

N/A

$
1.38

Market price range of common stock: 6
 
 
 
 
 
High
$
65.00

$
65.26

N/A

N/A

N/A

Low
$
57.09

$
60.20

N/A

N/A

N/A

1.
Previously reported amounts have been updated for reclassifications made to the integration and separations costs line.
2.
See Note 6 for additional information.
3.
See Notes 5, 8, 9, 13, 16 and 19 for additional information on items materially impacting "Net income (loss)." The fourth quarter of 2017 included: the effects of the U.S. Tax Cuts and Jobs Act, enacted on December 22, 2017; a gain related to the DAS Divested Ag Business; and, a charge related to payment of plan obligations to certain participants of a U.S. non-qualified pension plan. The third quarter of 2017 included a gain related to the sale of the Company's EAA Business. The second quarter of 2017 included a gain related to the Nova patent infringement award. The first quarter of 2017 included a loss related to the Bayer CropScience arbitration matter.
4.
Effective with the Merger, all issued and outstanding shares of the Company's common stock are owned solely by its parent, DowDuPont Inc.
5.
Dow declared its last dividend on common stock in July 2017.
6.
Composite price as reported by the New York Stock Exchange.
   
2016
 
 
 
 
 
In millions, except per share amounts (Unaudited)
1st
2nd
3rd
4th
Year
Net sales
$
10,703

$
11,952

$
12,483

$
13,020

$
48,158

Cost of sales
$
7,951

$
9,275

$
9,840

$
10,574

$
37,640

Gross margin
$
2,752

$
2,677

$
2,643

$
2,446

$
10,518

Restructuring, goodwill impairment and asset related charges - net 1
$
(2
)
$
454

$
—

$
143

$
595

Integration and separation costs
$
34

$
67

$
127

$
121

$
349

Asbestos-related charge
$
—

$
—

$
—

$
1,113

$
1,113

Net income 2
$
275

$
3,227

$
818

$
84

$
4,404

Net income (loss) available for common stockholders
$
169

$
3,123

$
719

$
(33
)
$
3,978

Earnings (Loss) per common share - basic 3, 4
$
0.15

$
2.79

$
0.64

$
(0.03
)
$
3.57

Earnings (Loss) per common share - diluted 3, 5, 6
$
0.15

$
2.61

$
0.63

$
(0.03
)
$
3.52

Dividends declared per share of common stock
$
0.46

$
0.46

$
0.46

$
0.46

$
1.84

Market price range of common stock: 7
 
 
 
 
 
High
$
52.23

$
53.98

$
54.59

$
59.33

$
59.33

Low
$
40.26

$
47.75

$
47.51

$
51.60

$
40.26

1.
See Note 6 for additional information.
2.
The second quarter of 2016 included the gain related to the Dow Corning ownership restructure. See Note 4 for further information.
3.
Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters does not equal the earnings per share amount calculated for the year.
4.
On December 30, 2016, the Company converted 4 million shares of Cumulative Convertible Perpetual Preferred Stock, Series A ("Preferred Stock") into 96.8 million shares of the Company's common stock. As a result, the basic share count reflects a two-day averaging effect for the three- and twelve-month periods ended December 31, 2016.
5.
"Earnings (loss) per common share - diluted" for the three-month period ended December 31, 2016, was calculated using "Weighted average common shares outstanding - basic" due to a net loss reported in the period.
6.
For the quarter ended June 30, 2016, an assumed conversion of Preferred Stock into shares of the Company's common stock was included in the calculation of earnings per common share - diluted. The assumed conversion of the Preferred Stock was considered antidilutive for all other periods.
7.
Composite price as reported by the New York Stock Exchange.