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SELECTED QUARTERLY FINANCIAL DATA
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA
SELECTED QUARTERLY FINANCIAL DATA
2018
 
 
 
 
 
In millions, except per share amounts (Unaudited)
1st
2nd
3rd
4th
Year
Net sales
$
12,237

$
12,789

$
12,634

$
11,944

$
49,604

Cost of sales
$
9,980

$
10,540

$
10,456

$
10,098

$
41,074

Gross margin
$
2,257

$
2,249

$
2,178

$
1,846

$
8,530

Restructuring, goodwill impairment and asset related charges - net 1
$
87

$
40

$
48

$
46

$
221

Integration and separation costs
$
224

$
262

$
313

$
380

$
1,179

Income from continuing operations, net of tax
$
925

$
810

$
714

$
491

$
2,940

Income from discontinued operations net of tax
$
514

$
554

$
335

$
432

$
1,835

Net income 2
$
1,439

$
1,364

$
1,049

$
923

$
4,775

Net income attributable to Dow Inc. and The Dow Chemical Company
$
1,404

$
1,333

$
1,013

$
891

$
4,641

Earnings per common share from continuing operations - basic 3
$
1.21

$
1.05

$
0.91

$
0.63

$
3.80

Earnings per common share from continuing operations -
diluted 3
$
1.21

$
1.05

$
0.91

$
0.63

$
3.80


1.
See Note 8 for additional information.
2.
Includes tax adjustments related to The Act, enacted on December 22, 2017. See Note 10 for additional information.
3.
Earnings per common share amounts relate only to Dow Inc. as TDCC common shares are not publicly traded and are all owned by Dow Inc.

2017
 
 
 
 
 
In millions, except per share amounts (Unaudited)
1st
2nd
3rd
4th
Year
Net sales
$
10,124

$
10,554

$
10,991

$
12,061

$
43,730

Cost of sales
$
8,346

$
8,703

$
8,979

$
10,322

$
36,350

Gross margin
$
1,778

$
1,851

$
2,012

$
1,739

$
7,380

Restructuring, goodwill impairment and asset related charges (credits) - net 1
$
—

$
(12
)
$
117

$
2,634

$
2,739

Integration and separation costs
$
109

$
136

$
290

$
263

$
798

Income (loss) from continuing operations, net of tax
$
614

$
812

$
505

$
(3,218
)
$
(1,287
)
Income from discontinued operations, net of tax
$
301

$
548

$
296

$
737

$
1,882

Net income (loss) 2
$
915

$
1,360

$
801

$
(2,481
)
$
595

Net income (loss) attributable to Dow Inc. and The Dow Chemical Company
$
888

$
1,322

$
779

$
(2,524
)
$
465

Earnings (loss) per common share from continuing operations - basic 3
$
0.81

$
1.04

$
0.64

$
(4.36
)
$
(1.88
)
Earnings (loss) per common share from continuing operations - diluted 3
$
0.80

$
1.03

$
0.64

$
(4.36
)
$
(1.88
)

1.
See Note 8 for additional information.
2.
See Notes 7, 9, 10, 18 and 21 for additional information on items materially impacting "Net income (loss)." The fourth quarter of 2017 included: tax adjustments related to The Act, enacted on December 22, 2017, 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.
3.
Earnings per common share amounts relate only to Dow Inc. as TDCC common shares are not publicly traded and are all owned by Dow Inc.