Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

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 expenses¹	8,257		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 stock²	1.54		1.31			0.48			0.40
Diluted earnings per share of common stock²	1.52		1.29			0.48			0.40
2010
Net sales	$	8,484	$	8,616		$	7,001		$	7,404
Cost of goods sold and other expenses¹	7,154		7,409			6,634			7,235		^11,12
Income before income taxes	1,587		1,568		¹⁰	330			226		¹³
Net income	1,137		1,168		¹⁰	369			378		¹⁴
Basic earnings per share of common stock²	1.24		1.27			0.40			0.41
Diluted earnings per share of common stock²	1.24		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.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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