Quarterly Financial Data (Unaudited)

12 Months Ended

Jun. 30, 2011

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

Note 18. Quarterly Financial Data (Unaudited)

	Quarter
	First		Second		Third		Fourth		Year
	(In millions, except per share amounts)
Fiscal 2011
Net Sales	$	16,799	$	20,930	$	20,077	$	22,870	$	80,676
Gross Profit	808		1,234		1,160		1,098		4,300
Net Earnings Attributable to Controlling Interests	345		732		578		381		2,036
Basic Earnings Per Common Share	0.54		1.15		0.91		0.59		3.17
Diluted Earnings Per Common Share	0.54		1.14		0.86		0.58		3.13
Fiscal 2010
Net Sales	$	14,921	$	15,913	$	15,145	$	15,703	$	61,682
Gross Profit	973		1,053		891		926		3,843
Net Earnings Attributable to Controlling Interests	496		567		421		446		1,930
Basic Earnings Per Common Share	0.77		0.88		0.65		0.70		3.00
Diluted Earnings Per Common Share	0.77		0.88		0.65		0.69		3.00

Net earnings attributable to controlling interests for the first, second, third and fourth quarters of fiscal year 2011 include after-tax start up costs for the Company’s new greenfield plants of $20 million, $14 million, $14 million, and $11 million (equal to $0.03, $0.02, $0.02, and $0.02 per share), respectively.  Net earnings attributable to controlling interests for the fourth quarter ended June 30, 2011 include debt buyback costs of $15 million ($9 million after tax, equal to $0.01 per share).  Net earnings attributable to controlling interests for the fourth quarter ended June 30, 2011 include a gain of $78 million ($49 million after tax, equal to $0.07 per share) related to the sale of bank securities held by the Company’s equity investee, Gruma S.A.B de C.V.  Net earnings attributable to controlling interests for the second quarter ended December 31, 2010 include a gain of $71 million ($44 million after tax, equal to $0.07 per share) related to the acquisition of the remaining interest in Golden Peanut.  Net earnings attributable to controlling interests for the first, second, and third quarters of fiscal year 2011 include after-tax (losses) gains on interest rate swaps of ($19) million, $34 million, and $4 million (equal to ($0.03), $0.05, and $0.01 per share), respectively as discussed in Note 4.  During the second quarter of fiscal year 2011, the Company updated its estimates for service lives of certain of its machinery and equipment assets.  The effect of this change on net earnings attributable to controlling interests for the second, third and fourth quarters of fiscal year 2011 was an after-tax increase of $24 million, $31 million, and $28 million (equal to $0.04, $0.05, and $0.04 per share), respectively.

Net earnings attributable to controlling interests for the first, second, third and fourth quarters of fiscal year 2010 include after-tax start up costs for the Company’s new greenfield plants of $6 million, $20 million, $18 million, and $24 million (equal to $0.01, $0.03, $0.03, and $0.04 per share), respectively.  Net earnings attributable to controlling interests for the third quarter ended March 31, 2010 include charges of $75 million ($47 million after tax, equal to $0.07 per share) related to loss on extinguishment of debt resulting from the repurchase of $500 million in aggregate principal amount of the Company’s outstanding debentures.  Net earnings attributable to controlling interests for the fourth quarter ended June 30, 2010 include charges of $59 million ($37 million after tax, equal to $0.06 per share) related to losses on interest rate swaps as discussed in Note 4.