Quarterly Financial Data

6 Months Ended

Dec. 31, 2012

Quarterly Financial Data [Abstract]

Quarterly Financial Data

Note 22.     Quarterly Financial Data (Unaudited)

						Six months
						ended
		First		Second		December
		Quarter		Quarter		31, 2012
		(In millions, except per share amounts)
Transition Period 2012
	Net Sales	$	21,808	$	24,921	$	46,729
	Gross Profit		806		996		1,802
	Net Earnings Attributable to
	Controlling Interests		182		510		692
	Basic Earnings Per
	Common Share		0.28		0.77		1.05
	Diluted Earnings Per
	Common Share		0.28		0.77		1.05
		Quarter
		First		Second		Third		Fourth		Year
		(In millions, except per share amounts)
Fiscal Year 2012
	Net Sales	$	21,902	$	23,306	$	21,155	$	22,675	$	89,038
	Gross Profit		1,034		813		1,008		813		3,668
	Net Earnings Attributable to
	Controlling Interests		460		80		399		284		1,223
	Basic Earnings Per
	Common Share		0.68		0.12		0.60		0.43		1.84
	Diluted Earnings Per
	Common Share		0.68		0.12		0.60		0.43		1.84
Fiscal Year 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 Share
	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

Net earnings attributable to controlling interests for the first quarter of the transition period ended December 31, 2012 include an after-tax asset impairment charge related to the Gruma investment writedown of $107 million (equal to $0.16 per share) as discussed in Note 19.   Net earnings attributable to controlling interests for the second quarter of the transition period ended December 31, 2012 include an after-tax gain of $49 million (equal to $0.07 per share) related to the Company’s interest in GrainCorp, an after-tax gain of $24 million (equal to $0.04 per share) related to the sale of certain of the Company’s exchange membership interests, and an after-tax charge of $44 million (equal to $0.07 per share) related to pension settlements.

Net earnings attributable to controlling interests for the second and third quarters of fiscal year 2012 include after-tax exit costs and asset impairment charges related primarily to the bioplastics facility and global workforce reduction program of $222 million and $52 million (equal to $0.33 and $0.08 per share), respectively as discussed in Note 19.

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.