Quarterly Financial Information

12 Months Ended

Mar. 31, 2012

Quarterly Financial Information [Abstract]

23. Quarterly Financial Information (Unaudited)


		First		Second		Third		Fourth
(In millions, except per share amounts)		Quarter		Quarter		Quarter		Quarter
Fiscal 2012
Revenues	$	29,980	$	30,216	$	30,839	$	31,699
Gross profit		1,509		1,647		1,566		1,845
Net income ⁽¹⁾⁽²⁾		286		296		300		521
Earnings per common share ^(1)(2)(6)
Diluted	$	1.13	$	1.18	$	1.20	$	2.09
Basic		1.15		1.20		1.22		2.14

Fiscal 2011
Revenues	$	27,450	$	27,534	$	28,247	$	28,853
Gross profit		1,392		1,366		1,461		1,751
Net income ^(1)(3)(4)(5)		298		327		155		422
Earnings per common share ^{(1)(3)(4)(5)(6)}
Diluted
Continuing operations	$	1.10	$	0.97	$	0.60	$	1.62
Discontinued operation ⁽⁵⁾		0		0.28		0		0
Total	$	1.10	$	1.25	$	0.60	$	1.62
Earnings per common share ^{(1)(3)(4)(5)(6)}
Basic
Continuing operations	$	1.12	$	0.99	$	0.61	$	1.65
Discontinued operation ⁽⁵⁾		0		0.28		0		0
Total	$	1.12	$	1.27	$	0.61	$	1.65

(1) Financial results for the second, third and fourth quarters of 2012 include AWP litigation charges of $118 million pre-tax ($77 million after-tax), $27 million pre-tax ($15 million after-tax) and $4 million pre-tax (benefit of $32 million after-tax), which were recorded in operating expenses. Financial results for the second and third quarters of 2011 include AWP litigation charges of $24 million pre-tax ($16 million after-tax) and $189 million pre-tax ($133 million after-tax), which were recorded in operating expenses.

(2) Financial results for the third and fourth quarters of 2012 include product alignment charges of $42 million and $9 million.

(3) Financial results for the first quarter of 2011 include the receipt of $51 million representing our share of a settlement of an antitrust class action lawsuit brought against a drug manufacturer, which was recorded as a reduction to cost of sales.

(4) Financial results for the second quarter of 2011 include a $72 million asset impairment charge for capitalized software held for sale, which was recorded to cost of sales.

(5) Financial results for the second quarter of 2011 include a $95 million pre-tax ($72 million after-tax) gain from the sale of MAP.

(6) Certain computations may reflect rounding adjustments.

- 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.

+ References+ Details