Quarterly Financial Data (Unaudited)

12 Months Ended

Jun. 28, 2014

Quarterly Financial Data (Unaudited)

Quarterly Financial data (Unaudited)

The company's quarterly results for 2014 and 2013 are as follows:

	Quarter
In millions	First		Second		Third		Fourth
2014
Continuing operations
Net sales	$	984	$	1,082	$	955	$	1,064
Gross profit	265		325		281		294
Income	29		114		42		27
Income per common share
Basic	0.24		0.92		0.35		0.22
Diluted	0.23		0.91		0.34		0.22
Net income	29		115		42		27
Net income per common share
Basic	0.24		0.93		0.35		0.22
Diluted	0.23		0.92		0.34		0.22
Cash dividends declared	0.175		0.175		0.175		0.175
Market price
High	36.01		34.12		38.01		62.22
Low	30.63		30.35		32.71		34.22
Close	30.86		33.34		36.99		62.00

	Quarter
In millions	First		Second		Third		Fourth
2013
Continuing operations
Net sales	$	974	$	1,060	$	924	$	962
Gross profit	294		332		272		264
Income	49		58		42		35
Income per common share
Basic	0.40		0.47		0.34		0.29
Diluted	0.40		0.47		0.34		0.28
Net income	53		65		93		41
Net income per common share
Basic	0.43		0.53		0.76		0.33
Diluted	0.43		0.53		0.75		0.33
Cash dividends declared	0.125		0.125		0.125		0.125
Market price
High	30.43		28.74		35.19		37.28
Low	24.31		24.96		27.30		31.75
Close	26.78		27.49		35.15		33.08

The quarterly financial data shown above includes the impact of significant items. Significant items may include, but are not limited to: charges for exit activities; various restructuring programs; spin-off related costs; impairment charges; pension partial withdrawal liability charges; benefit plan curtailment gains and losses; plant shutdown costs and the related insurance recoveries; merger and acquisition costs; tax charges on deemed repatriated earnings; tax costs and benefits resulting from the disposition of a business; impact of tax law changes; changes in tax valuation allowances and favorable or unfavorable resolution of open tax matters based on the finalization of tax authority examinations or the expiration of statutes of limitations. Further details of these items are included in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of this Annual Report on Form 10-K.