XML 50 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
Quarterly Financial Data
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Data [Abstract]  
Quarterly Financial Data
22.  QUARTERLY FINANCIAL DATA
Unaudited
For the quarter ended
 
March 31,
June 30,
September 30,
December 31,
2016
 

 
 

  
 

 
 

  
Net sales
$
7,405

 
$
7,061

  
$
4,917

 
$
5,211

  
Cost of goods sold
4,242

 
3,990

 
3,090

 
3,147

 
Employee separation / asset related charges, net2
77

 
(90
)
 
172

 
393

 
Income (loss) from continuing operations before
income taxes
1,635

3,4,5 
1,333

3,4 
(56
)
3 
353

3 
Net income
1,232

 
1,024

 
6

 
263

 
Basic earnings per share of common stock from continuing operations1
1.40

 
1.17

  
0.01

 
0.29

 
Diluted earnings per share of common stock from continuing operations1
1.39

 
1.16

  
0.01

 
0.29

  
2015
 

  
 

  
 

 
 

  
Net sales
$
7,837

 
$
7,121

  
$
4,873

 
$
5,299

  
Cost of goods sold
4,516

 
4,103

 
3,084

 
3,409

 
Employee separation / asset related charges, net2
38

 
2

 
—

 
770

 
Income (loss) from continuing operations before
income taxes
1,551

6,7,8 
1,234

6,9 
227

6,7 
(421
)
7,9,10 
Net income
1,035

 
945

 
235

 
(256
)
 
Basic earnings per share of common stock from continuing operations1
1.12

 
1.07

  
0.14

 
(0.26
)
  
Diluted earnings per share of common stock from continuing operations1
1.11

 
1.06

  
0.14

 
(0.26
)
 

1. 
Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations.
2. 
See Note 4 for additional information.
3. 
First, second, third and fourth quarter 2016 included charges of $(24), $(76), $(122), and $(164), respectively, recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information.
4. 
First quarter 2016 included a benefit of $23, in other operating charges, for reductions in the accrual for customer claims related to the use of the Imprelis® herbicide. The company recorded insurance recoveries of $30 in the second quarter 2016, in other operating charges, for recovery of costs for customer claims related to the use of the Agriculture's segment Imprelis® herbicide.
5. 
First quarter 2016 included a gain of $369 recorded in other income, net associated with the sale of the DuPont (Shenzhen) Manufacturing Limited entity, which held certain buildings and other assets. See Note 3 for additional information.
6. 
First and third quarter 2015 included charges of $(12) and $(9), respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. Second quarter 2015 included charges of $(5) recorded in other operating charges and $(20) recorded in interest expense. See Note 3 for additional information.
7. 
First and third quarter 2015 included net insurance recoveries of $35 and $147, respectively, recorded in other operating charges in the Agriculture segment, for recovery of costs for customer claims related to the use of the Imprelis® herbicide. Fourth quarter 2015 included a benefit of $130 in other operating charges for reduction in accrual for customer claims related to the use of the Agriculture segment’s Imprelis® herbicide.
8. 
First quarter 2015 included a $(40) pre-tax charge within other income, net associated with the re-measurement of the Ukraine hyrvnia net monetary assets.
9. 
Second and fourth quarter 2015 included gains of $112 and $33, respectively, net of legal expenses, recorded in other income, net related to the company's settlement of a legal claim. This matter relates to the Protection Solutions segment.
10. 
Fourth quarter 2015 included charges of $(10) recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information.