Quarterly Financial Data

12 Months Ended

Jun. 30, 2012

Note 22. Quarterly Financial Data (Unaudited)


		Quarter
		First		Second		Third		Fourth		Year
		(In millions, except per share amounts)
Fiscal 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 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

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.

- 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.

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