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INTERIM FINANCIAL INFORMATION (UNAUDITED)
 12 Months Ended
Dec. 31, 2013
INTERIM FINANCIAL INFORMATION (UNAUDITED)  
INTERIM FINANCIAL INFORMATION (UNAUDITED)

V. INTERIM FINANCIAL INFORMATION (UNAUDITED)

 
    
   Quarters Ended  
 
    
   (In Millions, Except Per Common Share Data)
  
 
   Total Year   December 31   September 30   June 30   March 31  

2013

                                

Net sales

   $ 8,173   $ 1,998   $ 2,150   $ 2,149   $ 1,876  

Gross profit

   $ 2,255   $ 531   $ 607   $ 609   $ 508  

Income from continuing operations

   $ 282   $ 39   $ 105   $ 82   $ 56  

Net income

   $ 272   $ 45   $ 103   $ 77   $ 47  

Earnings per common share:

                                

Basic:

                                

Income from continuing operations

   $ .79   $ .11   $ .29   $ .23   $ .16  

Net income

   $ .76   $ .13   $ .29   $ .22   $ .13  

Diluted:

                                

Income from continuing operations

   $ .78   $ .11   $ .29   $ .23   $ .16  

Net income

   $ .76   $ .12   $ .29   $ .21   $ .13  

2012

    
 		    
 		    
 		    
 		    
 		  

Net sales

   $ 7,495   $ 1,831   $ 1,913   $ 1,945   $ 1,806  

Gross profit

   $ 1,956   $ 451   $ 500   $ 521   $ 484  

(Loss) income from continuing operations

   $ (53 ) $ (70 ) $ 26   $ (51 ) $ 42  

Net (loss) income

   $ (114 ) $ (87 ) $ 15   $ (75 ) $ 33  

(Loss) earnings per common share:

                                

Basic:

                                

(Loss) income from continuing operations

   $ (.16 ) $ (.20 ) $ .07   $ (.15 ) $ .12  

Net (loss) income

   $ (.33 ) $ (.25 ) $ .04   $ (.22 ) $ .09  

Diluted:

                                

(Loss) income from continuing operations

   $ (.16 ) $ (.20 ) $ .07   $ (.15 ) $ .12  

Net (loss) income

   $ (.33 ) $ (.25 ) $ .04   $ (.22 ) $ .09  

        Earnings (loss) per common share amounts for the four quarters of 2013 and 2012 may not total to the earnings per common share amounts for the years ended December 31, 2013 and 2012 due to the allocation of income to unvested stock awards.

        2013 income (loss) from continuing operations and net income (loss) include after-tax gains from financial investments of $2 million, ($3 million pre-tax), $3 million ($5 million pre-tax) and $2 million ($3 million pre-tax) in the first, second and fourth quarters, respectively.

        Fourth quarter 2012 loss from continuing operations and net loss include non-cash impairment charges for other intangible assets of $27 million after tax ($42 million pre-tax). Income (loss) from continuing operations and net (loss) income include after-tax gains from financial investments of $10 million ($16 million pre-tax), $1 million ($2 million pre-tax) and $3 million ($4 million pre-tax) in the first, third and fourth quarters, respectively. Income (loss) from continuing operations and net (loss) income include after-tax charge (income) from litigation settlements of $(1) million ($(2) million pre-tax), $75 million ($75 million pre-tax), $ – – million ($1 million pre-tax) and $2 million ($3 million pre-tax) in the first, second, third and fourth quarters, respectively.