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INTERIM FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended
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Dec. 31, 2014
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 |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 8,521 |  | $ | 2,064 |  | $ | 2,232 |  | $ | 2,260 |  | $ | 1,965 |
Gross profit |  | $ | 2,387 |  | $ | 568 |  | $ | 611 |  | $ | 661 |  | $ | 547 |
Income from continuing operations |  | $ | 861 |  | $ | 103 |  | $ | 542 |  | $ | 140 |  | $ | 76 |
Net income |  | $ | 856 |  | $ | 100 |  | $ | 543 |  | $ | 139 |  | $ | 74 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 2.42 |  | $ | .29 |  | $ | 1.52 |  | $ | .39 |  | $ | .21 |
Net income |  | $ | 2.40 |  | $ | .28 |  | $ | 1.52 |  | $ | .39 |  | $ | .21 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 2.39 |  | $ | .29 |  | $ | 1.51 |  | $ | .39 |  | $ | .21 |
Net income |  | $ | 2.38 |  | $ | .28 |  | $ | 1.51 |  | $ | .39 |  | $ | .21 |
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 |  | $ | 298 |  | $ | 42 |  | $ | 111 |  | $ | 83 |  | $ | 62 |
Net income |  | $ | 288 |  | $ | 48 |  | $ | 109 |  | $ | 78 |  | $ | 53 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | .83 |  | $ | .12 |  | $ | .31 |  | $ | .23 |  | $ | .17 |
Net income |  | $ | .80 |  | $ | .13 |  | $ | .31 |  | $ | .22 |  | $ | .15 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | .83 |  | $ | .12 |  | $ | .31 |  | $ | .23 |  | $ | .17 |
Net income |  | $ | .80 |  | $ | .13 |  | $ | .30 |  | $ | .22 |  | $ | .15 |
Earnings per common share amounts for the four quarters of 2014 and 2013 may not total to the earnings per common share amounts for the years ended December 31, 2014 and 2013 due to the allocation of income to unvested stock awards. In the third quarter of 2014, we recorded a $517 million tax benefit from the release of the valuation allowance against our U.S. Federal and certain state deferred tax assets.

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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