Quarterly Financial Data (Unaudited)

Summarized quarterly financial data is as follows:


(in millions, except per share amounts)	1st QTR (a)		2nd QTR (b)		3rd QTR (c)		4th QTR (d)
2018
Net sales before shipping and handling costs	$	1,581	$	1,608	$	1,563	$	1,537
Less: shipping and handling costs		112		112		113		111
Net sales		1,469		1,496		1,450		1,426
Gross profit		354		360		334		320
Net income attributable to Ingredion		140		114		95		94
Basic earnings per common share of Ingredion		1.94		1.59		1.33		1.38
Diluted earnings per common share of Ingredion		1.90		1.57		1.32		1.36
Per share dividends declared	$	0.60	$	0.60	$	0.625	$	0.625


(in millions, except per share amounts)	1st QTR (e)		2nd QTR (f)		3rd QTR (g)		4th QTR (h)
2017
Net sales before shipping and handling costs	$	1,552	$	1,558	$	1,591	$	1,543
Less: shipping and handling costs		99		101		106		106
Net sales		1,453		1,457		1,485		1,437
Gross profit		351		373		388		360
Net income attributable to Ingredion		124		130		166		99
Basic earnings per common share of Ingredion		1.72		1.81		2.31		1.37
Diluted earnings per common share of Ingredion		1.68		1.78		2.26		1.35
Per share dividends declared	$	0.50	$	0.50	$	0.60	$	0.60

(a)

In the first quarter of 2018, the Company recorded $3 million in after-tax, net restructuring costs.

(b)

In the second quarter of 2018, the Company recorded $5 million in after-tax, net restructuring costs and $2 million in after-tax, interest penalty related to an income tax settlement.

(c)

In the third quarter of 2018, the Company recorded a $27 million in after-tax, net restructuring costs, $2 million in after-tax charges for the refinement of provisional charges related to the enactment of the TCJA, and $2 million after-tax gain related to a refinement of reserve for an income tax settlement.

(d)

In the fourth quarter of 2018, the Company recorded a $16 million in after-tax, net restructuring costs and $1 million in after-tax charges for the refinement of provisional charges related to the enactment of the TCJA.

(e)

In the first quarter of 2017, the Company recorded $11 million in after-tax, net restructuring costs, $3 million in after-tax non-cash inventory charges related to the TIC acquisition, and $1 million in after-tax acquisition and integration costs.

(f)

In the second quarter of 2017, the Company recorded $5 million in after-tax, net restructuring costs and $3 million in after-tax, non-cash inventory charges.

(g)

In the third quarter of 2017, the Company recorded a $10 million gain related to an income tax settlement, $5 million in after-tax, net restructuring costs, and $1 million in after-tax acquisition and integration costs.

(h)

In the fourth quarter of 2017, the Company recorded a $23 million after-tax charge related to the enactment of the TCJA, $10 million in after-tax, net restructuring costs, a $6 million after-tax gain related to insurance settlement, and $1 million in after-tax acquisition and integration costs.