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ABBOTT 2013 ANNUAL REPORT
33
Year Ended December 31 2013 2012 2011
Net Sales $21,848 $21,494 $21,407
Cost of products sold 10,040 9,817 10,017
Amortization of intangible assets 791 795 884
Research and development 1,452 1,544 1,512
Selling, general and administrative 6,936 7,444 7,365
Total Operating Cost and Expenses 19,219 19,600 19,778
Operating Earnings 2,629 1,894 1,629
Interest expense 157 347 359
Interest income (67) (59) (65)
Net loss on extinguishment of debt — 1,351 —
Net foreign exchange (gain) loss 50 (25) (20)
Other (income) expense, net (32) (25) 119
Earnings from Continuing Operations Before Taxes 2,521 305 1,236
Taxes on Earnings from Continuing Operations 138 (274) 110
Earnings from Continuing Operations 2,383 579 1,126
Earnings from Discontinued Operations, net of tax 193 5,384 3,602
Net Earnings $ 2,576 $ 5,963 $ 4,728
Basic Earnings Per Common Share —
Continuing Operations $  1.52 $   0.36 $ 0.72
Discontinued Operations 0.12 3.40 2.31
Net Earnings $  1.64 $  3.76 $  3.03
Diluted Earnings Per Common Share —
Continuing Operations $  1.50 $  0.36 $  0.72
Discontinued Operations 0.12 3.36 2.29
Net Earnings $  1.62 $  3.72 $ 3.01
Average Number of Common Shares Outstanding Used for
Basic Earnings Per Common Share 1,558 1,575 1,557
Dilutive Common Stock Options and Awards 16 17 10
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options and Awards 1,574 1,592 1,567
Outstanding Common Stock Options Having No Dilutive Effect 1 1 27
The accompanying notes to consolidated financial statements are an integral part of this statement.
CONSOLIDATED STATEMENT OF EARNINGS
(in millions except per share data)