Cardinal Health 2015 Annual Report Download - page 45

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Financial Statements
Cardinal Health | Fiscal 2015 Form 10-K 44
Consolidated Statements of Earnings
(in millions, except per common share amounts) 2015 2014 2013
Revenue $ 102,531 $91,084 $101,093
Cost of products sold 96,819 85,923 96,172
Gross margin 5,712 5,161 4,921
Operating expenses:
Distribution, selling, general and administrative expenses 3,240 3,028 2,875
Restructuring and employee severance 44 31 71
Amortization and other acquisition-related costs 281 223 158
Impairments and (gain)/loss on disposal of assets, net (19) 15 859
Litigation (recoveries)/charges, net 5(21)(38)
Operating earnings 2,161 1,885 996
Other income, net (7)(46)(15)
Interest expense, net 141 133 123
Loss on extinguishment of debt 60 — —
Earnings before income taxes and discontinued operations 1,967 1,798 888
Provision for income taxes 755 635 553
Earnings from continuing operations 1,212 1,163 335
Earnings/(loss) from discontinued operations, net of tax 33(1)
Net earnings $ 1,215 $1,166 $334
Basic earnings per common share:
Continuing operations $3.65 $3.41 $0.98
Discontinued operations 0.01 0.01 —
Net basic earnings per common share $ 3.66 $3.42 $0.98
Diluted earnings per common share:
Continuing operations $3.61 $3.37 $0.97
Discontinued operations 0.01 0.01 —
Net diluted earnings per common share $ 3.62 $3.38 $0.97
Weighted-average number of common shares outstanding:
Basic 332 341 341
Diluted 335 345 344
The accompanying notes are an integral part of these consolidated statements.