Estee Lauder 2015 Annual Report Download - page 83

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80 THE EST{E LAUDER COMPANIES INC.
YEAR ENDED JUNE 30 2015 2014 2013
(In millions, except per share data)
Net Sales $10,780.4 $10,968.8 $10,181.7
Cost of Sales 2,100.6 2,158.2 2,025.9
Gross Profit 8,679.8 8,810.6 8,155.8
Operating expenses
Selling, general and administrative 7,073.5 6,985.9 6,597.0
Restructuring and other charges — (2.9) 15.1
Goodwill impairment — — 9.6
Impairment of other intangible assets — — 8.1
Total operating expenses 7,073.5 6,983.0 6,629.8
Operating Income 1,606.3 1,827.6 1,526.0
Interest expense 60.0 59.4 63.1
Interest expense on debt extinguishment — — 19.1
Interest income and investment income, net 14.3 8.6 8.3
Other income — — 23.1
Earnings before Income Taxes 1,560.6 1,776.8 1,475.2
Provision for income taxes 467.2 567.7 451.4
Net Earnings 1,093.4 1,209.1 1,023.8
Net earnings attributable to noncontrolling interests (4.5) (5.0) (4.0)
Net Earnings Attributable to The Estée Lauder Companies Inc. $ 1,088.9 $ 1,204.1 $ 1,019.8
Net earnings attributable to The Estée Lauder Companies Inc.
per common share
Basic $ 2.87 $ 3.12 $ 2.63
Diluted $ 2.82 $ 3.06 $ 2.58
Weighted-average common shares outstanding
Basic 379.3 386.2 387.6
Diluted 385.7 393.1 394.9
Cash dividends declared per common share $ .92 $ .78 $ 1.08
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF EARNINGS