Johnson and Johnson 2014 Annual Report Download - page 31

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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and Shares in Millions Except Per Share Amounts) (Note 1)
2014 2013 2012
Sales to customers $74,331 71,312 67,224
Cost of products sold 22,746 22,342 21,658
Gross profit 51,585 48,970 45,566
Selling, marketing and administrative expenses 21,954 21,830 20,869
Research and development expense 8,494 8,183 7,665
In-process research and development 178 580 1,163
Interest income (67) (74) (64)
Interest expense, net of portion capitalized (Note 4) 533 482 532
Other (income) expense, net (70) 2,498 1,626
Earnings before provision for taxes on income 20,563 15,471 13,775
Provision for taxes on income (Note 8) 4,240 1,640 3,261
Net earnings 16,323 13,831 10,514
Add: Net loss attributable to noncontrolling interest – – 339
Net earnings attributable to Johnson & Johnson $16,323 13,831 10,853
Net earnings per share attributable to Johnson & Johnson (Notes 1 and 15)
Basic $5.80 4.92 3.94
Diluted $5.70 4.81 3.86
Cash dividends per share $2.76 2.59 2.40
Average shares outstanding (Notes 1 and 15)
Basic 2,815.2 2,809.2 2,753.3
Diluted 2,863.9 2,877.0 2,812.6
See Notes to Consolidated Financial Statements
Johnson & Johnson 2014 Annual Report •21