Kraft 2009 Annual Report Download - page 107
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During 2009, we recorded the following pre-tax charges / (gains) in earnings from continuing operations:
2009 Quarters
First Second Third Fourth
(in millions)
Asset impairment and exit costs $ - $ (26) $ - $ (38)
(Gains) / losses on divestitures, net - 17 - (11)
$ - $ (9) $ - $ (49)
2008 Quarters
First Second Third Fourth
(in millions, except per share data)
Net revenues $ 10,046 $ 10,804 $ 10,401 $ 10,681
Gross profit $ 3,301 $ 3,868 $ 3,305 $ 3,370
Earnings from continuing operations $ 547 $ 678 $ 520 $ 103
Earnings and gain from discontinued
operations, net of income taxes 54 69 845 77
Net earnings 601 747 1,365 180
Noncontrolling interest 2 2 3 2
Net earnings attributable to Kraft Foods $ 599 $ 745 $ 1,362 $ 178
Weighted-average shares for diluted EPS 1,542 1,532 1,503 1,481
Per share data:
Basic EPS attributable to Kraft Foods:
Continuing operations $ 0.35 $ 0.44 $ 0.34 $ 0.07
Discontinued operations 0.04 0.05 0.57 0.05
Net earnings attributable to Kraft Foods $ 0.39 $ 0.49 $ 0.91 $ 0.12
Diluted EPS attributable to Kraft Foods:
Continuing operations $ 0.35 $ 0.44 $ 0.34 $ 0.07
Discontinued operations 0.04 0.05 0.57 0.05
Net earnings attributable to Kraft Foods $ 0.39 $ 0.49 $ 0.91 $ 0.12
Dividends declared $ 0.27 $ 0.27 $ 0.29 $ 0.29
Market price - high $ 32.85 $ 32.99 $ 34.97 $ 34.05
Market price - low $ 28.63 $ 28.33 $ 28.04 $ 24.75
Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not
equal the total for the year.
During the fourth quarter of 2008, we increased our gain on discontinued operations by $77 million to correct for a deferred tax liability related to
the split-off of the Post cereals business. As such, our gain from the split-off of the Post cereals business was $926 million.
During 2008, we recorded the following pre-tax charges / (gains) in earnings from continuing operations:
2008 Quarters
First Second Third Fourth
(in millions)
Asset impairment and exit costs $ 80 $ 103 $ 123 $ 718
(Gains) / losses on divestitures, net 18 74 1 (1)
$ 98 $ 177 $ 124 $ 717
Note 18. Subsequent Events:
We evaluated subsequent events through February 16, 2010 and included all accounting and disclosure requirements related to subsequent
events in our financial statements.
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Source: KRAFT FOODS INC, 10-K, February 25, 2010 Powered by Morningstar® Document Research℠