Kraft 2009 Annual Report Download - page 196

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With this change, we value all of our inventories using the average cost method.
The following line items within the statements of earnings were affected by the change in accounting
policy:
For the Year Ended December 31, 2009
As Computed
under LIFO
As Reported under
Average Cost
Favorable /
(Unfavorable)
(in millions, except per share data)
Cost of sales $ 25,691 $ 25,786 $ (95)
Provision for income
taxes 1,294 1,259 35
Earnings from
continuing
operations 3,088 3,028 (60)
Earnings and gain
from discontinued
operations, net of
income taxes - - -
Net earnings
attributable to Kraft
Foods 3,081 3,021 (60)
Basic earnings per
share attributable
to Kraft Foods:
Continuing
operations $ 2.08 $ 2.04 $ (0.04)
Discontinued
operations - - -
Net earnings
attributable to
Kraft Foods $ 2.08 $ 2.04 $ (0.04)
Diluted earnings per
share attributable
to Kraft Foods:
Continuing
operations $ 2.07 $ 2.03 $ (0.04)
Discontinued
operations - - -
Net earnings
attributable to
Kraft Foods $ 2.07 $ 2.03 $ (0.04)
For the Year Ended December 31, 2008
As Computed
under LIFO
As Reported under
Average Cost
Favorable /
(Unfavorable)
(in millions, except per share data)
Cost of sales $ 28,105 $ 28,088 $ 17
Provision for income
taxes 728 755 (27)
Earnings from
continuing
operations 1,858 1,848 (10)
Earnings and gain
from discontinued
operations, net of
income taxes 1,052 1,045 (7)
Net earnings
attributable to Kraft
Foods 2,901 2,884 (17)
Basic earnings per
share attributable
to Kraft Foods:
Continuing
operations $ 1.23 $ 1.22 $ (0.01)
Discontinued
operations 0.70 0.70 -
Net earnings
attributable to
Kraft Foods $ 1.93 $ 1.92 $ (0.01)
Diluted earnings per
share attributable
Source: KRAFT FOODS INC, 10-K, February 25, 2010 Powered by Morningstar® Document Research℠