Proctor and Gamble 2014 Annual Report Download - page 49

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The Procter & Gamble Company 47
See accompanying Notes to Consolidated Financial Statements.
Consolidated Statements of Earnings
Amounts in millions except per share amounts; Years ended June 30 2014 2013 2012
NET SALES $ 83,062 $ 82,581 $ 82,006
Cost of products sold 42,460 41,391 41,411
Selling, general and administrative expense 25,314 26,552 25,984
Goodwill and indefinite-lived intangible asset impairment charges —308 1,576
OPERATING INCOME 15,288 14,330 13,035
Interest expense 709 667 769
Interest income 100 87 77
Other non-operating income, net 206 942 185
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 14,885 14,692 12,528
Income taxes on continuing operations 3,178 3,391 3,378
NET EARNINGS FROM CONTINUING OPERATIONS 11,707 11,301 9,150
NET EARNINGS FROM DISCONTINUED OPERATIONS 78 101 1,754
NET EARNINGS 11,785 11,402 10,904
Less: Net earnings attributable to noncontrolling interests 142 90 148
NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 11,643 $ 11,312 $ 10,756
BASIC NET EARNINGS PER COMMON SHARE (1):
Earnings from continuing operations $ 4.16 $ 4.00 $ 3.18
Earnings from discontinued operations 0.03 0.04 0.64
BASIC NET EARNINGS PER COMMON SHARE 4.19 4.04 3.82
DILUTED NET EARNINGS PER COMMON SHARE (1):
Earnings from continuing operations $ 3.98 $ 3.83 $ 3.06
Earnings from discontinued operations 0.03 0.03 0.60
DILUTED NET EARNINGS PER COMMON SHARE 4.01 3.86 3.66
DIVIDENDS PER COMMON SHARE $ 2.45 $ 2.29 $ 2.14
(1) Basic net earnings per common share and diluted net earnings per common share are calculated on net earnings attributable to Procter &
Gamble.