Snapple 2014 Annual Report Download - page 54

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51
DR PEPPER SNAPPLE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2014, 2013 and 2012
(In millions, except per share data)
For the
Year Ended
December 31,
2014 2013 2012
Net sales $ 6,121 $ 5,997 $ 5,995
Cost of sales 2,491 2,499 2,500
Gross profit 3,630 3,498 3,495
Selling, general and administrative expenses 2,334 2,272 2,268
Multi-employer pension plan withdrawal —56 —
Depreciation and amortization 115 115 124
Other operating expense, net 19 11
Income from operations 1,180 1,046 1,092
Interest expense 109 123 125
Interest income (2)(2)(2)
Other expense (income), net —383 (9)
Income before provision (benefit) for income taxes and equity in
earnings of unconsolidated subsidiaries 1,073 542 978
Provision (benefit) for income taxes 371 (81) 349
Income before equity in earnings of unconsolidated subsidiaries 702 623 629
Equity in earnings of unconsolidated subsidiaries, net of tax 11 —
Net income $ 703 $ 624 $ 629
Earnings per common share:
Basic $ 3.59 $ 3.08 $ 2.99
Diluted 3.56 3.05 2.96
Weighted average common shares outstanding:
Basic 195.8 202.9 210.6
Diluted 197.4 204.5 212.3
The accompanying notes are an integral part of these consolidated financial statements.