Whirlpool 2009 Annual Report Download - page 101

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CON S OL IDAT E D S TATEM E N T S O F I N CO M E
(Millions of dollars, except per share data)
Year Ended December 31, 2009 2008 2007
Net sales $ 17,099 $ 18,907 $ 19,408
Expenses
Cost of products sold 14,713 16,383 16,517
Selling, general and administrative (exclusive of intangible
amortization) 1,544 1,798 1,736
Intangible amortization 28 28 31
Restructuring costs 126 149 61
Operating profit 688 549 1,063
Other income (expense)
Interest and sundry income (expense) (175) (100) (63)
Interest expense (219) (203) (203)
Gain on sale of investment —— 7
Earnings from continuing operations before income taxes
and other items 294 246 804
Income tax (benefit) expense (61) (201) 117
Earnings from continuing operations before equity earnings 355 447 687
Equity in loss of affiliated companies (1) — (18)
Earnings from continuing operations 354 447 669
Loss from discontinued operations net of tax of $3 for the year
ended December 31, 2007 —— (7)
Net earnings 354 447 662
Less: Net earnings available to noncontrolling interests (26) (29) (22)
Net earnings available to Whirlpool common stockholders $ 328 $ 418 $ 640
Per share of common stock
Basic earnings from continuing operations available to
Whirlpool common stockholders $ 4.39 $ 5.57 $ 8.24
Discontinued operations available to Whirlpool common
stockholders, net of tax —— (0.09)
Basic net earnings available to Whirlpool common stockholders $ 4.39 $ 5.57 $ 8.15
Diluted net earnings from continuing operations available to
Whirlpool common stockholders $ 4.34 $ 5.50 $ 8.10
Discontinued operations available to Whirlpool common
stockholders, net of tax —— (0.09)
Diluted net earnings available to Whirlpool common stockholders $ 4.34 $ 5.50 $ 8.01
Dividends $ 1.72 $ 1.72 $ 1.72
Weighted-average shares outstanding (in millions)
Basic 74.6 75.1 78.5
Diluted 75.6 76.0 79.9
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