Whirlpool 2010 Annual Report Download - page 43

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38
W H I R LP O O L C O R P O R AT I O N
Consolidated Statements of Income
(Millions of dollars, except per share data)
Year Ended December 31, 2010 2009 2008
Net sales $ 18,366 $ 17,099 $ 18,907
Expenses
Cost of products sold 15,652 14,713 16,383
Gross Margin 2,714 2,386 2,524
Selling, general and administrative 1,604 1,544 1,798
Intangible amortization 28 28 28
Restructuring costs 74 126 149
Operating profit 1,008 688 549
Other income (expense)
Interest and sundry income (expense) (197) (175) (100)
Interest expense (225) (219) (203)
Earnings before income taxes and other items 586 294 246
Income tax benefit (64) (61) (201)
Earnings before equity earnings 650 355 447
Equity in loss of affiliated companies —(1) —
Net earnings 650 354 447
Less: Net earnings available to noncontrolling interests (31) (26) (29)
Net earnings available to Whirlpool $ 619 $ 328 $ 418
Per share of common stock
Basic net earnings available to Whirlpool $ 8.12 $ 4.39 $ 5.57
Diluted net earnings available to Whirlpool $ 7.97 $ 4.34 $ 5.50
Dividends $ 1.72 $ 1.72 $ 1.72
Weighted-average shares outstanding (in millions)
Basic 76.2 74.6 75.1
Diluted 77.6 75.6 76.0