Whirlpool 2014 Annual Report Download - page 22

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Whirlpool 2014AR p 40 / 41
WHIRLPOOL CORPORATION
Consolidated Statements of Income
(Millions of dollars, except per share data)
Year Ended December 31, 2014 2013 2012
Net sales $ 19,872 $ 18,769 $ 18,143
Expenses
Cost of products sold 16,477 15,471 15,250
Gross margin 3,395 3,298 2,893
Selling, general and administrative 2,038 1,828 1,757
Intangible amortization 33 25 30
Restructuring costs 136 196 237
Operating profit 1,188 1,249 869
Other income (expense)
Interest and sundry income (expense) (142) (155) (112)
Interest expense (165) (177) (199)
Earnings before income taxes 881 917 558
Income tax expense 189 68 133
Net earnings 692 849 425
Less: Net earnings available to noncontrolling interests 42 22 24
Net earnings available to Whirlpool $ 650 $ 827 $ 401
Per share of common stock
Basic net earnings available to Whirlpool $ 8.30 $ 10.42 $ 5.14
Diluted net earnings available to Whirlpool $ 8.17 $ 10.24 $ 5.06
Weighted-average shares outstanding (in millions)
Basic 78.3 79.3 78.1
Diluted 79.6 80.8 79.3
WHIRLPOOL CORPORATION
Consolidated Statements of Comprehensive Income
(Millions of dollars)
Year Ended December 31, 2014 2013 2012
Net earnings $ 692 $ 849 $ 425
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments (392) (122) (36)
Derivative instruments:
Net gain (loss) arising during period 10 (9) (17)
Less: reclassification adjustment for gain (loss) included in net earnings 11 (11) (25)
Derivative instruments, net (1) 2 8
Marketable securities:
Net gain arising during period —7 2
Less: reclassification adjustment for loss included in net earnings —— (7)
Marketable securities, net —7 9
Defined benefit pension and postretirement plans:
Prior service (cost) credit arising during period (11) (2) 2
Net gain (loss) arising during period (242) 475 (384)
Less: amortization of prior service credit (cost) and actuarial (loss) (20) (35) 38
Defined benefit pension and postretirement plans, net: (233) 508 (420)
Other comprehensive income (loss), before tax (626) 395 (439)
Income tax benefit (expense) related to items of other comprehensive income (loss) 80 (165) 130
Other comprehensive income (loss), net of tax $ (546) $ 230 $ (309)
Comprehensive income $ 146 $ 1,079 $ 116
Less: comprehensive income, available to noncontrolling interests 38 19 20
Comprehensive income available to Whirlpool $ 108 $ 1,060 $ 96