Abbott Laboratories 2014 Annual Report Download - page 35

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33
ABBOTT 2014 ANNUAL REPORT
Year Ended December31 2014 2013 2012
Net Sales $20,247 $19,657 $19,050
Cost of products sold, excluding amortization of intangible assets 9,218 9,193 8,899
Amortization of intangible assets 555 588 595
Research and development 1,345 1,371 1,461
Selling, general and administrative 6,530 6,372 6,735
Total Operating Cost and Expenses 17,648 17,524 17,690
Operating Earnings 2,599 2,133 1,360
Interest expense 150 145 320
Interest income (77) (67) (59)
Net loss on extinguishment of debt 18 — 1,351
Net foreign exchange (gain) loss (24) 46 (31)
Other (income) expense, net 14 (32) (1)
Earnings (Loss) from Continuing Operations Before Taxes 2,518 2,041 (220)
Taxes on Earnings (Loss) from Continuing Operations 797 53 (457)
Earnings from Continuing Operations 1,721 1,988 237
Earnings from Discontinued Operations, net of tax 563 588 5,726
Net Earnings $÷2,284 $÷2,576 $÷5,963
Basic Earnings Per Common Share—
Continuing Operations $÷÷1.13 $÷÷1.27 $÷÷0.15
Discontinued Operations 0.37 0.37 3.61
Net Earnings $÷÷1.50 $÷÷1.64 $÷÷3.76
Diluted Earnings Per Common Share—
Continuing Operations $÷÷1.12 $÷÷1.26 $÷÷0.15
Discontinued Operations 0.37 0.36 3.57
Net Earnings $÷÷1.49 $÷÷1.62 $÷÷3.72
Average Number of Common Shares Outstanding Used
for Basic Earnings Per Common Share 1,516 1,558 1,575
Dilutive Common Stock Options and Awards 11 16 17
Average Number of Common Shares Outstanding Plus Dilutive
Common Stock Options and Awards 1,527 1,574 1,592
Outstanding Common Stock Options Having No Dilutive Eect 111
The accompanying notes to consolidated financial statements are an integral part of this statement.
CONSOLIDATED STATEMENT OF EARNINGS
(inmillions except per share data)