Abbott Laboratories 2015 Annual Report Download - page 35

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33
ABBOTT 2015 ANNUAL REPORT
Year Ended December31 2015 2014 2013
Net Sales $20,405 $20,247 $19,657
Cost of products sold, excluding amortization of intangible assets 8,747 9,218 9,193
Amortization of intangible assets 601 555 588
Research and development 1,405 1,345 1,371
Selling, general and administrative 6,785 6,530 6,372
Total Operating Cost and Expenses 17,538 17,648 17,524
Operating Earnings 2,867 2,599 2,133
Interest expense 163 150 145
Interest income (105) (77) (67)
Net loss on extinguishment of debt — 18 —
Net foreign exchange (gain) loss (93) (24) 46
Other (income) expense, net (281) 14 (32)
Earnings from Continuing Operations Before Taxes 3,183 2,518 2,041
Taxes on Earnings from Continuing Operations 577 797 53
Earnings from Continuing Operations 2,606 1,721 1,988
Earnings from Discontinued Operations, net of taxes 65 563 588
Gain on sale of Discontinued Operations, net of taxes 1,752 — —
Net Earnings from Discontinued Operations, net of taxes 1,817 563 588
Net Earnings $÷4,423 $÷2,284 $÷2,576
Basic Earnings Per Common Share—
Continuing Operations $÷÷1.73 $÷÷1.13 $÷÷1.27
Discontinued Operations 1.21 0.37 0.37
Net Earnings $÷÷2.94 $÷÷1.50 $÷÷1.64
Diluted Earnings Per Common Share—
Continuing Operations $÷÷1.72 $÷÷1.12 $÷÷1.26
Discontinued Operations 1.20 0.37 0.36
Net Earnings $÷÷2.92 $÷÷1.49 $÷÷1.62
Average Number of Common Shares Outstanding Used
for Basic Earnings Per Common Share 1,496 1,516 1,558
Dilutive Common Stock Options 10 11 16
Average Number of Common Shares Outstanding Plus Dilutive
Common Stock Options 1,506 1,527 1,574
Outstanding Common Stock Options Having No Dilutive Eect 1 1 1
The accompanying notes to consolidated financial statements are an integral part of this statement.
CONSOLIDATED STATEMENT OF EARNINGS
(inmillions except per share data)