Dow Chemical 2015 Annual Report Download - page 80
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70
The Dow Chemical Company and Subsidiaries
Consolidated Statements of Income
(In millions, except per share amounts) For the years ended December 31 2015 2014 2013
Net Sales $ 48,778 $ 58,167 $ 57,080
Cost of sales 37,836 47,464 47,594
Research and development expenses 1,598 1,647 1,747
Selling, general and administrative expenses 2,971 3,106 3,024
Amortization of intangibles 419 436 461
Goodwill and other intangible asset impairment losses — 50 —
Restructuring charges (credits) 415 (3) (22)
Asbestos-related charge — 78 —
Equity in earnings of nonconsolidated affiliates 674 835 1,034
Sundry income (expense) - net 4,592 (27) 2,554
Interest income 71 51 41
Interest expense and amortization of debt discount 946 983 1,101
Income Before Income Taxes 9,930 5,265 6,804
Provision for income taxes 2,147 1,426 1,988
Net Income 7,783 3,839 4,816
Net income attributable to noncontrolling interests 98 67 29
Net Income Attributable to The Dow Chemical Company 7,685 3,772 4,787
Preferred stock dividends 340 340 340
Net Income Available for The Dow Chemical Company Common Stockholders $ 7,345 $ 3,432 $ 4,447
Per Common Share Data:
Earnings per common share - basic $ 6.45 $ 2.91 $ 3.72
Earnings per common share - diluted $ 6.15 $ 2.87 $ 3.68
Dividends declared per share of common stock $ 1.72 $ 1.53 $ 1.28
Weighted-average common shares outstanding - basic 1,130.1 1,170.9 1,186.2
Weighted-average common shares outstanding - diluted 1,241.4 1,187.0 1,290.4
See Notes to the Consolidated Financial Statements.