Johnson and Johnson 2015 Annual Report Download - page 44

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Johnson & Johnson and Subsidiaries
Consolidated Statements of Earnings
(Dollars and Shares in Millions Except Per Share Amounts) (Note 1)
2015 2014 2013
Sales to customers $70,074 74,331 71,312
Cost of products sold 21,536 22,746 22,342
Gross profit 48,538 51,585 48,970
Selling, marketing and administrative expenses 21,203 21,954 21,830
Research and development expense 9,046 8,494 8,183
In-process research and development 224 178 580
Interest income (128) (67) (74)
Interest expense, net of portion capitalized (Note 4) 552 533 482
Other (income) expense, net (2,064) (70) 2,498
Restructuring (Note 22) 509 – –
Earnings before provision for taxes on income 19,196 20,563 15,471
Provision for taxes on income (Note 8) 3,787 4,240 1,640
Net earnings $15,409 16,323 13,831
Net earnings per share (Notes 1 and 15)
Basic $5.56 5.80 4.92
Diluted $5.48 5.70 4.81
Cash dividends per share $2.95 2.76 2.59
Average shares outstanding (Notes 1 and 15)
Basic 2,771.8 2,815.2 2,809.2
Diluted 2,812.9 2,863.9 2,877.0
See Notes to Consolidated Financial Statements
32 •Johnson & Johnson 2015 Annual Report