Lockheed Martin 2015 Annual Report Download - page 75

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Lockheed Martin Corporation
Consolidated Statements of Earnings
(in millions, except per share data)
Years Ended December 31,
2015 2014 2013
Net sales
Products $ 35,882 $ 36,093 $ 35,691
Services 10,250 9,507 9,667
Total net sales 46,132 45,600 45,358
Cost of sales
Products (32,006) (31,965) (31,346)
Services (9,011) (8,393) (8,588)
Goodwill impairment charges —(119) (195)
Severance charges (102) — (201)
Other unallocated, net 187 132 (841)
Total cost of sales (40,932) (40,345) (41,171)
Gross profit 5,200 5,255 4,187
Other income, net 236 337 318
Operating profit 5,436 5,592 4,505
Interest expense (443) (340) (350)
Other non-operating income, net 30 6—
Earnings from continuing operations before income taxes 5,023 5,258 4,155
Income tax expense (1,418) (1,644) (1,205)
Net earnings from continuing operations 3,605 3,614 2,950
Net earnings from discontinued operations ——31
Net earnings $ 3,605 $ 3,614 $ 2,981
Earnings per common share
Basic
Continuing operations $ 11.62 $ 11.41 $ 9.19
Discontinued operations —— .10
Basic earnings per common share $ 11.62 $ 11.41 $ 9.29
Diluted
Continuing operations $ 11.46 $ 11.21 $ 9.04
Discontinued operations —— .09
Diluted earnings per common share $ 11.46 $ 11.21 $ 9.13
The accompanying notes are an integral part of these consolidated financial statements.
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