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50
DR PEPPER SNAPPLE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2013, 2012 and 2011
(In millions, except per share data)
For the
Year Ended
December 31,
2013 2012 2011
Net sales $ 5,997 $ 5,995 $ 5,903
Cost of sales 2,499 2,500 2,485
Gross profit 3,498 3,495 3,418
Selling, general and administrative expenses 2,272 2,268 2,257
Multi-employer pension plan withdrawal 56 — —
Depreciation and amortization 115 124 126
Other operating expense, net 911 11
Income from operations 1,046 1,092 1,024
Interest expense 123 125 114
Interest income (2)(2)(3)
Other expense (income), net 383 (9)(12)
Income before (benefit) provision for income taxes and equity in
earnings of unconsolidated subsidiaries 542 978 925
(Benefit) provision for income taxes (81)349 320
Income before equity in earnings of unconsolidated subsidiaries 623 629 605
Equity in earnings of unconsolidated subsidiaries, net of tax 1— 1
Net income $ 624 $ 629 $ 606
Earnings per common share:
Basic $ 3.08 $ 2.99 $ 2.77
Diluted 3.05 2.96 2.74
Weighted average common shares outstanding:
Basic 202.9 210.6 218.7
Diluted 204.5 212.3 221.2
The accompanying notes are an integral part of these consolidated financial statements.