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Consolidated Statements Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Net Sales $ 3,194.3 $ 2,921.9 [1] $ 2,749.3
Cost of sales 1,756.3 1,630.5 1,534.8
Gross Profit 1,438.0 1,291.4 1,214.5
Marketing expenses 399.8 357.3 354.1
Selling, general and administrative expenses 416.0 389.0 367.8
Income from Operations 622.2 [2] 545.1 492.6
Equity in earnings of affiliates 2.8 8.9 10.0
Investment earnings 2.6 [3] 1.7 [3] 1.9 [3]
Other income (expense), net (2.1) [3] 0.8 [3] (1.2) [3]
Interest expense (27.7) [3] (14.0) [3] (8.7) [3]
Income before Income Taxes 597.8 542.5 494.6
Income taxes 203.4 192.7 185.0
Net Income $ 394.4 $ 349.8 $ 309.6
Weighted average shares outstanding-Basic 138.6 140.1 143.2
Weighted average shares outstanding-Diluted 141.2 142.7 145.8
Net Income per Share-Basic $ 2.85 $ 2.50 $ 2.16 [4]
Net Income per Share-Diluted $ 2.79 $ 2.45 $ 2.12 [4]
Cash dividends per share $ 1.12 $ 0.96 $ 0.68
[1] The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L'IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business.
[2] The fourth quarter of 2013 Income from Operations includes approximately $6.5 of trade name impairment charges.
[3] In determining Income before Income Taxes, interest expense, investment earnings, and other income, net, were allocated to the segments based upon each segment's relative Income from Operations.
[4] The fourth quarter of 2011 Net Income and Net Income per Share includes a deferred tax valuation charge of approximately $13 (or $0.09 per share) and includes an additional month's results of three foreign subsidiaries due to the change in the fiscal calendar. The change increased net sales by $14.3, but had a nominal effect on net income.