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Condensed Consolidated Statements Of Income (USD $)
In Millions, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Condensed Consolidated Statements Of Income        
Net sales $ 1,572.8 [1],[2] $ 1,496.2 [1],[2] $ 2,875.5 [1],[2] $ 2,802.6 [1],[2]
Cost of products sold 982.9 908.9 1,794.7 1,743.6
GROSS MARGIN 589.9 587.3 1,080.8 1,059.0
Selling, general and administrative expenses 391.0 362.6 745.5 688.2
Restructuring costs 1.0 [3] 21.2 [3] 6.8 [3] 37.2 [3]
OPERATING INCOME 197.9 [3],[4] 203.5 [3],[4] 328.5 [3],[4] 333.6 [3],[4]
Nonoperating expenses:        
Interest expense, net 21.3 33.2 43.2 65.2
Loss related to extinguishment of debt 0 0 4.8 0
Other expense (income), net 3.6 (5.9) 5.1 (6.2)
Net nonoperating expenses 24.9 27.3 53.1 59.0
INCOME BEFORE INCOME TAXES 173.0 176.2 275.4 274.6
Income taxes 26.3 45.8 53.0 85.8
NET INCOME $ 146.7 $ 130.4 $ 222.4 $ 188.8
Weighted average shares outstanding:        
Basic 294.3 281.5 294.2 281.3
Diluted 304.9 315.4 297.4 311.6
Earnings per share:        
Basic $ 0.50 $ 0.46 $ 0.76 $ 0.67
Diluted $ 0.49 $ 0.41 $ 0.75 $ 0.61
Dividends per share $ 0.08 $ 0.05 $ 0.13 $ 0.10
[1] All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 10.0% and 9.8% of consolidated net sales in the three and six months ended June 30, 2011, respectively, and approximately 11.5% of consolidated net sales in the three and six months ended June 30, 2010.
[2] Geographic sales information is based on the region from which the products are shipped and invoiced.
[3] Operating income by segment is net sales less cost of products sold and selling, general & administrative ("SG&A") expenses. Operating income by geographic area is net sales less cost of products sold, SG&A expenses, and restructuring and restructuring-related costs. Certain headquarters expenses of an operational nature are allocated to business segments and geographic areas primarily on a net sales basis. Depreciation and amortization is allocated to the segments on a percentage of sales basis, and the allocated depreciation and amortization is included in segment operating income.
[4] The following table summarizes the restructuring costs by region included in operating income above: