Ohio
|
31-0411980
|
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
One
Procter & Gamble Plaza, Cincinnati, Ohio
|
45202
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||
Amounts
in millions
|
December
31
|
December
31
|
|||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
NET
SALES
|
$
|
19,725
|
$
|
18,337
|
$
|
38,510
|
$
|
33,130
|
|||||
Cost
of products sold
|
9,287
|
8,732
|
18,152
|
15,891
|
|||||||||
Selling,
general and
|
|||||||||||||
administrative
expense
|
6,088
|
5,713
|
11,954
|
10,290
|
|||||||||
OPERATING
INCOME
|
4,350
|
3,892
|
8,404
|
6,949
|
|||||||||
Interest
expense
|
339
|
299
|
697
|
518
|
|||||||||
Other
non-operating income, net
|
79
|
68
|
259
|
142
|
|||||||||
EARNINGS
BEFORE INCOME TAXES
|
4,090
|
3,661
|
7,966
|
6,573
|
|||||||||
Income
taxes
|
1,228
|
1,115
|
2,406
|
1,998
|
|||||||||
NET
EARNINGS
|
$
|
2,862
|
$
|
2,546
|
$
|
5,560
|
$
|
4,575
|
|||||
PER
COMMON SHARE:
|
|||||||||||||
Basic
net earnings
|
$
|
0.89
|
$
|
0.76
|
$
|
1.73
|
$
|
1.57
|
|||||
Diluted
net earnings
|
$
|
0.84
|
$
|
0.72
|
$
|
1.63
|
$
|
1.48
|
|||||
Dividends
|
$
|
0.31
|
$
|
0.28
|
$
|
0.62
|
$
|
0.56
|
|||||
DILUTED
WEIGHTED AVERAGE
|
|||||||||||||
COMMON
SHARES OUTSTANDING
|
3,406.5
|
3,547.0
|
3,410.1
|
3,098.0
|
|||||||||
See
accompanying Notes to Consolidated
Financial
Statements
|
December
31
|
June
30
|
||||||||||||
ASSETS
|
2006
|
2006
|
|||||||||||
CURRENT
ASSETS
|
|||||||||||||
Cash
and cash equivalents
|
$
|
4,987
|
$
|
6,693
|
|||||||||
Investment
securities
|
521
|
1,133
|
|||||||||||
Accounts
receivable
|
7,523
|
5,725
|
|||||||||||
Inventories
|
|||||||||||||
Materials
and supplies
|
1,713
|
1,537
|
|||||||||||
Work
in process
|
480
|
623
|
|||||||||||
Finished
goods
|
4,690
|
4,131
|
|||||||||||
Total
inventories
|
6,883
|
6,291
|
|||||||||||
Deferred
income taxes
|
1,673
|
1,611
|
|||||||||||
Prepaid
expenses and other current assets
|
3,102
|
2,876
|
|||||||||||
TOTAL
CURRENT ASSETS
|
24,689
|
24,329
|
|||||||||||
PROPERTY,
PLANT AND EQUIPMENT
|
|||||||||||||
Buildings
|
6,086
|
5,871
|
|||||||||||
Machinery
and equipment
|
26,555
|
25,140
|
|||||||||||
Land
|
754
|
870
|
|||||||||||
33,395
|
31,881
|
||||||||||||
Accumulated
depreciation
|
(14,299
|
)
|
(13,111
|
)
|
|||||||||
NET
PROPERTY, PLANT AND EQUIPMENT
|
19,096
|
18,770
|
|||||||||||
GOODWILL
AND OTHER INTANGIBLE ASSETS
|
|||||||||||||
Goodwill
|
56,224
|
55,306
|
|||||||||||
Trademarks
and other intangible assets, net
|
33,581
|
33,721
|
|||||||||||
NET
GOODWILL AND OTHER INTANGIBLE ASSETS
|
89,805
|
89,027
|
|||||||||||
OTHER
NON-CURRENT ASSETS
|
3,710
|
3,569
|
|||||||||||
TOTAL
ASSETS
|
137,300
|
$
|
135,695
|
||||||||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||||||||
CURRENT
LIABILITIES
|
|||||||||||||
Accounts
payable
|
$
|
4,490
|
$
|
4,910
|
|||||||||
Accrued
and other liabilities
|
10,628
|
9,587
|
|||||||||||
Taxes
payable
|
3,643
|
3,360
|
|||||||||||
Debt
due within one year
|
12,533
|
2,128
|
|||||||||||
TOTAL
CURRENT LIABILITIES
|
31,294
|
19,985
|
|||||||||||
LONG-TERM
DEBT
|
23,650
|
35,976
|
|||||||||||
DEFERRED
INCOME TAXES
|
12,246
|
12,354
|
|||||||||||
OTHER
NON-CURRENT LIABILITIES
|
4,746
|
4,472
|
|||||||||||
TOTAL
LIABILITIES
|
71,936
|
72,787
|
|||||||||||
SHAREHOLDERS'
EQUITY
|
|||||||||||||
Preferred
stock
|
1,432
|
1,451
|
|||||||||||
Common
stock - shares issued -
|
Dec
31
|
3,984.1
|
3,984
|
||||||||||
|
June
30
|
3,975.8
|
3,976
|
||||||||||
Additional
paid-in capital
|
58,554
|
57,856
|
|||||||||||
Reserve
for ESOP debt retirement
|
(1,299
|
)
|
(1,288
|
)
|
|||||||||
Accumulated
other comprehensive income
|
98
|
(518
|
)
|
||||||||||
Treasury
stock
|
(36,488
|
)
|
(34,235
|
)
|
|||||||||
Retained
earnings
|
39,083
|
35,666
|
|||||||||||
TOTAL
SHAREHOLDERS' EQUITY
|
65,364
|
62,908
|
|||||||||||
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
137,300
|
$
|
135,695
|
|||||||||
See
accompanying Notes to Consolidated Financial
Statements
|
Six
Months Ended
|
|||||||
Amounts
in millions
|
December
31
|
||||||
2006
|
2005
|
||||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF
PERIOD
|
$
|
6,693
|
$
|
6,389
|
|||
OPERATING
ACTIVITIES
|
|||||||
Net
earnings
|
5,560
|
4,575
|
|||||
Depreciation
and amortization
|
1,489
|
1,158
|
|||||
Share-based
compensation
expense
|
289
|
208
|
|||||
Deferred
income taxes
|
201
|
271
|
|||||
Changes
in:
|
|||||||
Accounts
receivable
|
(1,668
|
)
|
(957
|
)
|
|||
Inventories
|
(486
|
)
|
73
|
||||
Accounts
payable, accrued and other liabilities
|
8
|
(617
|
)
|
||||
Other
operating
assets and liabilities
|
(110
|
)
|
(96
|
)
|
|||
Other
|
120
|
131
|
|||||
TOTAL
OPERATING ACTIVITIES
|
5,403
|
4,746
|
|||||
INVESTING
ACTIVITIES
|
|||||||
Capital
expenditures
|
(1,239
|
)
|
(1,029
|
)
|
|||
Proceeds
from asset sales
|
135
|
339
|
|||||
Acquisitions
|
(139
|
)
|
249
|
||||
Change
in investment
securities
|
620
|
39
|
|||||
TOTAL
INVESTING ACTIVITIES
|
(623
|
)
|
(402
|
)
|
|||
FINANCING
ACTIVITIES
|
|||||||
Dividends
to shareholders
|
(2,045
|
)
|
(1,691
|
)
|
|||
Change
in short-term debt
|
9,873
|
(5,468
|
)
|
||||
Additions
to long-term debt
|
7
|
15,412
|
|||||
Reductions
of long-term debt
|
(12,488
|
)
|
(2,602
|
)
|
|||
Impact
of stock options and
other
|
730
|
510
|
|||||
Treasury
purchases
|
(2,713
|
)
|
(9,032
|
)
|
|||
TOTAL
FINANCING ACTIVITIES
|
(6,636
|
)
|
(2,871
|
)
|
|||
EFFECT
OF EXCHANGE RATE CHANGES ON CASH
|
|||||||
AND
CASH EQUIVALENTS
|
150
|
(46
|
)
|
||||
CHANGE
IN CASH AND CASH EQUIVALENTS
|
(1,706
|
)
|
1,427
|
||||
CASH
AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
4,987
|
$
|
7,816
|
Amounts
in millions
|
||||||||
|
Three
Months Ended
December
31
|
Six
Months Ended
December
31
|
||||||
|
|
Net
Sales
|
Earnings
Before Income Taxes
|
Net
Earnings
|
Net
Sales
|
Earnings
Before Income Taxes
|
Net
Earnings
|
|
|
|
|
|
|
||||
Beauty
|
2006
|
$
5,884
|
$
1,335
|
$
1,008
|
$
11,487
|
$
2,532
|
$
1,880
|
|
|
2005
|
5,427
|
1,169
|
848
|
10,469
|
2,250
|
1,631
|
|
|
|
|
|
|
||||
Health
Care
|
2006
|
2,355
|
683
|
472
|
4,582
|
1,243
|
857
|
|
|
2005
|
2,204
|
569
|
387
|
3,890
|
1,029
|
699
|
|
Beauty
and Health
|
2006
|
8,239
|
2,018
|
1,480
|
16,069
|
3,775
|
2,737
|
|
|
2005
|
7,631
|
1,738
|
1,235
|
14,359
|
3,279
|
2,330
|
|
|
|
|
|
|
||||
Fabric
Care and Home Care
|
2006
|
4,682
|
1,004
|
673
|
9,434
|
2,111
|
1,427
|
|
|
2005
|
4,225
|
921
|
616
|
8,575
|
1,914
|
1,278
|
|
|
|
|
|
|
||||
Baby
Care and Family Care
|
2006
|
3,119
|
548
|
341
|
6,218
|
1,148
|
724
|
|
|
2005
|
2,979
|
518
|
330
|
5,925
|
1,025
|
650
|
|
|
|
|
|
|
||||
Snacks,
Coffee and Pet Care
|
2006
|
1,253
|
232
|
150
|
2,316
|
376
|
237
|
|
|
2005
|
1,218
|
177
|
112
|
2,186
|
296
|
188
|
|
Household
Care
|
2006
|
9,054
|
1,784
|
1,164
|
17,968
|
3,635
|
2,388
|
|
|
2005
|
8,422
|
1,616
|
1,058
|
16,686
|
3,235
|
2,116
|
|
|
|
|
|
|
||||
Blades
and Razors
|
2006
|
1,282
|
417
|
301
|
2,581
|
867
|
638
|
|
|
2005
|
1,153
|
375
|
272
|
1,153
|
375
|
272
|
|
|
|
|
|
|
||||
Duracell
and Braun
|
2006
|
1,347
|
312
|
218
|
2,323
|
463
|
313
|
|
|
2005
|
1,279
|
243
|
165
|
1,279
|
243
|
165
|
|
Gillette
Business Unit
|
2006
|
2,629
|
729
|
519
|
4,904
|
1,330
|
951
|
|
|
2005
|
2,432
|
618
|
437
|
2,432
|
618
|
437
|
|
|
|
|
|
|
||||
Corporate
|
2006
|
(197)
|
(441)
|
(301)
|
(431)
|
(774)
|
(516)
|
|
|
2005
|
(148)
|
(311)
|
(184)
|
(347)
|
(559)
|
(308)
|
|
Total
|
2006
|
$
19,725
|
$
4,090
|
$
2,862
|
$
38,510
|
$
7,966
|
$
5,560
|
|
|
2005
|
18,337
|
3,661
|
2,546
|
33,130
|
6,573
|
4,575
|
Six
Months Ended
December
31, 2005
|
|
Net
Sales
|
$35,913
|
Net
Earnings
|
$4,757
|
Diluted
Net Earnings per Common Share
|
$1.33
|
Amounts
in millions
|
||||
Current
assets
|
$
|
5,681
|
||
Property,
plant and equipment
|
3,655
|
|||
Goodwill
|
35,298
|
|||
Intangible
assets
|
29,707
|
|||
Other
noncurrent assets
|
382
|
|||
Total
assets acquired
|
74,723
|
|||
Current
liabilities
|
5,346
|
|||
Noncurrent
liabilities
|
15,951
|
|||
Total
liabilities assumed
|
21,297
|
|||
Net
assets acquired
|
53,426
|
Dollar
amounts in millions
|
|
Weighted
average
life
|
|||
Intangible
Assets with Determinable
Lives
|
|||||
Brands
|
$
|
1,627
|
20
|
||
Patents
and technology
|
2,716
|
17
|
|||
Customer
relationships
|
1,436
|
27
|
|||
Brands
with Indefinite Lives
|
23,928
|
Indefinite
|
|||
Total
intangible assets
|
$
|
29,707
|
|
Six
Months Ended
December
31, 2006
|
||||
Beauty,
beginning of year
|
$
|
17,870
|
||
Acquisitions
and divestitures
|
58
|
|||
Translation
and other
|
269
|
|||
Goodwill,
December 31, 2006
|
18,197
|
|||
Health
Care, beginning of year
|
6,090
|
|||
Acquisitions
and divestitures
|
(1
|
)
|
||
Translation
and other
|
45
|
|||
Goodwill,
December 31, 2006
|
6,134
|
|||
Total
Beauty & Health Care, beginning of year
|
23,960
|
|||
Acquisitions
and divestitures
|
57
|
|||
Translation
and other
|
314
|
|||
Goodwill,
December 31, 2006
|
24,331
|
|||
Baby
Care and Family Care, beginning of
year
|
1,563
|
|||
Acquisitions
and divestitures
|
7
|
|||
Translation
and other
|
31
|
|||
Goodwill,
December 31, 2006
|
1,601
|
|||
Fabric
Care and Home Care, beginning of year
|
1,850
|
|||
Acquisitions
and divestitures
|
12
|
|||
T Translation
and other
|
22
|
|||
Goodwill,
December 31, 2006
|
1,884
|
|||
Snacks,
Coffee and Pet Care, beginning of year
|
2,396
|
|||
Acquisitions
and divestitures
|
5
|
|||
Translation
and other
|
4
|
|||
Goodwill,
December 31, 2006
|
2,405
|
|||
Total
Household Care, beginning of year
|
5,809
|
|||
Acquisitions
and divestitures
|
24
|
|||
Translation
and other
|
57
|
|||
Goodwill,
December 31, 2006
|
5,890
|
|||
Blades
and Razors, beginning of year
|
21,539
|
|||
Acquisitions
and divestitures
|
200
|
|||
Translation
and other
|
167
|
|||
Goodwill,
December 31, 2006
|
21,906
|
|||
Duracell
and Braun, beginning of year
|
3,998
|
|||
Acquisitions
and divestitures
|
68
|
|||
Translation
and other
|
31
|
|||
Goodwill,
December 31, 2006
|
4,097
|
|||
Total
Gillette Business Unit, beginning of
year
|
25,537
|
|||
Acquisitions
and divestitures
|
268
|
|||
Translation
and other
|
198
|
|||
Goodwill,
December 31, 2006
|
26,003
|
|||
Goodwill,
Net, beginning of year
|
55,306
|
|||
Acquisitions
and divestitures
|
349
|
|||
Translation
and other
|
569
|
|||
Goodwill,
December 31, 2006
|
$
|
56,224
|
Gross
Carrying Amount
|
Accumulated
Amortization
|
||||
Amortizable
intangible assets with determinable
lives
|
$
|
8,364
|
$
|
1,617
|
|
Intangible
assets with indefinite lives
|
26,834
|
-
|
|||
Total
identifiable intangible assets
|
$
|
35,198
|
$
|
1,617
|
Three
Months Ended
December
31
|
Six
Months Ended
December
31
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Share-Based
Compensation
|
|||||||||||||
FAS123(R)
Stock Options
|
$
|
129
|
$
|
104
|
$
|
259
|
$
|
177
|
|||||
Other
Share-Based Awards
|
2
|
9
|
30
|
31
|
|||||||||
Total
Share-Based Compensation
|
$
|
131
|
$
|
113
|
$
|
289
|
$
|
208
|
Pension
Benefits
|
Other
Retiree Benefits
|
||||||||||||
Three
Months Ended
|
Three
Months Ended
|
||||||||||||
December
31
|
December
31
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Service
Cost
|
$
|
67
|
$
|
73
|
$
|
21
|
$
|
24
|
|||||
Interest
Cost
|
118
|
106
|
51
|
46
|
|||||||||
Expected
Return on Plan Assets
|
(111
|
)
|
(101
|
)
|
(101
|
)
|
(94
|
)
|
|||||
Amortization
of Prior Service Cost and Prior Transition
Amount
|
3
|
2
|
(6
|
)
|
(4
|
)
|
|||||||
Recognized
Net Actuarial Loss
|
11
|
18
|
-
|
-
|
|||||||||
Gross
Benefit Cost
|
88
|
98
|
(35
|
)
|
(28
|
)
|
|||||||
Dividends
on ESOP Preferred Stock
|
-
|
-
|
(21
|
)
|
(19
|
)
|
|||||||
Net
Periodic Benefit Cost (Credit)
|
$
|
88
|
$
|
98
|
$
|
(56
|
)
|
$
|
(47
|
)
|
Amounts
in millions
|
Pension
Benefits
|
Other
Retiree Benefits
|
|||||||||||
Six
Months Ended
|
Six
Months Ended
|
||||||||||||
December
31
|
December
31
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Service
Cost
|
$
|
133
|
$
|
120
|
$
|
41
|
$
|
48
|
|||||
Interest
Cost
|
236
|
167
|
102
|
85
|
|||||||||
Expected
Return on Plan Assets
|
(221
|
)
|
(148
|
)
|
(203
|
)
|
(184
|
)
|
|||||
Amortization
of Prior Service Cost and Prior Transition
Amount
|
6
|
4
|
(11
|
)
|
(9
|
)
|
|||||||
Recognized
Net Actuarial Loss
|
22
|
37
|
1
|
1
|
|||||||||
Gross
Benefit Cost
|
176
|
180
|
(70
|
)
|
(59
|
)
|
|||||||
Dividends
on ESOP Preferred Stock
|
-
|
-
|
(42
|
)
|
(38
|
)
|
|||||||
Net
Periodic Benefit Cost
|
$
|
176
|
$
|
180
|
$
|
(112
|
)
|
$
|
(97
|
)
|
Net
Sales
|
Net
Earnings
|
|
Beauty
and Health
|
41%
|
47%
|
Beauty
|
29%
|
32%
|
Health
Care
|
12%
|
15%
|
Household
Care
|
46%
|
37%
|
Fabric
Care and Home Care
|
24%
|
21%
|
Baby
Care and Family Care
|
16%
|
11%
|
Snacks,
Coffee and Pet Care
|
6%
|
5%
|
Gillette
GBU
|
13%
|
16%
|
Blades
and Razors
|
6%
|
9%
|
Duracell
and
Braun
|
7%
|
7%
|
Total
|
100%
|
100%
|
Net
Sales
|
Net
Earnings
|
|
Beauty
and Health
|
41%
|
45%
|
Beauty
|
29%
|
31%
|
Health
Care
|
12%
|
14%
|
Household
Care
|
46%
|
39%
|
Fabric
Care and Home Care
|
24%
|
23%
|
Baby
Care and Family Care
|
16%
|
12%
|
Snacks,
Coffee and Pet Care
|
6%
|
4%
|
Gillette
GBU
|
13%
|
16%
|
Blades
and Razors
|
7%
|
11%
|
Duracell
and
Braun
|
6%
|
5%
|
Total
|
100%
|
100%
|
THE
PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts
in Millions Except Per Share Amounts)
Consolidated
Earnings Information
|
|||||||||
Three
Months Ended
December
31
|
|||||||||
2006
|
2005
|
%
CHG
|
|||||||
NET
SALES
|
$
|
19,725
|
$
|
18,337
|
8%
|
||||
COST OF PRODUCTS SOLD
|
9,287
|
8,732
|
6%
|
||||||
GROSS
MARGIN
|
10,438
|
9,605
|
9%
|
||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSE
|
6,088
|
5,713
|
7%
|
||||||
OPERATING
INCOME
|
4,350
|
3,892
|
12%
|
||||||
TOTAL INTEREST EXPENSE
|
339
|
299
|
|||||||
OTHER NON-OPERATING INCOME, NET
|
79
|
68
|
|||||||
EARNINGS
BEFORE INCOME TAXES
|
4,090
|
3,661
|
12%
|
||||||
INCOME TAXES
|
1,228
|
1,115
|
|||||||
NET
EARNINGS
|
$
|
2,862
|
$
|
2,546
|
12%
|
||||
EFFECTIVE
TAX RATE
|
30.0
|
%
|
30.5
|
%
|
|||||
PER
COMMON SHARE:
|
|||||||||
BASIC NET EARNINGS
|
$
|
0.89
|
$
|
0.76
|
17%
|
||||
DILUTED NET EARNINGS
|
$
|
0.84
|
$
|
0.72
|
17%
|
||||
DIVIDENDS
|
$
|
0.31
|
$
|
0.28
|
11%
|
||||
AVERAGE DILUTED SHARES OUTSTANDING
|
3,406.5
|
3,547.0
|
|||||||
COMPARISONS
AS A % OF NET SALES
|
Basis
Pt Chg
|
||||||||
COST OF PRODUCTS SOLD
|
47.1
|
%
|
47.6
|
%
|
(50)
|
||||
GROSS MARGIN
|
52.9
|
%
|
52.4
|
%
|
50
|
||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSE
|
30.9
|
%
|
31.2
|
%
|
(30)
|
||||
OPERATING MARGIN
|
22.1
|
%
|
21.2
|
%
|
90
|
||||
EARNINGS BEFORE INCOME TAXES
|
20.7
|
%
|
20.0
|
%
|
70
|
||||
NET EARNINGS
|
14.5
|
%
|
13.9
|
%
|
60
|
Net
Sales Change Drivers 2006 vs. 2005
(Three Months Ended December
31)
|
Volume
with Acquisitions & Divestitures
|
Volume
excluding Acquisitions & Divestitures
|
Foreign
Exchange
|
Price
|
Mix/
Other
|
Net
Sales Growth
|
Net
Sales Growth ex-FX
|
|
Beauty
and Health
|
|||||||
Beauty
|
4%
|
5%
|
3%
|
0%
|
1%
|
8%
|
5%
|
Health
Care
|
2%
|
3%
|
2%
|
2%
|
1%
|
7%
|
5%
|
Household
Care
|
|||||||
Fabric
Care and Home Care
|
8%
|
7%
|
2%
|
1%
|
0%
|
11%
|
9%
|
Baby
Care and Family Care
|
2%
|
3%
|
2%
|
1%
|
0%
|
5%
|
3%
|
Snacks,
Coffee and Pet Care
|
1%
|
1%
|
1%
|
0%
|
1%
|
3%
|
2%
|
Gillette
GBU
|
|||||||
Blades
and Razors
|
4%
|
4%
|
3%
|
2%
|
2%
|
11%
|
8%
|
Duracell
and
Braun
|
0%
|
1%
|
3%
|
0%
|
2%
|
5%
|
2%
|
Total
Company
|
4%
|
5%
|
3%
|
1%
|
0%
|
8%
|
5%
|
THE
PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts
in Millions Except Per Share Amounts)
Consolidated
Earnings Information
|
||||||||||
Six
Months Ended December 31
|
||||||||||
2006
|
2005
|
%
CHG
|
||||||||
NET
SALES
|
$
|
38,510
|
$
|
33,130
|
16
|
%
|
||||
COST OF PRODUCTS SOLD
|
18,152
|
15,891
|
14
|
%
|
||||||
GROSS
MARGIN
|
20,358
|
17,239
|
18
|
%
|
||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSE
|
11,954
|
10,290
|
16
|
%
|
||||||
OPERATING
INCOME
|
8,404
|
6,949
|
21
|
%
|
||||||
TOTAL INTEREST EXPENSE
|
697
|
518
|
||||||||
OTHER NON-OPERATING INCOME, NET
|
259
|
142
|
||||||||
EARNINGS
BEFORE INCOME TAXES
|
7,966
|
6,573
|
21
|
%
|
||||||
INCOME TAXES
|
2,406
|
1,998
|
||||||||
NET
EARNINGS
|
$
|
5,560
|
$
|
4,575
|
22
|
%
|
||||
EFFECTIVE
TAX RATE
|
30.2
|
%
|
30.4
|
%
|
||||||
PER
COMMON SHARE:
|
||||||||||
BASIC NET EARNINGS
|
$
|
1.73
|
$
|
1.57
|
10
|
%
|
||||
DILUTED NET EARNINGS
|
$
|
1.63
|
$
|
1.48
|
10
|
%
|
||||
DIVIDENDS
|
$
|
0.62
|
$
|
0.56
|
11
|
%
|
||||
AVERAGE DILUTED SHARES OUTSTANDING
|
3,410.1
|
3,098.0
|
||||||||