2019 Integrated Annual Report
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financial statements

Condensed Consolidated Statements of Earnings

Years ended June 30
Dollars in millions, except share and per share data
2019 2018 2017
Net sales $ 6,214 $ 6,124 $ 5,973
Cost of products sold 3,486 3,449 3,302
Gross profit 2,728 2,675 2,671
Selling and administrative expenses 856 837 810
Advertising costs 612 570 599
Research and development costs 136 132 135
Interest expense 97 85 88
Other (income) expense, net 3 (3) 6
Earnings from continuing operations before income taxes 1,024 1,054 1,033
Income taxes on continuing operations 204 231 330
Earnings from continuing operations 820 823 703
Losses from discontinued operations, net of tax (2)
Net earnings $ 820 $ 823 $ 701
Net earnings (losses) per share
Basic
Continuing operations $ 6.42 $ 6.37 $ 5.45
Discontinued operations (0.02)
Basic net earnings per share $ 6.42 $ 6.37 $ 5.43
Diluted
Continuing operations $ 6.32 $ 6.26 $ 5.35
Discontinued operations (0.02)
Diluted net earnings per share $ 6.32 $ 6.26 $ 5.33
Weighted average shares outstanding (in thousands)
Basic 127,734 129,293 128,953
Diluted 129,792 131,581 131,566