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61
SUPPLEMENTARY DATA
Selected Quarterly Data (UNAUDITED)
The following table summarizes the quarterly consolidated results of operations for 2015 and 2014:
2015
(In millions, except per share data)
First
Second
Third
Fourth
Net sales
$
14,129
$
17,348
$
14,360
$
13,236
Gross margin
5,012
5,981
4,990
4,588
Net earnings
673
1,126
736
11
1
Basic earnings per common share
0.70
1.20
0.80
0.01
Diluted earnings per common share
$
0.70
$
1.20
$
0.80
$
0.01
2014
(In millions, except per share data)
First
Second
Third
Fourth
Net sales
$
13,403
$
16,599
$
13,681
$
12,540
Gross margin
4,758
5,735
4,718
4,346
Net earnings
624
1,039
585
450
Basic earnings per common share
0.61
1.04
0.59
0.46
Diluted earnings per common share
$
0.61
$
1.04
$
0.59
$
0.46
1 During the fourth quarter, the Company decided to exit its Australian joint venture investment with Woolworths and recorded
a $530 million impairment of its equity method investment due to the determination that there was a decrease in value that
was other than temporary.
Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A - Controls and Procedures
The Company’s management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated
the effectiveness of the Company’s “disclosure controls and procedures”, (as such term is defined in Rule 13a-15(e)
promulgated under the Securities Exchange Act of 1934, as amended, (the Exchange Act)). Based upon their evaluation, the
Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, the
Company’s disclosure controls and procedures were effective for the purpose of ensuring that the information required to be
disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange
Commission (the SEC) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s
rules and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive
and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Management’s report on internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange
Act) and the report of Deloitte & Touche LLP, the Company’s independent registered public accounting firm, are included in
Item 8 of this Annual Report on Form 10-K.
In addition, no change in the Company’s internal control over financial reporting occurred during the fiscal fourth quarter
ended January 29, 2016 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control
over financial reporting.
Item 9B - Other Information
None.