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PARTII
ITEM 8Financial Statements and Supplementary Data
Consolidated Results of Operations
(In thousands except for share and per share data)
Year Ended
June 27, 2015 June 28, 2014 June 29, 2013
Sales $ 48,680,752 $ 46,516,712 $ 44,411,233
Cost of sales 40,129,236 38,335,677 36,414,626
Gross pro t 8,551,516 8,181,035 7,996,607
Operating expenses 7,322,154 6,593,913 6,338,129
Operating income 1,229,362 1,587,122 1,658,478
Interest expense 254,807 123,741 128,495
Other expense (income), net (33,592) (12,243) (17,472)
Earnings before income taxes 1,008,147 1,475,624 1,547,455
Income taxes 321,374 544,091 555,028
NET EARNINGS $ 686,773 $ 931,533 $ 992,427
Net earnings:
BASIC EARNINGS PER SHARE $ 1.16 $ 1.59 $ 1.68
DILUTED EARNINGS PER SHARE 1.15 1.58 1.67
Average shares outstanding 592,072,308 585,988,084 589,397,807
Diluted shares outstanding 596,849,034 590,216,220 592,675,110
Dividends declared per common share $ 1.19 $ 1.15 $ 1.11
See Notes to Consolidated Financial Statements
Consolidated Statements of Comprehensive Income
(In thousands)
Year Ended
June 27, 2015 June 28, 2014 June 29, 2013
Net earnings $ 686,773 $ 931,533 $ 992,427
Other comprehensive (loss) income:
Foreign currency translation adjustment (232,185) (3,106) (33,191)
Items presented net of tax:
Amortization of cash ow hedges 5,116 385 386
Change in fair value of cash ow hedges (34,111) (82,215) -
Amortization of prior service cost 6,949 6,970 11,310
Amortization of actuarial loss (gain), net 11,972 9,968 44,610
Amortization of transition obligation - - 88
Prior service cost arising in current year (563) 214 (33,203)
Actuarial (loss) gain, net arising in current year (37,712) (127,942) 225,929
Total other comprehensive (loss) income (280,534) (195,726) 215,929
COMPREHENSIVE INCOME $ 406,239 $ 735,807 $ 1,208,356
See Notes to Consolidated Financial Statements