| ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Kellogg
Company and Subsidiaries
Consolidated
Statement of Earnings
| (millions, except per share data) | 2007 | 2006 | 2005 | |||||||||||
|
Net sales
|
$ | 11,776 | $ | 10,907 | $ | 10,177 | ||||||||
|
Cost of goods sold
|
6,597 | 6,082 | 5,612 | |||||||||||
|
Selling, general, and administrative expense
|
3,311 | 3,059 | 2,815 | |||||||||||
|
Operating profit
|
$ | 1,868 | $ | 1,766 | $ | 1,750 | ||||||||
|
Interest expense
|
319 | 307 | 300 | |||||||||||
|
Other income (expense), net
|
(2 | ) | 13 | (25 | ) | |||||||||
|
Earnings before income taxes
|
1,547 | 1,472 | 1,425 | |||||||||||
|
Income taxes
|
444 | 467 | 445 | |||||||||||
|
Earnings (loss) from joint ventures
|
— | (1 | ) | — | ||||||||||
|
Net earnings
|
$ | 1,103 | $ | 1,004 | $ | 980 | ||||||||
|
Per share amounts:
|
||||||||||||||
|
Basic
|
$ | 2.79 | $ | 2.53 | $ | 2.38 | ||||||||
|
Diluted
|
$ | 2.76 | $ | 2.51 | $ | 2.36 | ||||||||
30
