| Consolidated
Statement of income
|
| |
|
|
|
|
| Year
ended December 31 (thousands, except per share) |
2001 |
2000 |
1999 |
|
|
|
|
| Net
sales |
$2,354,723 |
$2,264,313 |
$2,080,012 |
| |
|
|
|
|
Operating expenses (income) |
|
|
|
Cost
of sales (including restructuring income of $566 in
2001 and expenses of $1,948 in 2000)
|
1,089,631 |
1,025,906 |
937,612 |
| Selling,
general and administrative expenses |
946,089 |
916,004 |
852,449 |
| Gain
on sale of Jackson business |
|
(25,925) |
|
| Special
charges |
824 |
5,189 |
|
|
|
|
|
| Operating
income |
318,179 |
343,139 |
289,951 |
| Interest
expense, net |
28,434 |
24,605 |
22,713 |
|
|
|
|
| Income
before income taxes and equity in earnings of Henkel-Ecolab |
289,745 |
318,534 |
267,238 |
| Provision
for income taxes
|
117,408 |
129,495 |
109,769 |
| Equity
in earnings of Henkel-Ecolab
|
15,833 |
19,516 |
18,317 |
|
|
|
|
| Income
before cumulative effect of change in accounting
|
188,170 |
208,555 |
175,786 |
| Cumulative
effect of change in accounting for revenue recognition
|
|
(2,428) |
|
|
|
|
|
| Net
income
|
$188,170 |
$ 206,127 |
$
175,786 |
|
|
|
|
| Basic
income per common share |
|
|
|
| Income
before change in accounting
|
$
1.48 |
$
1.63 |
$
1.36 |
| Change
in accounting |
|
(0.02) |
|
| Net
income |
$
1.48 |
$ 1.61 |
$ 1.36 |
| Diluted
income per common share |
|
|
|
| Income
before change in accounting |
$
1.45 |
$ 1.58 |
$ 1.31 |
| Change
in accounting |
|
(0.02) |
|
| Net
income |
$
1.45 |
$
1.56 |
$ 1.31 |
| Weighted-average
common shares outstanding |
|
|
|
| Basic
|
127,416 |
127,753 |
129,550 |
| Diluted |
129,928 |
131,946 |
134,419 |
|
|
|
|
| The
accompanying notes are an integral part of the consolidated financial
statements. |
|
