TB Problem 4-174 (Algo)

The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021:

Year ended	12/31/2021
Net sales	$	8,119
Cost of goods sold		4,937
Selling and administrative expense		2,079
Interest expense		586
Income before taxes		517
Net income		628

	12/31/2021				12/31/2020
Cash and cash equivalents	$	1,145			$	81
Receivables, net		1,180				834
Inventories		1,225				689
Land, buildings and equipment at cost, net		13,670				4,014
Total assets	$	17,220			$	5,618
Total current liabilities	$	5,917			$	2,379
Long-term debt		5,761				2,391
Total liabilities	$	11,678			$	4,770
Total stockholders' equity	$	5,542			$	848

Required: Compute the profit margin on sales for 2021. (Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%.)