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The consolidated 2019, 2018, and 2017 income statements for Butler Corporation follow. Butler Corporation Consolidated Income Statements (in millions except per share amounts) 1 December

The consolidated 2019, 2018, and 2017 income statements for Butler Corporation follow.

Butler Corporation

Consolidated Income Statements

(in millions except per share amounts)

1

December 31

December 31

December 31

2

2019

2018

2017

3

Net sales

$25,020.70

$21,970.00

$19,292.20

4

Costs and expenses:

5

Cost of goods sold

(11,946.10)

(10,611.70)

(9,366.20)

6

Selling, general, and administrative

(9,864.40)

(8,721.20)

(7,605.90)

7

Amortization of intangible assets

(303.70)

(265.90)

(208.30)

8

Operating income

$2,906.50

$2,371.20

$2,111.80

9

Interest expense

(572.70)

(586.10)

(613.70)

10

Interest income

88.70

113.70

161.60

11

Income before income taxes

$2,422.50

$1,898.80

$1,659.70

12

Provision for income taxes

834.60

597.10

597.50

13

Net income

$1,587.90

$1,301.70

$1,062.20

Required:

1. Prepare common size income statements for horizontal analysis (in percentage terms, rounded to one decimal place). You do not need to include the actual dollar amounts shown above.
2. Indicate what Butlers 2019, 2018, and 2017 tax rates were on its income before taxes (in percentage terms, rounded to two decimal places).

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Net income
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