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The first two screenshots are the non-recurring section for Colgate's 2011 10-K and the non-recurring items section for determining the answer. Using the Colgate Non-Recurring
The first two screenshots are the non-recurring section for Colgate's 2011 10-K and the non-recurring items section for determining the answer.
Using the Colgate Non-Recurring Items Section Template determine Johnson and Johnson 2019 10-K . Above is a screenshot of the non-GAAP measures for 2018, and 2019. Down below is their financial statement screenshot for 2019 10-K.
FY 2009 IFY 2010 FY 2011 Nonrecurring Items Pre-tax Nonrecurring Expense (income) in COGS Nonrecurring Expense (income) in SG&A and Other Nonrecurring Expense (income) in nonoperating (income)loss Tax Adjustment Adjustment to taxes 44 (27) 307 - (36) 26 Gain on Sale of Colombia Detergent Business As Reported (GAAP) Business Realignment Initiatives Mexico Land Sale French Competition Law Matter As Adjusted (Non- GAAP) As Reported1 (GAAP) Venezuela Hyper- inflationary Gain on Sale of Non-Core Product Lines Termination Benefits Tax Initiatives2 As Adjusted(Non- GAAP1) Cost of sales $ 7,144 $ 44 $ 7,100 Gross profit 9,590 (44) 9,634 57.3% 57.6% Gross profit margin Selling, general and administrative expenses 5,758 10 5,748 Other (income) expense, net (9) $ (207) $ 136 $ 13 $ 21 28 $ 301 $ 271 $ 86 $ (50) $ (6) 3,841 207 (190) (13) (21) 3,858 3,489 (271) (86) 50 3,796 Operating profit Operating profit margin 23.0% 23.1% 22.4% 24.4% Income before income taxes 3,789 207 (190) (13) (21) 3,806 3,430 (271) (86) 50 3,737 Provision for income taxes 1,235 72 (42) 1,209 1,117 (25) 20 (31) 1,153 32.6% 31.8% 32.6% 30.9% Effective tax rate Net income including noncontrolling interests Net income attributable to Colgate- Palmolive Company 2,554 135 (148) (9) (21) 2,597 2,313 (271) (61) 30 31 2,584 $ 2,431 $ 135 $ (147) $ (9) $ (21) $ 2,473 $ 2,203 $ (271) $ (61) $ 30 $ 31 $ 2,474 Earnings per common share3 $ $ $ $ $ $ $ $ 1 Basic 4.98 $ 0.28 $ (0.30) (0.02) $ (0.04) 5.06 4.45 (0.56) $ (0.13) 0.06 0.06 $ 5.00 Diluted 4.94 $ 0.27 $ (0.30) $ (0.02) $ (0.04) $ 5.03 $ 4.31 $ (0.53) $ (0.12) $ 0.06 $ 0.06 $ 4.84 Includes a $46 pretax gain ($59 aftertax gain, $0.12 diluted earnings per share) related to the remeasurement of the Venezuelan balance sheet and lower taxes on accrued but unpaid remittances resulting from the currency devaluation in January 2010 and a $36 pretax loss ($2 aftertax gain) related to the remeasurement of the Venezuelan balance sheet and lower taxes on accrued but unpaid remittances resulting from the currency devaluation announced in December 2010. Includes a gain related to a tax initiative involving the reorganization of an overseas subsidiary. The impact of Non-GAAP adjustments on the basic and diluted earnings per share may not necessarily equal the difference between "As Reported (GAAP)" and "As Adjusted (Non-GAAP)" as a result of rounding. 2 3 The following table is a summary of the activity related to derivatives and hedges for the fiscal years ended December 29, 2019 and December 30, 2018, net of tax: December 29, 2019 December 30, 2018 Cost of Interest Other Cost of Interest Other Products R&D (Income) (Income) Products R&D (Income) (Income) (Dollars in Millions) Sales Sold Expense Expense Expense Sales Sold Expense Expense Expense The effects of fair value, net investment and cash flow hedging: Gain (Loss) on net investment hedging relationship: Cross currency interest rate swaps contracts: Amount of gain or loss) recognized in income on derivative amount excluded from effectiveness testing Amount of gain or loss) recognized in AOCI 159 56 | | | | | 159 56 Gain (Loss) on cash flow hedging relationship: Forward foreign exchange contracts: Amount of gain or loss) reclassified from AOCI into income (54) (321) (105) 22 47 200 (220) (24) Amount of gain or loss) recognized in AOCI (20) (606) (94) 39 (32) (17) (193) (4) Cross currency interest rate swaps contracts: Amount of gain or loss) reclassified from AOCI into income Amount of gain or loss) recognized in AOCI $ 292 133 - II I 415 117 JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1) 2017 $ Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development (Note 5) Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Earnings before provision for taxes on income Provision for taxes on income (Note 8) Net earnings 2019 82,059 27,556 54,503 22,178 11,355 890 (357) 318 2,525 266 17,328 2,209 15,119 2018 81,581 27,091 54,490 22,540 10,775 1,126 (611) 1,005 1,405 251 17,999 2,702 15,297 76,450 25,439 51,011 21,520 10,594 408 (385) 934 (42) 309 17,673 16,373 1,300 0.48 5.72 5.63 5.70 5.61 $ 0.47 Net earnings per share (Notes 1 and 15) Basic Diluted Average shares outstanding (Notes 1 and 15) Basic Diluted 2,681.5 2,645.1 2,684.3 2,692.0 2,745.3 2,728.7 See Notes to Consolidated Financial Statements FY 2009 IFY 2010 FY 2011 Nonrecurring Items Pre-tax Nonrecurring Expense (income) in COGS Nonrecurring Expense (income) in SG&A and Other Nonrecurring Expense (income) in nonoperating (income)loss Tax Adjustment Adjustment to taxes 44 (27) 307 - (36) 26 Gain on Sale of Colombia Detergent Business As Reported (GAAP) Business Realignment Initiatives Mexico Land Sale French Competition Law Matter As Adjusted (Non- GAAP) As Reported1 (GAAP) Venezuela Hyper- inflationary Gain on Sale of Non-Core Product Lines Termination Benefits Tax Initiatives2 As Adjusted(Non- GAAP1) Cost of sales $ 7,144 $ 44 $ 7,100 Gross profit 9,590 (44) 9,634 57.3% 57.6% Gross profit margin Selling, general and administrative expenses 5,758 10 5,748 Other (income) expense, net (9) $ (207) $ 136 $ 13 $ 21 28 $ 301 $ 271 $ 86 $ (50) $ (6) 3,841 207 (190) (13) (21) 3,858 3,489 (271) (86) 50 3,796 Operating profit Operating profit margin 23.0% 23.1% 22.4% 24.4% Income before income taxes 3,789 207 (190) (13) (21) 3,806 3,430 (271) (86) 50 3,737 Provision for income taxes 1,235 72 (42) 1,209 1,117 (25) 20 (31) 1,153 32.6% 31.8% 32.6% 30.9% Effective tax rate Net income including noncontrolling interests Net income attributable to Colgate- Palmolive Company 2,554 135 (148) (9) (21) 2,597 2,313 (271) (61) 30 31 2,584 $ 2,431 $ 135 $ (147) $ (9) $ (21) $ 2,473 $ 2,203 $ (271) $ (61) $ 30 $ 31 $ 2,474 Earnings per common share3 $ $ $ $ $ $ $ $ 1 Basic 4.98 $ 0.28 $ (0.30) (0.02) $ (0.04) 5.06 4.45 (0.56) $ (0.13) 0.06 0.06 $ 5.00 Diluted 4.94 $ 0.27 $ (0.30) $ (0.02) $ (0.04) $ 5.03 $ 4.31 $ (0.53) $ (0.12) $ 0.06 $ 0.06 $ 4.84 Includes a $46 pretax gain ($59 aftertax gain, $0.12 diluted earnings per share) related to the remeasurement of the Venezuelan balance sheet and lower taxes on accrued but unpaid remittances resulting from the currency devaluation in January 2010 and a $36 pretax loss ($2 aftertax gain) related to the remeasurement of the Venezuelan balance sheet and lower taxes on accrued but unpaid remittances resulting from the currency devaluation announced in December 2010. Includes a gain related to a tax initiative involving the reorganization of an overseas subsidiary. The impact of Non-GAAP adjustments on the basic and diluted earnings per share may not necessarily equal the difference between "As Reported (GAAP)" and "As Adjusted (Non-GAAP)" as a result of rounding. 2 3 The following table is a summary of the activity related to derivatives and hedges for the fiscal years ended December 29, 2019 and December 30, 2018, net of tax: December 29, 2019 December 30, 2018 Cost of Interest Other Cost of Interest Other Products R&D (Income) (Income) Products R&D (Income) (Income) (Dollars in Millions) Sales Sold Expense Expense Expense Sales Sold Expense Expense Expense The effects of fair value, net investment and cash flow hedging: Gain (Loss) on net investment hedging relationship: Cross currency interest rate swaps contracts: Amount of gain or loss) recognized in income on derivative amount excluded from effectiveness testing Amount of gain or loss) recognized in AOCI 159 56 | | | | | 159 56 Gain (Loss) on cash flow hedging relationship: Forward foreign exchange contracts: Amount of gain or loss) reclassified from AOCI into income (54) (321) (105) 22 47 200 (220) (24) Amount of gain or loss) recognized in AOCI (20) (606) (94) 39 (32) (17) (193) (4) Cross currency interest rate swaps contracts: Amount of gain or loss) reclassified from AOCI into income Amount of gain or loss) recognized in AOCI $ 292 133 - II I 415 117 JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1) 2017 $ Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development (Note 5) Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Earnings before provision for taxes on income Provision for taxes on income (Note 8) Net earnings 2019 82,059 27,556 54,503 22,178 11,355 890 (357) 318 2,525 266 17,328 2,209 15,119 2018 81,581 27,091 54,490 22,540 10,775 1,126 (611) 1,005 1,405 251 17,999 2,702 15,297 76,450 25,439 51,011 21,520 10,594 408 (385) 934 (42) 309 17,673 16,373 1,300 0.48 5.72 5.63 5.70 5.61 $ 0.47 Net earnings per share (Notes 1 and 15) Basic Diluted Average shares outstanding (Notes 1 and 15) Basic Diluted 2,681.5 2,645.1 2,684.3 2,692.0 2,745.3 2,728.7 See Notes to Consolidated Financial StatementsStep by Step Solution
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