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Income Statement
Difficulty: Beginner
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Abbott Laboratories, Consolidated Income Statement
USD $ in millions
Based on: 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-27), 10-K (filing date: 2014-02-21).
| Item | Description | The company |
|---|---|---|
| Net sales | Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. | Abbott Laboratories’s net sales increased from 2015 to 2016 and from 2016 to 2017. |
| Operating earnings | The net result for the period of deducting operating expenses from operating revenues. | Abbott Laboratories’s operating earnings increased from 2015 to 2016 but then declined significantly from 2016 to 2017. |
| Earnings from continuing operations before taxes | Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. | Abbott Laboratories’s earnings from continuing operations before taxes declined from 2015 to 2016 but then slightly increased from 2016 to 2017. |
| Net earnings | The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. | Abbott Laboratories’s net earnings declined from 2015 to 2016 and from 2016 to 2017. |