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Condensed Consolidated Statement of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Net sales $ 3,845 $ 3,849 $ 11,552 $ 11,368
Cost of sales, exclusive of depreciation and amortization 2,288 2,353 6,869 6,897
Selling, general and administrative 816 806 2,488 2,432
Depreciation 89 86 265 260
Amortization (Note 6) 27 30 83 92
Research and development 113 108 337 321
Interest expense 54 51 155 159
Interest income (10) (11) (29) (32)
Business restructuring (Note 7) 0 0 208 [1] 0
Asbestos settlement - net (Note 18) 3 3 9 9
Other charges (Note 18) 24 14 214 60
Other earnings (45) (53) (111) (143)
Income before income taxes 486 462 1,064 1,313
Income tax expense (Note 11) 122 120 253 340
Net income attributable to the controlling and noncontrolling interests 364 342 811 973
Less: net income attributable to noncontrolling interests (25) (31) (97) (94)
Net income (attributable to PPG) $ 339 $ 311 $ 714 $ 879
Earnings per common share (Note 10) $ 2.21 $ 1.98 $ 4.66 $ 5.55
Earnings per common share - assuming dilution (Note 10) $ 2.18 $ 1.96 $ 4.61 $ 5.48
Dividends per common share $ 0.59 $ 0.57 $ 1.75 $ 1.69
[1] The charge for business restructuring costs in the nine months ended September 30, 2012, includes charges of $65 million related to the Performance Coatings segment, $46 million related to the Industrial Coatings segment, $63 million related to the Architectural Coatings - EMEA segment, $32 million related to the Optical and Specialty Materials segment $1 million related to the Commodity Chemicals segment and $1 million related to Corporate. These costs are considered to be unusual and non-recurring and do not reduce the segment earnings used to evaluate the performance of the operating segments.