Financial Review 22 The Procter & Gamble Company and Subsidiaries impact from divestitures. Volume declines and commodity- related pricing actions in coffee drove an 8% decrease in net  sales  to $3.80 billion. Net earnings grew 16%  to $384 million  as broad-based cost reductions more than offset declining volumes. accounting policies affecting the Consolidated Balance  Sheet  Consolidated Statement of Cash Flows and Consolidated Statement of Earnings. Due to the nature of  the Company’s business  these estimates generally are not  considered highly uncertain at the time of estimation –  meaning they are not expected to result in a period-to-period  change that would materially affect the Company’s results of  operations or financial condition. The fourth quarter marked the completion of the Jif and Crisco spin-off. This transaction  which is accounted for simi- lar to a dividend  delivered excellent value to shareholders – equivalent to approximately $0.60 per share.  The Company does apply certain key accounting policies as  required by accounting principles generally accepted in the  United States of America. These key accounting policies govern revenue recognition  restructuring  income taxes and  certain employee benefits. In 2001  food and beverage unit volume declined 10%  including a 2% impact from divestitures. Unit volume was  negatively affected by reduced trade merchandising and the  impact of snacks pricing actions in North America and West- ern Europe and the divestiture of the institutional shortening  and oils business. Net sales were $4.14 billion  down 11%. Net earnings were $332 million  down 9% versus 2000. Revenue is recognized when it is realized or realizable and  earned. The vast majority of the Company’s revenue relates  to sale of inventory to customers  and revenue is recognized  when title and the risks and rewards of ownership pass to  the customer. Given the nature of the Company’s business  and the applicable rules guiding revenue recognition  the  Company’s revenue recognition practices do not contain estimates that materially affect results of operations. The corporate segment includes both operating and non- operating elements such as financing and investing activities   certain benefit costs  restructuring charges  segment eliminations and other general corporate items. Corporate includes adjustments from management reporting  conventions to conform with accounting principles generally  accepted in the United States of America. These primarily affect the treatment of entities over which the Company exerts significant influence but does not control  and income  taxes  which are reflected in the business segments using estimated local statutory tax rates. Restructuring charges relate to the restructuring program  that began in 1999. The Company provides forward-looking  information about the overall program  including estimated  costs and savings. Such disclosures represent management’s  best estimate  but do require significant estimates about the  program that may change over time. However  the specific  reserves recorded in each year under the restructuring program are not considered highly uncertain  see Note 2 to  the Consolidated Financial Statements. Under SFAS No. 109  ”Accounting for Income Taxes ” income taxes are recorded based on the current year  amounts payable or refundable  as well as the consequences  of events that give rise to deferred tax assets and liabilities  based on differences in how those events are treated for tax  purposes (see Note 11). The Company bases its estimate of  deferred tax assets and liabilities on current tax laws and  rates and  in certain cases  business plans and other expectations about future outcomes. Corporate results reflect a decrease in one-time gains from  the Company’s non-strategic divestiture program. Moreover   reduced corporate hedging gains versus 2001 were partially  offset by decreased restructuring costs  lower interest expense and the discontinuation of amortizing goodwill and  certain indefinite-lived intangibles. In 2001  corporate results reflect increased restructuring  costs  higher benefit costs and certain tax impacts not reflected in the businesses. These were partially offset by  one-time gains from the Company’s divestiture program  reduced overhead spending and corporate hedging gains.  The Company makes various estimates when applying Changes in existing regulatory tax laws and rates may affect  Critical Accounting Policies Income Taxes Restructuring Revenue Recognition Corporate