| FINANCIALS: CONSOLIDATED STATEMENTS OF EARNINGS |
PAGE 1 OF 1 |
  |
 |
| |
For the Year Ended December 31 |
| (in millions, except per share data) |
2002 |
|
2001 |
|
2000 |
 |
| Net sales |
$ |
12,835 |
|
$ |
13,229 |
|
$ |
13,994 |
| Cost of goods sold |
|
8,225 |
|
|
8,661 |
|
|
8,375 |
|
| Gross profit |
|
4,610 |
|
|
4,568 |
|
|
5,619 |
|
| Selling, general and administrative expenses |
|
2,530 |
|
|
2,625 |
|
|
2,514 |
| Research and development costs |
|
762 |
|
|
779 |
|
|
784 |
| Goodwill amortization |
|
— |
|
|
153 |
|
|
151 |
| Restructuring costs (credits) and other |
|
98 |
|
|
659 |
|
|
(44) |
|
Earnings from continuing operations before interest,
other (charges) income, and income taxes |
|
1,220 |
|
|
352 |
|
|
2,214 |
| Interest expense |
|
173 |
|
|
219 |
|
|
178 |
| Other (charges) income |
|
(101) |
|
|
(18) |
|
|
96 |
|
Earnings from continuing operations
before income taxes |
|
946 |
|
|
115 |
|
|
2,132 |
| Provision for income taxes |
|
153 |
|
|
34 |
|
|
725 |
|
| Earnings from continuing operations |
$ |
793 |
|
$ |
81 |
|
$ |
1,407 |
|
Loss from discontinued operations,
net of income tax benefits
of $15, $2 and $0 for the years ending
December 31, 2002, 2001 and 2000, respectively |
$ |
(23) |
|
$ |
(5) |
|
$ |
— |
|
| Net earnings |
$ |
770 |
|
$ |
76 |
|
$ |
1,407 |
|
| Basic net earnings (loss) per share |
| Continuing Operations |
$ |
2.72 |
|
$ |
.28 |
|
$ |
4.62 |
| Discontinued Operations |
|
(.08) |
|
|
(.02) |
|
|
— |
|
| Total |
$ |
2.64 |
|
$ |
.26 |
|
$ |
4.62 |
|
| Diluted net earnings (loss) per share |
| Continuing Operations |
$ |
2.72 |
|
$ |
.28 |
|
$ |
4.59 |
| Discontinued Operations |
|
(.08) |
|
|
(.02) |
|
|
— |
|
| Total |
$ |
2.64 |
|
$ |
.26 |
|
$ |
4.59 |
|
Number of common shares used in basic earnings
per share |
|
291.5 |
|
|
290.6 |
|
|
304.9 |
Incremental shares from assumed conversion of
options |
|
0.2 |
|
|
0.4 |
|
|
1.7 |
|
Number of common shares used in diluted earnings
per share |
|
291.7 |
|
|
291.0 |
|
|
306.6 |
|
| Cash dividends per share |
$ |
1.80 |
|
$ |
2.21 |
|
$ |
1.76 |
|
|
The accompanying notes are an integral part of these consolidated financial statements.
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