| FINANCIALS: SUMMARY OF OPERATING DATA |
PAGE 1 OF 1 |
  |
 |
| (Dollar amounts and shares in millions, except per share data) |
2002 |
|
2001 |
|
2000 |
|
1999 |
|
1998 |
|
 |
| |
| Net sales from continuing operations |
$ |
12,835 |
|
$ |
13,229 |
|
$ |
13,994 |
|
$ |
14,089 |
|
$ |
13,406 |
|
Earnings from continuing operations before interest,
other (charges) income, and income taxes
|
|
1,220 |
|
|
352 |
|
|
2,214 |
|
|
1,990 |
|
|
1,888 |
|
Earnings (loss) from
Continuing operations |
|
793 |
(1) |
|
81 |
(2) |
|
1,407 |
(3) |
|
1,392 |
(4) |
|
1,390 |
(5) |
| Discontined operations |
|
(23) |
(6) |
|
(5) |
(6) |
|
— |
|
|
— |
|
|
— |
|
| Net earnings |
|
770 |
|
|
76 |
|
|
1,407 |
|
|
1,392 |
|
|
1,390 |
|
|
| Earnings and Dividends |
| Net earnings |
| — % of sales |
|
6.0% |
|
|
0.6% |
|
|
10.1% |
|
|
9.9% |
|
|
10.4% |
|
| — % return on average shareholders' equity |
|
27.2% |
|
|
2.4% |
|
|
38.3% |
|
|
35.2% |
|
|
38.9% |
|
| Basic earnings (loss) per share |
| Continuing operations |
|
2.72 |
|
|
.28 |
|
|
4.62 |
|
|
4.38 |
|
|
4.30 |
|
| Discontinued operations |
|
(.08) |
|
|
(.02) |
|
|
— |
|
|
— |
|
|
— |
|
| Total |
|
2.64 |
|
|
.26 |
|
|
4.62 |
|
|
4.38 |
|
|
4.30 |
|
| Diluted earnings (loss) per share |
| Continuing operations |
|
2.72 |
|
|
.28 |
|
|
4.59 |
|
|
4.33 |
|
|
4.24 |
|
| Discontinued operations |
|
(.08) |
|
|
(.02) |
|
|
— |
|
|
— |
|
|
— |
|
| Total |
|
2.64 |
|
|
.26 |
|
|
4.59 |
|
|
4.33 |
|
|
4.24 |
|
| Cash dividends paid |
| -- on common shares |
|
525 |
|
|
643 |
|
|
545 |
|
|
563 |
|
|
569 |
|
| -- per common share |
|
1.80 |
|
|
2.21 |
|
|
1.76 |
|
|
1.76 |
|
|
1.76 |
|
| Common shares outstanding at year end |
|
285.9 |
|
|
290.9 |
|
|
290.5 |
|
|
310.4 |
|
|
322.8 |
|
| Shareholders at year end |
|
89,988 |
|
|
91,893 |
|
|
113,308 |
|
|
131,719 |
|
|
129,495 |
|
|
| Statement of Financial Position Data |
| Operational working capital(8) |
$ |
599 |
|
$ |
797 |
|
$ |
1,420 |
|
$ |
777 |
|
$ |
874 |
|
| Working capital |
|
(843) |
|
|
(737) |
|
|
(786) |
|
|
(385) |
|
|
(643) |
|
| Property, plant and equipment, net |
|
5,420 |
|
|
5,659 |
|
|
5,919 |
|
|
5,947 |
|
|
5,914 |
|
| Total assets |
|
13,369 |
|
|
13,362 |
|
|
14,212 |
|
|
14,370 |
|
|
14,733 |
|
| Short term borrowings and current portion of long-term debt |
|
1,442 |
|
|
1,534 |
|
|
2,206 |
|
|
1,163 |
|
|
1,518 |
|
Long term debt, net of current
portion |
|
1,164 |
|
|
1,666 |
|
|
1,166 |
|
|
936 |
|
|
504 |
|
| Total shareholders' equity |
|
2,777 |
|
|
2,894 |
|
|
3,428 |
|
|
3,912 |
|
|
3,988 |
|
|
| Supplemental Information |
| Sales |
| -- Photography |
$ |
9,002 |
|
$ |
9,403 |
|
$ |
10,231 |
|
$ |
10,265 |
|
$ |
10,063 |
|
| -- Health Imaging |
|
2,274 |
|
|
2,262 |
|
|
2,220 |
|
|
2,159 |
|
|
1,526 |
|
| -- Commercial Imaging |
|
1,456 |
|
|
1,454 |
|
|
1,417 |
|
|
1,479 |
|
|
1,296 |
|
| -- All Other |
|
103 |
|
|
110 |
|
|
126 |
|
|
186 |
|
|
521 |
|
| Research & development costs |
|
762 |
|
|
779 |
|
|
784 |
|
|
817 |
|
|
922 |
(7) |
| Depreciation |
|
818 |
|
|
765 |
|
|
738 |
|
|
773 |
|
|
737 |
|
| Taxes (excludes payroll, sales and excise taxes) |
|
288 |
|
|
154 |
|
|
933 |
|
|
806 |
|
|
809 |
|
| Wages, salaries and employee benefits |
|
3,991 |
|
|
3,824 |
|
|
3,726 |
|
|
3,962 |
|
|
4,306 |
|
| Employees at year end |
| -- in the U.S. |
|
39,000 |
|
|
42,000 |
|
|
43,200 |
|
|
43,300 |
|
|
46,300 |
|
| -- worldwide |
|
70,000 |
|
|
75,100 |
|
|
78,400 |
|
|
80,650 |
|
|
86,200 |
|
|
| (1) |
Includes $143 million of restructuring charges; $29 million reversal of restructuring
charges; $50 million for a charge related to asset impairments and other asset write-offs;
and a $121 million tax benefit relating to the closure of the Company's PictureVision
subsidiary, the consolidation of the Company's photofinishing operations in Japan, asset
write-offs and a change in the corporate tax rate. These items improved net earnings by
$7 million.
|
| (2) |
Includes $678 million of restructuring charges; $42 million for a charge related to asset impairments associated with certain of the Company's photofinishing
operations; $15 million for asset impairments related to venture investments; $41 million for a charge for environmental reserves; $77 million for the Wolf
bankruptcy; a $20 million charge for the Kmart bankruptcy; $18 million of relocation charges related to the sale and exit of a manufacturing facility; an $11 million
tax benefit related to a favorable tax settlement; and a $20 million tax benefit representing a decline in the year-over-year effective tax rate. These items reduced
net earnings by $594 million.
|
| (3) |
Includes accelerated depreciation and relocation charges related to the sale and exit of a manufacturing facility of $50 million, which reduced net earnings by $33 million.
|
| (4) |
Includes $350 million of restructuring charges, and an additional $11 million of charges related to this restructuring program; $103 million of charges associated
with business exits; a gain of $95 million on the sale of The Image Bank; and a gain of $25 million on the sale of the Motion Analysis Systems Division. These items
reduced net earnings by $227 million.
|
| (5) |
Includes $35 million of litigation charges; $132 million of Office Imaging charges; $45 million primarily for a write-off of in-process R&D associated with the Imation
acquisition; a gain of $87 million on the sale of NanoSystems; and a gain of $66 million on the sale of part of the Company's investment in Gretag. These items
reduced net earnings by $39 million.
|
| (6) |
Refer to Note 21, "Discontinued Operations" for a discussion regarding loss from discontinued operations.
|
| (7) |
Includes a $42 million charge for the write-off of in-process R&D associated with the Imation acquisition.
|
| (8) |
Excludes short-term borrowings and current portion of long-term debt.
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