EX-99.2 4 w11939exv99w2.htm SELECTED FINANCIAL DATA exv99w2
 

Exhibit 99.2
Item 6. Selected Financial Data
The following sets forth selected consolidated financial data for the years presented below as derived from our historical financial statements.
Five-Year Summary of Selected Financial Data
(in millions, except per share, stockholders and employees)
                                         
    For the Year Ended December 31,
    2004   2003   2002   2001   2000
See notes   (1)                   (2)   (2)
 
Statement of Operating Information
                                        
Net sales
   $ 7,300     $ 6,421     $ 5,727     $ 5,666     $ 6,349  
Gross profit (3)
     2,129       1,913       1,793       1,645       2,003  
Earnings (loss) from continuing operations before income taxes, minority interest and cumulative effect of accounting change
     714       415       308       (66 )     488  
Earnings (loss) from continuing operations before cumulative effect of accounting change
     496       288       210       (71 )     296  
 
                                        
Discontinued operations:
                                        
Income from discontinued line of business, net of income taxes
     —       —       —       40       58  
Gain (loss) on disposal of discontinued line of business, net of income tax
     1       —       (7 )     428       —  
 
                                        
Cumulative effect of accounting change, net of income taxes
     —       (8 )     (773 )     (2 )     —  
 
                                        
Net earnings (loss)
   $ 497     $ 280     $ (570 )   $ 395     $ 354  
 
                                        
As a % of Sales (3)
                                        
Gross profit
     29.2 %     29.8 %     31.3 %     29.0 %     31.5 %
Selling and administrative expense
     13.6 %     13.9 %     15.1 %     15.2 %     14.9 %
Research and development expense
     3.6 %     3.7 %     4.4 %     3.8 %     3.3 %
 
 
                                        
Per Common Share Data and Other Share Information
Earnings (loss) from continuing operations before cumulative effect of accounting change:
Basic
   $ 2.22     $ 1.30     $ 0.95     $ (0.32 )   $ 1.34  
Diluted
     2.21       1.30       0.95       (0.32 )     1.34  
Cash dividends per common share
     0.97       0.86       0.82       0.80       0.78  
Common stock price:
                                        
High
   $ 45.41     $ 43.05     $ 42.60     $ 38.70     $ 49.44  
Low
     35.90       26.26       30.19       24.90       24.38  
Year-end close
     44.23       42.71       32.48       34.63       36.31  
Weighted average number of common shares outstanding — basic
     222.9       221.5       220.9       220.2       219.5  
Weighted average number of common shares outstanding — diluted
     224.2       222.4       221.9       220.2       220.5  
 
 
                                        
Balance Sheet Data (3)
                                        
Land, buildings and equipment, gross
   $ 8,027     $ 7,706     $ 7,263     $ 6,624     $ 6,716  
Total Assets
     10,095       9,511       9,605       10,395       11,268  
Current portion of long-term debt
     11       10       48       11       11  
Other short-term borrowings
     66       98       132       167       545  
Long-term debt
     2,563       2,473       2,878       2,748       3,218  
 
                                        
Total debt
     2,640       2,581       3,058       2,926       3,774  
 
                                        
Stockholders’ equity
     3,697       3,357       3,119       3,841       3,653  
 
                                        
Number of registered stockholders
     8,726       9,106       9,140       9,234       9,226  
Number of employees
     16,691       17,245       17,611       18,210       20,248  
 
(1)   The results of the year ended December 31, 2004 reflect the consolidation of a joint venture as of January 1, 2004. This joint venture was previously accounted for as an equity method investment in our reported results.
 
(2)   Prior year amounts include amortization of goodwill and indefinite-lived intangibles. In accordance with the adoption of SFAS No. 142, effective January 1, 2002, we ceased amortization of goodwill and indefinite-lived intangibles.
 
(3)   Reclassified to conform to current year presentation.
Also see 2004, 2003 and 2002 results in Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.

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