| |
(in millions, except number of shares) |
Common Stock* |
|
Additional Paid In Capital |
|
Retained Earnings |
|
Accumu- lated Other Com- prehensive Income (Loss) |
|
Treasury Stock |
|
Total |
|
| |
| Shareholders' Equity December 31, 1997 |
$ |
978 |
|
$ |
914 |
|
$ |
5,343 |
|
$ |
(202) |
|
$ |
(3,872) |
|
$ |
3,161 |
| Net earnings |
|
- |
|
|
- |
|
|
1,390 |
|
|
- |
|
|
- |
|
|
1,390
 |
| Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains arising during the period ($122 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
80 |
Reclassification adjustment for gains included in net earnings ($66 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(44) |
Currency translation adjustments |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
59 |
Minimum pension liability adjustment ($7 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(4)
 |
Other comprehensive income |
|
- |
|
|
- |
|
|
- |
|
|
91 |
|
|
- |
|
|
91
 |
Comprehensive income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,481 |
Cash dividends declared |
|
- |
|
|
- |
|
|
(570) |
|
|
- |
|
|
- |
|
|
(570) |
Treasury stock repurchased (3,541,295 shares) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(258) |
|
|
(258) |
Treasury stock issued under employee plans (3,272,713 shares) |
|
- |
|
|
(58) |
|
|
- |
|
|
- |
|
|
186 |
|
|
128 |
Tax reductions —employee plans |
|
- |
|
|
46 |
|
|
- |
|
|
- |
|
|
- |
|
|
46 |
|
| Shareholders' Equity December 31, 1998 |
|
978 |
|
|
902 |
|
|
6,163 |
|
|
(111) |
|
|
(3,944) |
|
|
3,988 |
| Net earnings |
|
- |
|
|
- |
|
|
1,392 |
|
|
- |
|
|
- |
|
|
1,392
 |
| Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains arising during the period ($115 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
83 |
Reclassification adjustment for gains included in net earnings ($20 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(13) |
Currency translation adjustments |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(118) |
Minimum pension liability adjustment ($26 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
14
 |
Other comprehensive loss |
|
- |
|
|
- |
|
|
- |
|
|
(34) |
|
|
- |
|
|
(34)
 |
Comprehensive Income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,358 |
Cash dividends declared |
|
- |
|
|
- |
|
|
(560) |
|
|
- |
|
|
- |
|
|
(560) |
Treasury stock repurchased (13,482,648 shares) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(925) |
|
|
(925) |
Treasury stock issued under employee plans (1,105,220 shares) |
|
- |
|
|
(24) |
|
|
- |
|
|
- |
|
|
64 |
|
|
40 |
Tax reductions —employee plans |
|
- |
|
|
11 |
|
|
- |
|
|
- |
|
|
- |
|
|
11 |
|
| Shareholders’ Equity December 31, 1999 |
|
978 |
|
|
889 |
|
|
6,995 |
|
|
(145) |
|
|
(4,805) |
|
|
3,912 |
| Net earnings |
|
- |
|
|
- |
|
|
1,407 |
|
|
- |
|
|
- |
|
|
1,407
 |
| Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding loss arising during the period ($77 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(48) |
Reclassification adjustment for gains included in net earnings ($94 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(58) |
Unrealized loss arising from hedging activity ($55 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(34) |
Reclassification adjustment for hedging related gains included in net earnings ($6 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(4) |
Currency translation adjustments |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(194) |
Minimum pension liability adjustment ($2 million pre-tax) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1
 |
Other comprehensive loss |
|
- |
|
|
- |
|
|
- |
|
|
(337) |
|
|
- |
|
|
(337)
 |
Comprehensive Income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,070 |
Cash dividends declared |
|
- |
|
|
- |
|
|
(533) |
|
|
- |
|
|
- |
|
|
(533) |
Treasury stock repurchased (21,575,536 shares) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(1,099) |
|
|
(1,099) |
Treasury stock issued under employee plans (1,638,872 shares) |
|
- |
|
|
(33) |
|
|
- |
|
|
- |
|
|
96 |
|
|
63 |
Tax reductions —employee plans |
|
- |
|
|
15 |
|
|
- |
|
|
- |
|
|
- |
|
|
15 |
|
| Shareholders' Equity December 31, 2000 |
$ |
978 |
|
$ |
871 |
|
$ |
7,869 |
|
$ |
(482) |
|
$ |
(5,808) |
|
$ |
3,428 |
|
*There are 100 million shares of 10 par value preferred stock authorized, none of which have been issued.
Accumulated unrealized holding gains, related to available for sale securities, as of December 31, 2000, 1999 and 1998 were 7 million, 113 million, and 43 million, respectively. Accumulated unrealized losses related to hedging activity as of December 31, 2000 were (38). Accumulated translation adjustments as of December 31, 2000, 1999 and 1998 were (425) million, (231) million and (113) million, respectively. Accumulated minimum pension liability adjustments as of December 31, 2000, 1999 and 1998 were (26) million, (27) million and (41) million, respectively.
The accompanying notes are an integral part of these financial statements.
|
|
|
| |
|
|