| |
For the Year Ended December 31, |
| (in millions, except per share data) |
2003 |
2002 |
2001 |
 |
| Net sales |
$ |
13,317 |
$ |
12,835 |
$ |
13,229 |
| Cost of goods sold |
9,033 |
8,225 |
8,661 |
 |
| Gross profit |
4,284 |
4,610 |
4,568 |
 |
| Selling, general and administrative expenses |
2,648 |
2,530 |
2,625 |
| Research and development costs |
781 |
762 |
779 |
| Goodwill amortization |
— |
— |
153 |
| Restructuring costs and other |
484 |
98 |
659 |
 |
Earnings from continuing operations before interest, |
|
| other charges, net, and income taxes |
371 |
1,220 |
352 |
| Interest expense |
148 |
173 |
219 |
| Other charges, net |
51 |
101 |
18 |
 |
Earnings from continuing operations before income taxes |
172 |
946 |
115 |
| (Benefit) provision for income taxes |
(66) |
153 |
34 |
 |
| Earnings from continuing operations |
$ |
238 |
$ |
793 |
$ |
81 |
 |
Earnings (loss) from discontinued operations net of income |
|
| tax benefits of $13, $15 and $2, respectively |
$ |
27 |
$ |
(23) |
$ |
(5) |
 |
| Net earnings |
$ |
265 |
$ |
770 |
$ |
76 |
 |
| Basic and diluted net earnings (loss) per share: |
|
| Continuing operations |
$ |
.83 |
$ |
2.72 |
$ |
.28 |
| Discontinued operations |
.09 |
(.08) |
(.02) |
 |
| Total |
$ |
.92 |
$ |
2.64 |
$ |
.26 |
 |
| Cash dividends per share |
$ |
1.15 |
$ |
1.80 |
$ |
2.21 |
 |
 |
 |
 |
 |
 |
 |
 |
The accompanying notes are an integral part of these consolidated financial statements.
|