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FINANCIALS: CONSOLIDATED STATEMENT OF EARNINGS PAGE 1 OF 1 left arrow right arrow
Consolidated Statement of Earnings
       For the Year Ended December 31,
(in millions, except per share data) 2003 2002 2001
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Net sales $ 13,317 $ 12,835 $ 13,229
Cost of goods sold 9,033 8,225 8,661
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Gross profit 4,284 4,610 4,568
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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
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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
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Earnings from continuing operations
before income taxes
172 946 115
(Benefit) provision for income taxes (66) 153 34
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Earnings from continuing operations $ 238 $ 793 $ 81
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Earnings (loss) from discontinued
operations net of income
 
tax benefits of $13, $15 and $2, respectively $ 27 $ (23) $ (5)
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Net earnings $ 265 $ 770 $ 76
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Basic and diluted net earnings (loss) per share:  
   Continuing operations $ .83 $ 2.72 $ .28
   Discontinued operations .09 (.08) (.02)
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   Total $ .92 $ 2.64 $ .26
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Cash dividends per share $ 1.15 $ 1.80 $ 2.21
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The accompanying notes are an integral part of these consolidated financial statements.

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FINANCIALS: CONSOLIDATED STATEMENT OF EARNINGS PAGE 1 OF 1 left arrow right arrow