(in millions, except share and per share data) |
Common Stock* |
Additional Paid in Capital |
Retained Earnings |
Accumulated Other Comprehensive (Loss) Income |
Unearned Restricted Stock |
Treasury Stock |
Total |
 |
| Shareholders’ Equity December 31, 2000 |
$ |
978 |
$ |
871 |
$ |
7,869 |
$ |
(482) |
|
$ |
(5,808) |
$ |
3,428 |
| Net earnings |
|
|
76 |
|
|
|
76 |
| Other comprehensive income (loss): |
|
Unrealized losses on available- for-salesecurities |
|
| ($34 million pre-tax) |
|
|
|
(21) |
|
|
(21) |
Reclassification adjustment for gains on available-for-sale |
|
securities included in net earnings ($13 million pre-tax) |
|
|
|
8 |
|
|
8 |
Unrealized gain arising from hedging activity |
|
| ($6 million pre-tax) |
|
|
|
4 |
|
|
4 |
Reclassification adjustment for hedging related losses |
|
included in net earnings ($48 million pre-tax) |
|
|
|
29 |
|
|
29 |
| Currency translation adjustments |
|
|
|
(98) |
|
|
(98) |
Minimum pension liability adjustment ($60 million pre-tax) |
|
|
|
(37) |
|
|
(37) |
| Other comprehensive loss |
|
|
|
(115) |
|
|
(115) |
| Comprehensive loss |
|
(39) |
| Cash dividends declared ($2.21 per common share) |
|
|
(514) |
|
|
|
(514) |
| Treasury stock repurchased (947,670 shares) |
|
|
|
|
|
(41) |
(41) |
| Treasury stock issued under employee plans |
|
| (1,393,105 shares) |
|
(25) |
|
|
|
82 |
57 |
| Tax reductionsemployee plans |
|
3 |
|
|
|
|
3 |
 |
| Shareholders’ Equity December 31, 2001 |
978 |
849 |
7,431 |
(597) |
|
(5,767) |
2,894 |
| Net earnings |
|
|
770 |
|
|
|
770 |
| Other comprehensive income (loss): |
|
Unrealized gains on available- for-sale securities |
|
| ($11 million pre-tax) |
|
|
|
6 |
|
|
6 |
Unrealized loss arising from hedging activity |
|
| ($27 million pre-tax) |
|
|
|
(19) |
|
|
(19) |
Reclassification adjustment for hedging related |
|
losses included in net earnings ($24 million pre-tax) |
|
|
|
15 |
|
|
15 |
| Currency translation adjustments |
|
|
|
218 |
|
|
218 |
Minimum pension liability adjustment |
|
| ($577 million pre-tax) |
|
|
|
(394) |
|
|
(394) |
| Other comprehensive loss |
|
|
|
(174) |
|
|
(174) |
| Comprehensive income |
596 |
| Cash dividends declared ($1.80 per common share) |
|
|
(525) |
|
|
|
(525) |
| Treasury stock repurchased (7,354,316 shares) |
|
|
|
|
|
(260) |
(260) |
| Treasury stock issued under employee plans |
|
| (2,357,794 shares) |
|
(1) |
(65) |
|
|
137 |
71 |
| Tax reductionsemployee plans |
|
1 |
|
|
|
|
1 |
 |
| Shareholders’ Equity December 31, 2002 |
|
978 |
|
849 |
|
7,611 |
|
(771) |
|
|
(5,890) |
|
2,777 |
| Net earnings |
|
|
265 |
|
|
|
265 |
| Other comprehensive income (loss): |
|
Unrealized gains on available- for-sale securities |
|
| ($18 million pre-tax) |
|
|
|
11 |
|
|
11 |
Unrealized loss arising from hedging activity |
|
| ($42 million pre-tax) |
|
|
|
(25) |
|
|
(25) |
Reclassification adjustment for hedging related |
|
| losses included in net earnings |
|
| ($29 million pre-tax) |
|
|
|
19 |
|
|
19 |
| Currency translation adjustments |
|
|
|
413 |
|
|
413 |
Minimum pension liability adjustment |
|
| ($167 million pre-tax) |
|
|
|
122 |
|
|
122 |
| Other comprehensive income |
|
|
|
540 |
|
|
540 |
| Comprehensive income |
|
805 |
| Cash dividends declared ($1.15 per common share) |
|
|
(330) |
|
|
|
(330) |
| Treasury stock issued for stock option exercises |
|
| (337,940 shares) |
|
|
(10) |
|
|
21 |
11 |
| Unearned restricted stock issuances |
| (309,552 shares) |
|
|
(9) |
|
(8) |
17 |
|
| Tax reductionsemployee plans |
|
1 |
|
|
|
|
1 |
 |
| Shareholders’ Equity December 31, 2003 |
$ |
978 |
$ |
850 |
$ |
7,527 |
$ |
(231) |
$ |
(8) |
$ |
(5,852) |
$ |
3,264 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
* There are 100 million shares of $10 par value preferred stock authorized, none of which have been issued.
The accompanying notes are an integral part of these consolidated financial statements.