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Five-Year Summary of Selected Financial Data |
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| Operating Results |
| Sales |
$10,038 |
$ 8,753 |
$ 7,673 |
$ 6,932 |
$ 5,954 |
| Cost of sales |
7,362 |
6,472 |
5,572 |
5,016 |
4,285 |
| Selling and administrative |
1,181 |
1,075 |
1,008 |
951 |
826 |
| Research and development |
140 |
151 |
132 |
126 |
120 |
| Global cost reduction plans |
14 |
72 |
— |
— |
104 |
| Operating income |
1,408 |
1,056 |
991 |
884 |
656 |
| Equity affiliates’ income |
132 |
108 |
105 |
93 |
94 |
| Interest expense |
163 |
119 |
110 |
121 |
123 |
| Income tax provision |
301 |
269 |
259 |
228 |
171 |
| Income from continuing operations |
1,043 |
745 |
705 |
607 |
439 |
| Net income |
1,036 |
723 |
712 |
604 |
397 |
| Basic earnings per common share |
| Income from continuing operations |
4.82 |
3.36 |
3.12 |
2.71 |
2.00 |
| Net income |
4.79 |
3.26 |
3.15 |
2.70 |
1.81 |
| Diluted earnings per common share |
| Income from continuing operations |
4.67 |
3.28 |
3.05 |
2.65 |
1.96 |
| Net income |
4.64 |
3.18 |
3.08 |
2.64 |
1.78 |
| Year-End Financial Position |
| Plant and equipment, at cost |
$15,088 |
$13,520 |
$12,478 |
$11,776 |
$11,299 |
| Total assets |
12,660 |
11,181 |
10,409 |
10,040 |
9,474 |
| Working capital |
436 |
289 |
472 |
711 |
528 |
| Total debt (A) |
3,677 |
2,850 |
2,494 |
2,388 |
2,505 |
| Shareholders’ equity |
5,496 |
4,924 |
4,546 |
4,420 |
3,759 |
| Financial Ratios |
| Return on average shareholders’ equity (B) |
19.9% |
15.4% |
15.2% |
14.8% |
12.1% |
| Operating margin |
14.0% |
12.1% |
12.9% |
12.8% |
11.0% |
| Selling and administrative as a percentage of sales |
11.8% |
12.3% |
13.1% |
13.7% |
13.9% |
| Total debt to sum of total debt, shareholders’ equity and minority interest (A) |
39.3% |
35.8% |
34.5% |
34.2% |
38.8% |
| Other Data |
| Depreciation and amortization |
$ 840 |
$ 757 |
$ 700 |
$ 692 |
$ 636 |
| Capital expenditures (C) |
1,596 |
1,411 |
1,031 |
796 |
1,103 |
| Additions to plant and equipment |
1,055 |
1,259 |
917 |
686 |
606 |
| Cash provided by operating activities from continuing operations |
1,483 |
1,314 |
1,304 |
1,095 |
1,036 |
| Dividends declared per common share |
1.48 |
1.34 |
1.25 |
1.04 |
.88 |
| Market price range per common share |
99–66 |
70–53 |
66–52 |
56–44 |
49–36 |
| Weighted average common shares outstanding (in millions) |
216 |
222 |
226 |
224 |
220 |
| Weighted average common shares outstanding assuming dilution (in millions) |
223 |
228 |
231 |
229 |
224 |
| Book value per common share at year-end |
$ 25.52 |
$ 22.67 |
$ 20.48 |
$ 19.57 |
$ 16.98 |
| Shareholders at year-end |
9,300 |
9,900 |
10,300 |
10,700 |
11,100 |
| Employees at year-end (D) |
22,100 |
20,700 |
20,200 |
19,900 |
19,000 |
- Total debt includes long-term debt, current portion of long-term debt, and short-term borrowings as of the end of the year.
- Calculated using income from continuing operations.
- Capital expenditures include additions to plant and equipment, investment in and advances to unconsolidated affiliates, acquisitions (including long-term debt assumed in acquisitions), and capital lease additions.
- Includes full- and part-time employees from continuing and discontinued operations.
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