|
Summary
| Ten-Year Summary of Selected Financial Data |
| Years Ended September 30 |
| Dollars in millions, except per-share amounts |
| |
|
2003 |
|
|
2002 |
|
|
2001 |
|
|
2000 |
|
|
1999 |
|
 |
| Operations |
|
|
|
| Revenues |
$ |
4,527.9 |
|
$ |
4,033.1 |
|
$ |
3,746.2 |
|
$ |
3,618.3 |
|
$ |
3,418.4 |
|
| Research and Development Expense |
|
235.1 |
|
|
220.2 |
|
|
211.8 |
|
|
223.8 |
|
|
254.0 |
|
| Operating Income |
|
749.1 |
|
|
675.7 |
|
|
637.8 |
|
|
514.8 |
|
|
445.2 |
|
| Interest Expense, Net |
|
36.6 |
|
|
33.3 |
|
|
55.4 |
|
|
74.2 |
|
|
72.1 |
|
| Income Before Income Taxes and |
|
|
|
| Cumulative Effect of Accounting Changes |
|
709.7 |
|
|
628.6 |
|
|
576.8 |
|
|
519.9 |
|
|
372.7 |
|
| Income Tax Provision |
|
162.7 |
|
|
148.6 |
|
|
138.3 |
|
|
127.0 |
|
|
96.9 |
|
| Net Income |
|
547.1 |
|
|
480.0 |
|
|
401.7 |
(A) |
|
392.9 |
|
|
275.7 |
|
| Basic Earnings Per Share |
|
2.14 |
|
|
1.85 |
|
|
1.55 |
(A) |
|
1.54 |
|
|
1.09 |
|
| Diluted Earnings Per Share |
|
2.07 |
|
|
1.79 |
|
|
1.49 |
(A) |
|
1.49 |
|
|
1.04 |
|
| Dividends Per Common Share |
|
.40 |
|
|
.39 |
|
|
.38 |
|
|
.37 |
|
|
.34 |
|
| |
|
|
|
| Financial Position |
|
|
|
| Current Assets |
$ |
2,338.6 |
|
$ |
1,917.2 |
(E) |
$ |
1,751.4 |
(E) |
$ |
1,660.7 |
|
$ |
1,683.7 |
|
| Current Liabilities |
|
1,043.4 |
|
|
1,248.1 |
(E) |
|
1,260.3 |
(E) |
|
1,353.5 |
|
|
1,329.3 |
|
| Property, Plant and Equipment, Net |
|
1,844.8 |
|
|
1,765.7 |
|
|
1,716.0 |
|
|
1,576.1 |
|
|
1,431.1 |
|
| Total Assets |
|
5,572.3 |
|
|
5,029.0 |
(E) |
|
4,790.8 |
(E) |
|
4,505.1 |
|
|
4,437.0 |
|
| Long-Term Debt |
|
1,184.0 |
|
|
803.0 |
|
|
783.0 |
|
|
779.6 |
|
|
954.2 |
|
| Shareholders’ Equity |
|
2,897.0 |
|
|
2,480.9 |
(E) |
|
2,321.7 |
(E) |
|
1,956.0 |
|
|
1,768.7 |
|
| Book Value Per Common Share |
|
11.54 |
|
|
9.71 |
(E) |
|
8.96 |
(E) |
|
7.72 |
|
|
7.05 |
|
| |
|
|
|
| Financial Relationships |
|
|
|
| Gross Profit Margin |
|
48.4% |
|
|
48.3 |
% |
|
48.9 |
% |
|
48.9 |
% |
|
49.9 |
% |
| Return on Revenues |
|
12.1% |
|
|
11.9 |
% |
|
11.7 |
%(C) |
|
10.9 |
% |
|
8.1 |
% |
| Return on Total Assets(B) |
|
14.2% |
|
|
13.6 |
%(E) |
|
13.8 |
%(E) |
|
13.6 |
% |
|
10.9 |
% |
| Return on Equity |
|
20.3% |
|
|
20.0 |
%(E) |
|
20.4 |
%(C) (E) |
|
21.1 |
% |
|
16.3 |
% |
| Debt to Capitalization(D) |
|
30.4% |
|
|
32.6 |
%(E) |
|
33.9 |
%(E) |
|
41.4 |
% |
|
47.2 |
% |
| |
|
|
|
| Additional Data |
|
|
|
| Number of Employees |
|
24,800 |
|
|
25,200 |
|
|
24,800 |
|
|
25,000 |
|
|
24,000 |
|
| Number of Shareholders |
|
9,868 |
|
|
10,050 |
|
|
10,329 |
|
|
10,822 |
|
|
11,433 |
|
| Average Common and Common |
|
|
|
| Equivalent Shares Outstanding– |
|
|
|
| Assuming Dilution (millions) |
|
263.6 |
|
|
268.2 |
|
|
268.8 |
|
|
263.2 |
|
|
264.6 |
|
| Depreciation and Amortization |
$ |
344.5 |
|
$ |
304.6 |
|
$ |
305.7 |
|
$ |
288.3 |
|
$ |
258.9 |
|
| Capital Expenditures |
|
261.0 |
|
|
259.7 |
|
|
370.8 |
|
|
376.4 |
|
|
311.5 |
|
|
| |
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
1995 |
|
|
1994 |
|
|
| Operations |
| Revenues |
$ |
3,116.9 |
|
$ |
2,810.5 |
|
$ |
2,769.8 |
|
$ |
2,712.5 |
|
$ |
2,559.5 |
|
| Research and Development Expense |
|
217.9 |
|
|
180.6 |
|
|
154.2 |
|
|
144.2 |
|
|
144.2 |
|
| Operating Income |
|
405.4 |
|
|
450.5 |
|
|
431.2 |
|
|
396.7 |
|
|
325.0 |
|
| Interest Expense, Net |
|
56.3 |
|
|
39.4 |
|
|
37.4 |
|
|
42.8 |
|
|
47.6 |
|
| Income Before Income Taxes and |
| Cumulative Effect of Accounting Changes |
|
340.9 |
|
|
422.6 |
|
|
393.7 |
|
|
349.6 |
|
|
296.2 |
|
| Income Tax Provision |
|
104.3 |
|
|
122.6 |
|
|
110.2 |
|
|
97.9 |
|
|
69.0 |
|
| Net Income |
|
236.6 |
|
|
300.1 |
|
|
283.4 |
|
|
251.7 |
|
|
227.2 |
|
| Basic Earnings Per Share |
|
.95 |
|
|
1.21 |
|
|
1.10 |
|
|
.92 |
|
|
.77 |
|
| Diluted Earnings Per Share |
|
.90 |
|
|
1.15 |
|
|
1.05 |
|
|
.89 |
|
|
.76 |
|
| Dividends Per Common Share |
|
.29 |
|
|
.26 |
|
|
.23 |
|
|
.21 |
|
|
.19 |
|
| |
| Financial Position |
| Current Assets |
$ |
1,542.8 |
|
$ |
1,312.6 |
|
$ |
1,276.8 |
|
$ |
1,327.5 |
|
$ |
1,326.6 |
|
| Current Liabilities |
|
1,091.9 |
|
|
678.2 |
|
|
766.1 |
|
|
720.0 |
|
|
678.3 |
|
| Property, Plant and Equipment, Net |
|
1,302.7 |
|
|
1,250.7 |
|
|
1,244.1 |
|
|
1,281.0 |
|
|
1,376.3 |
|
| Total Assets |
|
3,846.0 |
|
|
3,080.3 |
|
|
2,889.8 |
|
|
2,999.5 |
|
|
3,159.5 |
|
| Long-Term Debt |
|
765.2 |
|
|
665.4 |
|
|
468.2 |
|
|
557.6 |
|
|
669.2 |
|
| Shareholders’ Equity |
|
1,613.8 |
|
|
1,385.4 |
|
|
1,325.2 |
|
|
1,398.4 |
|
|
1,481.7 |
|
| Book Value Per Common Share |
|
6.51 |
|
|
5.68 |
|
|
5.36 |
|
|
5.37 |
|
|
5.27 |
|
| |
| Financial Relationships |
| Gross Profit Margin |
|
50.6 |
% |
|
49.7 |
% |
|
48.4 |
% |
|
47.0 |
% |
|
45.3 |
% |
| Return on Revenues |
|
7.6 |
% |
|
10.7 |
% |
|
10.2 |
% |
|
9.3 |
% |
|
8.9 |
% |
| Return on Total Assets(B) |
|
11.7 |
% |
|
15.9 |
% |
|
15.2 |
% |
|
13.3 |
% |
|
11.5 |
% |
| Return on Equity |
|
15.8 |
% |
|
22.1 |
% |
|
20.8 |
% |
|
17.5 |
% |
|
15.5 |
% |
| Debt to Capitalization(D) |
|
41.4 |
% |
|
36.3 |
% |
|
34.3 |
% |
|
35.2 |
% |
|
36.1 |
% |
| |
| Additional Data |
| Number of Employees |
|
21,700 |
|
|
18,900 |
|
|
17,900 |
|
|
18,100 |
|
|
18,600 |
|
| Number of Shareholders |
|
9,784 |
|
|
8,944 |
|
|
8,027 |
|
|
7,712 |
|
|
7,489 |
|
| Average Common and Common |
| Equivalent Shares Outstanding– |
| Assuming Dilution (millions) |
|
262.1 |
|
|
259.6 |
|
|
267.6 |
|
|
280.4 |
|
|
298.6 |
|
| Depreciation and Amortization |
$ |
228.7 |
|
$ |
209.8 |
|
$ |
200.5 |
|
$ |
207.8 |
|
$ |
203.7 |
|
| Capital Expenditures |
|
181.4 |
|
|
170.3 |
|
|
145.9 |
|
|
123.8 |
|
|
123.0 |
|
| (A) |
Includes cumulative effect of accounting change of $36.8 ($.14 per basic and diluted share). |
| (B) |
Earnings before interest expense, taxes and cumulative effect of accounting changes as a percent of average total assets. |
| (C) |
Excludes the cumulative effect of accounting changes. |
| (D) |
Total debt as a percent of the sum of total debt, shareholders’ equity and net non-current deferred income tax liabilities. |
| (E) |
Restated to reflect the change from the LIFO to FIFO inventory valuation method in 2003. |
|
|
|
