 |
|
|
|
|
|
|
| (Dollars in millions, except per share data) |
|
| Statement of earnings data |
2002 |
|
2001 |
|
2000 |
|
1999 |
|
1998 |
|
| Revenue (1) |
$4,356.4 |
|
$4,104.3 |
|
$3,767.3 |
|
$3,413.7 |
|
$2,978.2 |
| Cost of revenue (2) |
2,985.8 |
|
2,865.3 |
|
2,550.9 |
|
2,222.8 |
|
1,934.4 |
|
|
| Gross profit |
1,370.6 |
|
1,239.0 |
|
1,216.4 |
|
1,190.9 |
|
1,043.8 |
|
| Research and development |
247.9 |
|
246.2 |
|
216.5 |
|
183.6 |
|
158.5 |
| Selling, general and administrative (1) |
617.8 |
|
593.4 |
|
542.9 |
|
530.7 |
|
502.5 |
| Restructuring and related (reversal) charges (2) (3) (4) |
(5.9) |
|
58.4 |
|
41.3 |
|
-- |
|
-- |
|
|
| Operating income |
510.8 |
|
341.0 |
|
415.7 |
|
476.6 |
|
382.8 |
|
| Interest expense |
9.0 |
|
14.8 |
|
12.8 |
|
10.7 |
|
11.0 |
| Other |
6.2 |
|
8.4 |
|
6.5 |
|
7.0 |
|
6.4 |
|
|
| Earnings before income taxes |
495.6 |
|
317.8 |
|
396.4 |
|
458.9 |
|
365.4 |
| Provision for income taxes (5) |
128.9 |
|
44.2 |
|
111.0 |
|
140.4 |
|
122.4 |
|
|
| Net Earnings |
366.7 |
|
273.6 |
|
285.4 |
|
318.5 |
|
243.0 |
| Diluted net earnings per common share (6) |
2.79 |
|
2.05 |
|
2.13 |
|
2.32 |
|
1.70 |
| Shares used in per share calculation (6) |
131.6 |
|
133.8 |
|
134.3 |
|
137.5 |
|
142.8 |
|
| Statement of financial position data |
|
| Working capital |
$ 699.8 |
|
$ 562.0 |
|
$ 264.7 |
|
$ 353.2 |
|
$ 414.3 |
| Total assets |
2,808.1 |
|
2,449.9 |
|
2,073.2 |
|
1,702.6 |
|
1,483.4 |
| Total debt |
161.5 |
|
160.1 |
|
148.9 |
|
164.9 |
|
160.4 |
| Stockholders' equity |
1,081.6 |
|
1,075.9 |
|
777.0 |
|
659.1 |
|
578.1 |
|
| Other key data |
|
| Cash from operations (7) |
$ 815.6 |
|
$ 195.7 |
|
$ 476.3 |
|
$ 448.2 |
|
$ 300.3 |
| Capital expenditures |
$ 111.7 |
|
$ 214.4 |
|
$ 296.8 |
|
$ 220.4 |
|
$ 101.7 |
| Debt to total capital ratio (8) |
13% |
|
13% |
|
16% |
|
20% |
|
22% |
| Number of employees (9) |
12,068 |
|
12,724 |
|
13,035 |
|
10,933 |
|
8,835 |
|
| (1) |
|
All data prior to 2002 has been reclassified in accordance with EITF 00-25 and clarified by EITF 01-9, resulting in a reduction to both revenue and selling, general and administrative expense in the amount of $38.5 million in 2001, $39.7 million in 2000, $38.6 million in 1999 and $42.4 million in 1998. |
| (2) |
|
Amounts include the impact of restructuring and other charges in 2001 of $87.7 million ($64.5 million, net of tax) which resulted in a $0.48 reduction in diluted net earnings per share. Inventory write-offs of $29.3 million associated with the restructuring actions were included in cost of revenue. |
| (3) |
|
Amounts include the impact of restructuring and related charges in 2000 of $41.3 million ($29.7 million, net of tax) which resulted in a $0.22 reduction in diluted net earnings per share. |
| (4) |
|
Amounts include the benefit of a ($5.9) million (($4.4) million net of tax) reversal of restructuring and other charges in 2002, which resulted in a $0.03 increase in diluted net earnings per share. |
| (5) |
|
Provision for income taxes in 2001 includes a $40 million benefit from the resolution of income tax matters, which resulted in a $0.30 increase in diluted net earnings per share. |
| (6) |
|
All data prior to 1999 has been restated to reflect a two-for-one stock split on June 10, 1999. |
| (7) |
|
Cash flows from investing and financing activities, which are not presented, are integral components of total cash flow activity. |
| (8) |
|
The debt to total capital ratio is computed by dividing total debt (which includes both short-term and long-term debt) by the sum of total debt and stockholders' equity. |
| (9) |
|
Represents the number of full-time equivalent employees at December 31 of each year. |
| |
|
|
|
|
|
|
