|
Financial Statements
|
|
| Consolidated Statements of Income |
| Years Ended September 30 |
| Thousands of dollars, except per-share amounts |
| |
| |
|
2004 |
|
|
2003 |
|
|
2002 |
|
|
| Operations |
|
|
|
|
|
|
|
|
|
| Revenues |
$ |
4,934,745 |
|
$ |
4,463,509 |
|
$ |
3,960,359 |
|
| |
|
|
|
|
|
|
|
|
|
| Cost of products sold |
2,500,362 |
|
|
2,296,637 |
|
|
2,049,475 |
|
| Selling and administrative expense |
1,311,467 |
|
|
1,181,403 |
|
|
1,007,696 |
|
| Research and development expense |
|
235,649 |
|
|
224,237 |
|
|
207,204 |
|
| Special charges |
|
— |
|
|
— |
|
|
21,508 |
|
| Litigation settlement |
|
100,000 |
|
|
— |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
| Total Operating Costs and Expenses |
4,147,478 |
|
|
3,702,277 |
|
|
3,285,883 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Operating Income |
|
787,267 |
|
|
761,232 |
|
|
674,476 |
|
| |
|
|
|
|
|
|
|
|
|
| Interest expense, net |
|
(29,607 |
) |
|
(36,549 |
) |
|
(33,243 |
) |
| Other expense, net |
|
(4,792 |
) |
|
(2,725 |
) |
|
(13,766 |
) |
|
| |
|
|
|
|
|
|
|
|
|
| Income From Continuing Operations |
|
|
|
|
|
|
|
|
|
| Before Income Taxes |
|
752,868 |
|
|
721,958 |
|
|
627,467 |
|
| |
|
|
|
|
|
|
|
|
|
| Income tax provision |
|
170,364 |
|
|
167,028 |
|
|
148,115 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Income from Continuing Operations |
|
582,504 |
|
|
554,930 |
|
|
479,352 |
|
|
| |
|
|
|
|
|
|
|
|
|
| (Loss) income from Discontinued Operations |
|
|
|
|
|
|
|
|
|
| Net of income tax (benefit) provision |
|
|
|
|
|
|
|
|
|
| of ($7,961), ($4,378) and $492 |
|
(115,102 |
) |
|
(7,874 |
) |
|
630 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Net Income |
$ |
467,402 |
|
$ |
547,056 |
|
$ |
479,982 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Basic Earnings Per Share |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Income from Continuing Operations |
$ |
2.30 |
|
$ |
2.17 |
|
$ |
1.85 |
|
| Loss from Discontinued Operations |
$ |
(0.46 |
) |
$ |
(0.03 |
) |
$ |
— |
|
| Basic Earnings Per Share |
$ |
1.85 |
|
$ |
2.14 |
|
$ |
1.85 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Diluted Earnings Per Share |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Income from Continuing Operations |
$ |
2.21 |
|
$ |
2.10 |
|
$ |
1.79 |
|
| Loss from Discontinued Operations |
$ |
(0.44 |
) |
$ |
(0.03 |
) |
$ |
— |
|
| Diluted Earnings Per Share |
$ |
1.77 |
|
$ |
2.07 |
|
$ |
1.79 |
|
|
See notes to consolidated financial statements |
|
|
|
