| |
 |
|
|
| (Dollars in millions, except share data) |
 |
| Statement of earnings data |
2001 |
|
2000 |
|
1999 |
|
1998 |
|
1997 |
|
| Revenue |
$4,142.8 |
|
$3,807.0 |
|
$3,452.3 |
|
$3,020.6 |
|
$2.493.5 |
| Cost of revenue (1) |
2,865.3 |
|
2,550.9 |
|
2,222.8 |
|
1,934.4 |
|
1,623.5 |
| |
|
| Gross profit |
1,277.5 |
|
1,256.1 |
|
1,229.5 |
|
1,086.2 |
|
870.0 |
|
| Research and development |
246.2 |
|
216.5 |
|
183.6 |
|
158.5 |
|
128.9 |
| Selling, general and administrative |
631.9 |
|
582.6 |
|
569.3 |
|
544.9 |
|
466.5 |
| Restructuring and related charges (1) (2) |
58.4 |
|
41.3 |
|
-- |
|
-- |
|
-- |
| |
|
| Operating income |
341.0 |
|
415.7 |
|
476.6 |
|
382.8 |
|
274.6 |
|
| Interest expense |
14.8 |
|
12.8 |
|
10.7 |
|
11.0 |
|
10.8 |
| Other |
8.4 |
|
6.5 |
|
7.0 |
|
6.4 |
|
9.1 |
| |
|
| Earnings before income taxes |
317.8 |
|
396.4 |
|
458.9 |
|
365.4 |
|
254.7 |
| Provision for income taxes (3) |
44.2 |
|
111.0 |
|
140.4 |
|
122.4 |
|
91.7 |
| |
|
| Earnings before extraordinary item |
273.6 |
|
285.4 |
|
318.5 |
|
243.0 |
|
163.0 |
| Extraordinary loss (4) |
-- |
|
-- |
|
-- |
|
-- |
|
(14.0) |
| |
|
| Net earnings |
$ 273.6 |
|
$ 285.4 |
|
$ 318.5 |
|
$ 243.0 |
|
$ 149.0 |
|
Diluted earnings per common share
before extraordinary item (5) |
$ 2.05 |
|
$ 2.13 |
|
$ 2.32 |
|
$ 1.70 |
|
$ 1.08 |
| Diluted net earnings per common share (5) |
$ 2.05 |
|
$ 2.13 |
|
$ 2.32 |
|
$ 1.70 |
|
$ 0.99 |
| Shares used in per share calculation (5) |
133.8 |
|
134.3 |
|
137.5 |
|
142.8 |
|
150.3 |
| |
|
| Statement of financial position data |
|
| Working capital |
$ 562.0 |
|
$ 264.7 |
|
$ 353.2 |
|
$ 414.3 |
|
$ 228.6 |
| Total assets |
2,449.9 |
|
2,073.2 |
|
1,702.6 |
|
1,483.4 |
|
1,208.2 |
| Total debt |
160.1 |
|
148.9 |
|
164.9 |
|
160.4 |
|
75.0 |
| Stockholders' equity |
1,075.9 |
|
777.0 |
|
659.1 |
|
578.1 |
|
500.7 |
| |
|
| Other key data |
|
| Operating income before unusual items (6) |
$ 428.7 |
|
$ 457.0 |
|
$ 476.6 |
|
$ 382.8 |
|
$ 274.6 |
Diluted earnings per share before unusual
items (5) (6) |
$ 2.23 |
|
$ 2.35 |
|
$ 2.32 |
|
$ 1.70 |
|
$ 1.08 |
| Cash from operations (7) |
$ 195.7 |
|
$ 476.3 |
|
$ 448.2 |
|
$ 300.3 |
|
$ 281.3 |
| Capital expenditures |
$ 214.4 |
|
$ 296.8 |
|
$ 220.4 |
|
$ 101.7 |
|
$ 69.5 |
| Debt to total capital ratio |
13% |
|
16% |
|
20% |
|
22% |
|
13% |
After tax return on net assets before unusual
items (6) |
26% |
|
32% |
|
37% |
|
34% |
|
24% |
Return on average equity before unusual
items (6) |
30% |
|
42% |
|
53% |
|
47% |
|
30% |
| Number of employees (8) |
12,724 |
|
13,035 |
|
10,933 |
|
8,835 |
|
7,985 |
|
| |
| (1) |
|
Restructuring and other charges in 2001 were $87.7 million ($64.5 million, net of tax) and resulted in a 48 cent 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. |
| (2) |
|
Restructuring and related charges in 2000 were $41.3 million ($29.7 million, net of tax) and resulted in a 22 cent reduction in diluted net earnings per share. |
| (3) |
|
Provision for income taxes in 2001 includes a $40 million non-recurring benefit from the resolution of income tax matters. |
| (4) |
|
Represents extraordinary after-tax loss caused by the early extinguishment of the company's senior subordinated notes. |
| (5) |
|
All data prior to 1999 has been restated to reflect a two-for-one stock split on June 10, 1999. |
| (6) |
|
Unusual item in 2001 represents the restructuring and other charges discussed in (1) above and the resolution of income tax matters discussed in (3) above. Unusual item in 2000 represents the restructuring and related charges discussed in (2) above. Unusual item in 1997 represents the extraordinary after-tax loss discussed in (4) above. |
| (7) |
|
Cash flows from investing and financing activities, which are not presented, are integral components of total cash flow activity. |
| (8) |
|
Represents the number of full-time equivalent employees at December 31 of each year. |
| |
|
|
