Exhibit 99.1
ITEM 6. SELECTED FINANCIAL DATA
The Company made significant acquisitions during the five-year period presented below that affect comparability of results. Refer to Note F Acquisitions of the Notes to Consolidated Financial Statements in Item 8 for further information. Additionally, the information below, as discussed in Note T, Discontinued Operations, has been recast to remove the effects of discontinued operations, such that all years are comparable (in millions, except per share amounts):
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Continuing Operations: | ||||||||||||||||||||
Net sales | $ | 4,383 | $ | 3,919 | $ | 3,198 | $ | 2,930 | $ | 2,485 | ||||||||||
Net earnings | $ | 326 | $ | 279 | $ | 262 | $ | 229 | $ | 88 | ||||||||||
Basic earnings per share: | ||||||||||||||||||||
Continuing operations | $ | 3.96 | $ | 3.41 | $ | 3.15 | $ | 2.79 | $ | 1.05 | ||||||||||
Discontinued operations | $ | 0.13 | $ | 0.13 | $ | 0.09 | $ | 1.68 | $ | 0.24 | ||||||||||
Total basic earnings per share | $ | 4.09 | $ | 3.54 | $ | 3.23 | $ | 4.47 | $ | 1.28 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Continuing operations | $ | 3.88 | $ | 3.34 | $ | 3.07 | $ | 2.72 | $ | 1.04 | ||||||||||
Discontinued operations | $ | 0.13 | $ | 0.12 | $ | 0.09 | $ | 1.64 | $ | 0.23 | ||||||||||
Total diluted earnings per share | $ | 4.00 | $ | 3.46 | $ | 3.16 | $ | 4.36 | $ | 1.27 | ||||||||||
Percent of net sales: | ||||||||||||||||||||
Cost of sales | 62.2 | % | 63.9 | % | 64.2 | % | 63.3 | % | 65.8 | % | ||||||||||
Selling, general and administrative | 23.7 | % | 23.8 | % | 22.5 | % | 23.2 | % | 24.7 | % | ||||||||||
Interest, net | 1.8 | % | 1.7 | % | 1.1 | % | 1.2 | % | 1.1 | % | ||||||||||
Other, net | 2.0 | % | 1.4 | % | 1.4 | % | 1.5 | % | 1.6 | % | ||||||||||
Earnings before income taxes | 9.9 | % | 8.9 | % | 10.7 | % | 10.6 | % | 4.8 | % | ||||||||||
Net earnings | 7.4 | % | 7.1 | % | 8.2 | % | 7.8 | % | 3.5 | % | ||||||||||
Balance sheet data: | ||||||||||||||||||||
Total assets | $ | 4,780 | $ | 3,935 | $ | 3,545 | $ | 2,851 | $ | 2,424 | ||||||||||
Long-term debt | $ | 1,212 | $ | 679 | $ | 895 | $ | 482 | $ | 514 | ||||||||||
Shareowners’ equity* | $ | 1,729 | $ | 1,552 | $ | 1,445 | $ | 1,237 | $ | 885 | ||||||||||
Ratios: | ||||||||||||||||||||
Current ratio | 1.4 | 1.4 | 2.2 | 1.7 | 1.6 | |||||||||||||||
Total debt to total capital | 46.5 | % | 39.2 | % | 42.4 | % | 32.1 | % | 43.2 | % | ||||||||||
Income tax rate — continuing operations | 25.2 | % | 19.9 | % | 23.5 | % | 26.5 | % | 25.5 | % | ||||||||||
Return on average equity — continuing operations | 19.9 | % | 18.6 | % | 19.6 | % | 21.6 | % | 9.3 | % | ||||||||||
Common stock data: | ||||||||||||||||||||
Dividends per share | $ | 1.22 | $ | 1.18 | $ | 1.14 | $ | 1.08 | $ | 1.03 | ||||||||||
Equity per share at year-end | $ | 21.50 | $ | 18.96 | $ | 17.24 | $ | 15.01 | $ | 10.88 | ||||||||||
Market price per share — high | $ | 64.25 | $ | 54.59 | $ | 51.75 | $ | 49.33 | $ | 38.03 | ||||||||||
Market price per share — low | $ | 47.01 | $ | 41.60 | $ | 41.51 | $ | 36.42 | $ | 20.84 | ||||||||||
Average shares outstanding (in 000’s): | ||||||||||||||||||||
Basic | 82,313 | 81,866 | 83,347 | 82,058 | 84,143 | |||||||||||||||
Diluted | 84,046 | 83,704 | 85,406 | 84,244 | 84,839 | |||||||||||||||
Other information: | ||||||||||||||||||||
Average number of employees | 17,334 | 16,699 | 13,605 | 12,817 | 12,330 | |||||||||||||||
Shareowners of record at end of year | 12,482 | 12,755 | 13,137 | 13,238 | 13,915 |
* | Shareowners’ equity was reduced by $14 million in fiscal 2007 for the adoption of FIN 48, “Accounting for Uncertainty in Income Taxes — an Interpretation of SFAS No. 109”. Shareowners’ equity as of December 30, 2006 decreased $61 million from the adoption of SFAS 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans-an amendment of FASB Statements NO. 87, 88, 106 an 132(R)”. Refer to Note A Significant Accounting Policies and Note M Employee Benefit Plans of the Notes to Consolidated Financial Statements in Item 8 for further information. |
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