| |
Five-Year Financial
Summary
(millions of dollars, except per share data)
| Year Ended
December 31, |
2000 |
1999 |
1998 |
1997 |
1996 |
| . |
|
|
|
|
|
| From
the Income Statement |
|
|
|
|
|
| Sales |
$5,043 |
$4,639 |
$4,833 |
$4,735 |
$4,449 |
| Cost of
sales |
3,075(a) |
2,732 |
2,807 |
2,764 |
2,564 |
| Selling,
general and administrative |
683(a) |
641 |
644 |
662 |
688 |
| Depreciation
and amortization |
471 |
445 |
467 |
444 |
420 |
| Research
and development |
65 |
67 |
72 |
79 |
72 |
| Other income
(expenses)-net(a) |
(42) |
77 |
13 |
52 |
(58) |
| . |
|
|
|
|
|
| Operating
profit |
707 |
831 |
856 |
838 |
647 |
| Interest
expense |
224 |
204 |
260 |
216 |
195 |
| . |
|
|
|
|
|
| Income
before taxes |
483 |
627 |
596 |
622 |
452 |
| Income
taxes |
103 |
152 |
127(a) |
151 |
110 |
| . |
|
|
|
|
|
| Income
of consolidated entities |
380 |
475 |
469 |
471 |
342 |
| Minority
interests |
(27) |
(45) |
(55) |
(66) |
(68) |
| Income
from equity investments |
10(a) |
11 |
11 |
11 |
8 |
| . |
|
|
|
|
|
| Income
before cumulative effect of accounting changes |
363 |
441 |
425 |
416 |
282 |
| Cumulative
effect of accounting changes(b) |
- |
(10) |
- |
(11) |
- |
| . |
|
|
|
|
|
| Net income
|
$
363 |
$
431 |
$
425 |
$ 405 |
$
282 |
| . |
|
|
|
|
|
| Per
Share Data(b) |
|
|
|
|
|
| Basic earnings
per share: |
|
|
|
|
|
| Income
before cumulative effect of accounting changes |
$
2.28 |
$
2.77 |
$
2.68 |
$
2.63 |
$
1.85 |
| Net income
|
$
2.28 |
$
2.71 |
$
2.68 |
$
2.56 |
$
1.85 |
| Diluted
earnings per share: |
|
|
|
|
|
| Income
before cumulative effect of accounting changes |
$
2.25 |
$
2.72 |
$
2.60 |
$
2.53 |
$
1.77 |
| Net income
|
$
2.25 |
$
2.66 |
$
2.60 |
$
2.46 |
$
1.77 |
| Cash dividends
per share |
$
0.62 |
$
0.56 |
$
0.50 |
$ 0.44 |
$
0.38 |
| . |
|
|
|
|
|
| Weighted
Average Shares Outstanding (000's) |
|
|
|
|
|
| Basic shares
outstanding |
159,123 |
159,280 |
158,462 |
158,095 |
152,654 |
| Diluted
shares outstanding |
161,092 |
162,222 |
163,356 |
164,053 |
159,038 |
| . |
|
|
|
|
|
| Capital
|
|
|
|
|
|
| Total debt |
$3,141 |
$2,995 |
$3,274 |
$3,305 |
$3,265 |
| Minority
interests |
138 |
359 |
487 |
521 |
493 |
| Preferred
stock |
20 |
75 |
75 |
75 |
75 |
| Shareholders'
equity |
2,357 |
2,290 |
2,332 |
2,122 |
1,924 |
| . |
|
|
|
|
|
| Total capital |
$5,656 |
$5,719 |
$6,168 |
$6,023 |
$5,757 |
| . |
|
|
|
|
|
| Other
Information and Ratios |
|
|
|
|
|
| Operating
profit as a percentage of sales(a) |
17.2% |
17.9% |
18.3% |
17.9% |
16.5% |
| After-tax
return on capital(a,c) |
12.0% |
11.1% |
11.1% |
11.1% |
12.7% |
| Capital
expenditures |
$
704 |
$
653 |
$
781 |
$
902 |
$
893 |
| Cash flow
from operations |
$
899 |
$
969 |
$
944 |
$
769 |
$
627 |
| Total assets |
$7,762 |
$7,722 |
$8,096 |
$7,810 |
$7,538 |
| Shares
outstanding at year-end (000's) |
159,379 |
159,048 |
157,571 |
157,373 |
157,489 |
| Debt-to-capital
ratio |
55.50% |
52.40% |
53.10% |
54.90% |
56.70% |
| Number
of employees |
23,430 |
24,102 |
24,834 |
25,388 |
25,271(d) |
|
|
(a) In
2000, operating profit includes a $159 million pre-tax charge and
income from equity investments includes a $2 million charge ($117
million after tax, or $0.73 per diluted share) related to repositioning
and special charges (shown $47 million in cost of sales; $21 million
in selling, general and administrative expenses; and $91 million
in other income (expenses)-net. In 1998, other income (expenses)-net
includes special charges of $29 million. See Note 2 to the consolidated
financial statements for a description of these 2000 and 1998 charges.
Other income (expenses)-net in 1997 includes a $10 million special
charge related primarily to profit improvement initiatives in the
North American packaged gases business, and in 1996 includes an
$85 million special charge related to CBI integration activities.
1998 income taxes include $18 million special tax credits. Operating
profit as a percentage of sales excludes the impact of these special
charges. After-tax return on capital excludes these special items
and is based on income before cumulative effect of accounting changes.
(b)
1999 net income includes the cumulative effect of a change in accounting
for previously capitalized start-up costs of $10 million or $0.06
per share for both basic and diluted earnings per share. 1997 net
income includes the cumulative effect of a change in accounting
for previously capitalized business process reengineering and information
technology transformation costs of $11 million or $0.07 per share
for both basic and diluted earnings per share.
(c) After-tax
return on capital is defined as after-tax operating profit plus
income from equity investments, divided by average capital.
(d) Number
of employees excludes those at facilities held for sale.
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