Consolidated Statement of Income
(millions of dollars, except per share data)

 

Year Ended December 31, 2000 1999 1998
Sales $5,043 $4,639 $4,833
Cost of sales, exclusive of depreciation and amortization 3,075 2,732 2,807
Selling, general and administrative 683 641 644
Depreciation and amortization 471 445 467
Research and development 65 67 72
Other income (expenses)-net (42) 77 13
.
Operating Profit 707 831 856
Interest expense 224 204 260
.
Income Before Taxes 483 627 596
Income taxes 103 152 127
.
Income of Consolidated Entities 380 475 469
Minority interests (27) (45) (55)
Income from equity investments 10 11 11
.
Income Before Cumulative Effect of Accounting Change 363 441 425
Cumulative effect of accounting change - (10) -
.
Net Income $363 $431 $425
.
Basic Earnings per Share:
Income before cumulative effect of accounting change $2.28 $2.77 $2.68
Cumulative effect of accounting change - (.06) -
Net income $2.28 $2.71 $2.68
.
Diluted Earnings per Share:
Income before cumulative effect of accounting change $2.25 $2.72 $2.60
Cumulative effect of accounting change - (.06) -
Net income $2.25 $2.66 $2.60
.
Weighted Average Shares Outstanding (000's):
Basic shares outstanding 159,123 159,280 158,462
Diluted shares outstanding 161,092 162,222 163,356

The accompanying notes are an integral part of these financial statements. View them throught the navigation at the top in the Financial Section under Notes to Consolidated Financial Statements or through the Financial Index.