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| Praxair,
Inc. and Subsidiaries (Dollar amounts in millions, except per share data) YEAR ENDED DECEMBER 31, |
2003
|
2002
|
2001
|
 |
|
|
|
| Sales |
$5,613
|
$5,128
|
$5,158
|
| Cost of sales, exclusive of depreciation and amortization |
3,328
|
2,950
|
3,060
|
| Selling, general and administrative |
766
|
751
|
699
|
| Depreciation and amortization |
517
|
483
|
499
|
| Research and development |
75
|
69
|
66
|
| Other income (expenses) net |
(5)
|
48
|
(34)
|
|
|
|
|
|
| OPERATING PROFIT |
922
|
923
|
800
|
| Interest expense |
151
|
206
|
224
|
|
|
|
|
|
| INCOME BEFORE TAXES |
771
|
717
|
576
|
| Income taxes |
174
|
158
|
135
|
|
|
|
|
|
|
597
|
559
|
441
|
|
| Minority interests |
(24)
|
(20)
|
(18)
|
| Income from equity investments |
12
|
9
|
9
|
|
|
|
|
|
| INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES |
585
|
548
|
432
|
| Cumulative effect of accounting changes |
—
|
(139)
|
(2)
|
|
|
|
|
|
| NET INCOME |
$ 585
|
$ 409
|
$ 430
|
 |
|
|
|
| PER SHARE DATA (Note 1) | |||
| Basic Earnings per Share | |||
| Income
before cumulative effect of accounting changes |
$ 1.79
|
$ 1.68
|
$ 1.34
|
| Cumulative
effect of accounting changes |
—
|
(0.42)
|
(0.01)
|
|
|
|
|
|
| Net
income |
$ 1.79
|
$ 1.26
|
$ 1.33
|
| Diluted Earnings per Share | |||
| Income
before cumulative effect of accounting changes |
$ 1.77
|
$ 1.66
|
$ 1.32
|
| Cumulative
effect of accounting changes |
—
|
(0.42)
|
(0.01)
|
|
|
|
|
|
| Net
income |
$ 1.77
|
$ 1.24
|
$ 1.31
|
| WEIGHTED AVERAGE SHARES OUTSTANDING (000’s) (Note 1) | |||
| Basic
shares outstanding |
326,388
|
325,536
|
323,020
|
| Diluted
shares outstanding |
330,991
|
329,489
|
327,014
|
|
|
|
|
| The accompanying Notes are an integral part of these financial statements. | |||
