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| Financial Highlights
|
| In millions except per share amounts |
2003 |
2002 |
% Change |
| Common Stock Data |
|
|
|
| Reported (GAAP) earnings per share |
$ 1.66 |
$ 3.20 |
|
Cumulative effects of changes in accounting principles |
$ (1.19) |
- |
|
Special items* |
$ 0.09 |
$ 0.68 |
|
| Earnings per share excluding cumulative effects of changes in
accounting principles and special items** |
$ 2.76 |
$ 2.52 |
9.5% |
| Dividends declared per share |
$ 1.04 |
$ 0.96 |
8.3% |
| Average shares outstanding - assuming dilution |
166.7 |
164.2 |
|
| Market price per share - year end |
$ 39.16 |
$ 27.82 |
40.8% |
| |
|
|
|
| Financial Data |
|
|
|
| Total revenues |
$ 9,703 |
$ 4,727 |
|
| GAAP net income |
$ 277 |
$ 526 |
|
Cumulative effects of changes in accounting principles |
$ (198) |
- |
|
Special items (after-tax)* |
$ 14 |
$ 112 |
|
| Net income excluding cumulative effects of changes
in accounting principles and special items** |
$ 461 |
$ 414 |
|
| Total assets |
$15,801 |
$14,943 |
|
| Total debt |
$ 5,392 |
$ 5,051 |
|
| Total common equity |
$ 4,141 |
$ 3,862 |
|
| Capital expenditures |
$ 761 |
$ 923 |
|
Certain prior year amounts have been reclassified to conform with current year's presentation.
* Includes workforce reduction costs, impairment losses and other costs, and net gain on sale of investments and other assets.
** Represents a measure that is not determined in accordance with generally accepted accounting principles (GAAP) and should not
be considered as an alternative to the comparable amount under GAAP. However, we believe that the impact of special items obscures trends in our results and that it is useful to consider our results excluding such items.
2001 Earnings: For 2001, our GAAP earnings per share were $0.57. Excluding cumulative effect of change in accounting principle of $0.05 and special items* of $(1.89), our earnings per share were $2.41. |
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