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.