Selected Financial Data — Five-Year Review

 
(in millions of dollars, except per share data) 2004    2003 2002 2001 2000
   
Summary of Operations:    
Net revenues $89,610    $81,320 $79,933 $80,376 $73,301
United States export sales 3,493    3,528 3,654 3,866 4,347
Cost of sales 33,959    31,573 32,491 33,644 29,600
Federal excise taxes on products 3,694    3,698 4,229 4,418 4,537
Foreign excise taxes on products 21,953    17,430 13,997 12,791 12,733
Operating income 15,180    15,759 16,448 15,535 14,727
Interest and other debt expense, net 1,176    1,150 1,134 1,418 719
Earnings from continuing operations before income taxes,    
  minority interest and cumulative effect of accounting change 14,004    14,609 17,945 14,117 14,008
Pre-tax profit margin from continuing operations 15.6%    18.0% 22.5% 17.6% 19.1%
Provision for income taxes 4,540    5,097 6,368 5,326 5,416
Earnings from continuing operations before minority interest    
  and cumulative effect of accounting change 9,464    9,512 11,577 8,791 8,592
Minority interest in earnings from continuing operations, and
  equity earnings, net
44   
391
556
302
127
Earnings from continuing operations before cumulative
  effect of accounting change
9,420   
9,121
11,021
8,489
8,465
(Loss) earnings from discontinued operations, net of income
  taxes and minority interest
(4)   
83
81
77
45
Cumulative effect of accounting change     (6)
Net earnings 9,416    9,204 11,102 8,560 8,510
Basic EPS —continuing operations
 4.60    4.50 5.22 3.89 3.75
—discontinued operations
      0.04 0.04 0.04 0.02
—cumulative effect of accounting change
     (0.01)
—net earnings
 4.60    4.54 5.26 3.92 3.77
Diluted EPS —continuing operations
 4.57    4.48 5.18 3.84 3.73
—discontinued operations
 (0.01)    0.04 0.03 0.04 0.02
—cumulative effect of accounting change
     (0.01)
—net earnings
 4.56    4.52 5.21 3.87 3.75
Dividends declared per share 2.82    2.64 2.44 2.22 2.02
Weighted average shares (millions)—Basic 2,047    2,028 2,111 2,181 2,260
Weighted average shares (millions)—Diluted 2,063    2,038 2,129 2,210 2,272
Capital expenditures 1,913    1,974 2,009 1,922 1,682
Depreciation 1,590    1,431 1,324 1,323 1,126
Property, plant and equipment, net (consumer products) 16,305    16,067 14,846 15,137 15,303
Inventories (consumer products) 10,041    9,540 9,127 8,923 8,765
Total assets 101,648    96,175 87,540 84,968 79,067
Total long-term debt 18,683    21,163 21,355 18,651 19,154
Total debt —consumer products
 20,759    22,329 21,154 20,098 27,196
—financial services
 2,221    2,210 2,166 2,004 1,926
Total deferred income taxes 11,305    10,943 9,739 8,622 4,750
Stockholders’ equity 30,714    25,077 19,478 19,620 15,005
Common dividends declared as a % of Basic EPS 61.3%    58.1% 46.4% 56.6% 53.6%
Common dividends declared as a % of Diluted EPS 61.8%    58.4% 46.8% 57.4% 53.9%
Book value per common share outstanding 14.91    12.31 9.55 9.11 6.79
Market price per common share—high/low 61.88-44.50    55.03-27.70 57.79-35.40 53.88-38.75 45.94-18.69
Closing price of common share at year end 61.10    54.42 40.53 45.85 44.00
Price/earnings ratio at year end—Basic 13    12 8 12 12
Price/earnings ratio at year end—Diluted 13    12 8 12 12
Number of common shares outstanding at year end (millions) 2,060    2,037 2,039 2,153 2,209
Number of employees 156,000    165,000 166,000 175,000 178,000