Consolidated Statements of Stockholders’ Equity

(in millions of dollars, except per share data)

																Accumulated Other Comprehensive Earnings (Losses)
			Common Stock					Additional Paid-in Capital					Earnings Reinvested in the Business					Currency Translation Adjustments					Other					Total					Cost of Repurchased Stock					Total Stockholders' Equity
	Balances, January 1, 2001		$935					$—					$33,481					$(2,864	)				$(86	)				$(2,950	)				$(16,461	)				$15,005
	Comprehensive earnings:
	Net earnings												8,560																									8,560
	Other comprehensive earnings (losses),
	net of income taxes:
	Currency translation adjustments																	(753	)									(753	)									(753	)
	Additional minimum pension liability																						(89	)				(89	)									(89	)
	Change in fair value of derivatives
	accounted for as hedges																						33					33										33
	Total other comprehensive losses																																					(809	)
	Total comprehensive earnings																																					7,751
	Exercise of stock options and issuance
	of other stock awards							138					70																				747					955
	Cash dividends declared ($2.22 per share)												(4,842	)																								(4,842	)
	Stock repurchased																																(4,000	)				(4,000	)
	Sale of Kraft Foods Inc. common stock							4,365										379					7					386										4,751
	Balances, December 31, 2001		935					4,503					37,269					(3,238	)				(135	)				(3,373	)				(19,714	)				19,620
	Comprehensive earnings:
	Net earnings												11,102																									11,102
	Other comprehensive earnings (losses),
	net of income taxes:
	Currency translation adjustments																	287										287										287
	Additional minimum pension liability																						(760	)				(760	)									(760	)
	Change in fair value of derivatives
	accounted for as hedges																						(110	)				(110	)									(110	)
	Total other comprehensive losses																																					(583	)
	Total comprehensive earnings																																					10,519
	Exercise of stock options and issuance
	of other stock awards							139					15																				563					717
	Cash dividends declared ($2.44 per share)												(5,127	)																								(5,127	)
	Stock repurchased																																(6,251	)				(6,251	)
	Balances, December 31, 2002		935					4,642					43,259					(2,951	)				(1,005	)				(3,956	)				(25,402	)				19,478
	Comprehensive earnings:
	Net earnings												9,204																									9,204
	Other comprehensive earnings (losses),
	net of income taxes:
	Currency translation adjustments																	1,373										1,373										1,373
	Additional minimum pension liability																						464					464										464
	Change in fair value of derivatives
	accounted for as hedges																						(6	)				(6	)									(6	)
	Total other comprehensive earnings																																					1,831
	Total comprehensive earnings																																					11,035
	Exercise of stock options and issuance
	of other stock awards							171					(93	)																			537					615
	Cash dividends declared ($2.64 per share)												(5,362	)																								(5,362	)
	Stock repurchased																																(689	)				(689	)
	Balances, December 31, 2003		$935					$4,813					$47,008					$(1,578	)				$(547	)				$(2,125	)				$(25,554	)				$25,077

See notes to consolidated financial statements.