(in millions of dollars, except per share data)
|
 |
|
| for the years ended December 31, |
|
2003 |
|
|
2002 |
|
2001 |
|
|
|
|
Net revenues |
|
$81,832 |
|
|
$80,408 |
|
$80,879 |
|
|
|
Cost of sales |
|
31,870 |
|
|
32,748 |
|
33,900 |
|
|
|
Excise taxes on products |
|
21,128 |
|
|
18,226 |
|
17,209 |
|
|
|
|
Gross profit |
|
28,834 |
|
|
29,434 |
|
29,770 |
|
|
|
Marketing, administration and research costs |
|
12,602 |
|
|
12,282 |
|
12,461 |
|
|
|
Domestic tobacco legal settlement |
|
202 |
|
|
|
|
|
|
|
|
Domestic tobacco headquarters relocation charges |
|
69 |
|
|
|
|
|
|
|
|
Gains on sales of businesses |
|
(31) |
|
|
(80) |
|
(8) |
|
|
|
Integration costs and a loss on sale of a food factory |
|
(13) |
|
|
111 |
|
82 |
|
|
|
Asset impairment and exit costs |
|
86 |
|
|
223 |
|
19 |
|
|
|
Provision for airline industry exposure |
|
|
|
|
290 |
|
|
|
|
|
Litigation related expense |
|
|
|
|
|
|
500 |
|
|
|
Amortization of intangibles |
|
9 |
|
|
7 |
|
1,014 |
|
|
|
|
Operating income |
|
15,910 |
|
|
16,601 |
|
15,702 |
|
|
|
Gain on Miller Brewing Company transaction |
|
|
|
|
(2,631) |
|
|
|
|
|
Interest and other debt expense, net |
|
1,150 |
|
|
1,134 |
|
1,418 |
|
|
|
|
Earnings before income taxes, minority interest and
cumulative effect of accounting change |
|
14,760 |
|
|
18,098 |
|
14,284 |
|
|
|
Provision for income taxes |
|
5,151 |
|
|
6,424 |
|
5,407 |
|
|
|
|
Earnings before minority interest and
cumulative effect of accounting change |
|
9,609 |
|
|
11,674 |
|
8,877 |
|
|
|
Minority interest in earnings and other, net |
|
405 |
|
|
572 |
|
311 |
|
|
|
|
Earnings before cumulative effect of accounting change |
|
9,204 |
|
|
11,102 |
|
8,566 |
|
|
|
Cumulative effect of accounting change |
|
|
|
|
|
|
(6) |
|
|
|
|
Net earnings |
|
$ 9,204 |
|
|
$11,102 |
|
$ 8,560 |
|
|
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share before
cumulative effect of accounting change |
|
$ 4.54 |
|
|
$ 5.26 |
|
$ 3.93 |
|
|
|
Cumulative effect of accounting change |
|
|
|
|
|
|
(0.01) |
|
|
|
|
Basic earnings per share |
|
$ 4.54 |
|
|
$ 5.26 |
|
$ 3.92 |
|
|
|
|
Diluted earnings per share before
cumulative effect of accounting change |
|
$ 4.52 |
|
|
$ 5.21 |
|
$ 3.88 |
|
|
|
Cumulative effect of accounting change |
|
|
|
|
|
|
(0.01) |
|
|
|
|
Diluted earnings per share |
|
$ 4.52 |
|
|
$ 5.21 |
|
$ 3.87 |
|
|
|
See notes to consolidated financial statements. |
