Honeywell 2003 Annual Report Download - page 327

SELECTED FINANCIAL DATA Honeywell International Inc.
Years Ended December 31,
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(Dollars in Millions, Except Per Share Amounts) 2003 2002 2001 2000 1999 1998
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RESULTS OF OPERATIONS
Net sales ..................................... $23,103 $22,274 $23,652 $25,023 $23,735 $23,555
Net income (loss) (1) ......................... 1,324 (220) (99) 1,659 1,541 1,903
PER COMMON SHARE
Net earnings (loss):
Basic ...................................... 1.54 (0.27) (0.12) 2.07 1.95 2.38
Assuming dilution .......................... 1.54 (0.27) (0.12) 2.05 1.90 2.34
Dividends ..................................... 0.75 0.75 0.75 0.75 0.68 0.60
FINANCIAL POSITION AT YEAR-END
Property, plant and equipment--net ............ 4,295 4,055 4,933 5,230 5,630 5,600
Total assets .................................. 29,344 27,565 24,226 25,175 23,527 22,738
Short-term debt ............................... 199 370 539 1,682 2,609 2,190
Long-term debt ................................ 4,961 4,719 4,731 3,941 2,457 2,776
Total debt .................................... 5,160 5,089 5,270 5,623 5,066 4,966
Shareowners' equity ........................... 10,729 8,925 9,170 9,707 8,599 8,083
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Note: Commencing January 1, 2002, we ceased amortization of goodwill and
indefinite-lived intangible assets. See Note 13 of Notes to Financial Statements
for further details.
(1) In 2003, includes the cumulative after-tax charge of $20 million, or $0.02
per share, for the adoption of SFAS No. 143. In 2003, also includes net
repositioning, environmental and other charges, gains on sales of
non-strategic businesses and a gain related to the settlement of a patent
infringement lawsuit resulting in a net after-tax charge of $22 million, or
$0.03 per share. In 2002, includes net repositioning, litigation, business
impairment and other charges and gains on sales of non-strategic businesses
resulting in a net after-tax charge of $1,864 million, or $2.27 per share.
In 2001, includes net repositioning, litigation, business impairment and
other charges resulting in an after-tax charge of $1,771 million, or $2.18
per share. In 2000, includes net repositioning, litigation, business
impairment and other charges and a gain on the sale of the TCAS product
line of Honeywell Inc. resulting in a net after-tax charge of $634 million,
or $0.78 per share. In 1999, includes merger, repositioning and other
charges and gains on the sales of our Laminate Systems business and our
investment in AMP Incorporated common stock resulting in a net after-tax
charge of $624 million, or $0.78 per share. In 1998, includes repositioning
charges, a gain on settlement of litigation claims and a tax benefit
resulting from the favorable resolution of certain prior-year research and
development tax claims resulting in a net after-tax charge of $4 million,
with no impact on the per share amount.
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