 |
 |
 |
Selling, general and administrative expenses
(307.4)
(273.2)
(219.0)
Operating income
513.1
426.8
323.3
Income taxes
(149.0)
(120.2)
(92.1)
Net income
$326.3
$268.4
$175.5
 |
|
 |
| Years ended December 31 | |||||||
|
|||||||
| (Dollars and shares in millions, except per share data) | 2004 | 2003 | 2002 | ||||
| Net sales | Note 19 | $6,143.9 | $5,300.8 | $4,443.4 | |||
| Cost of sales | (4,922.7) | (4,298.1) | (3,640.1) | ||||
| Gross profit | 1,221.2 | 1,002.7 | 803.3 | ||||
Selling, general and administrative expenses |
(307.4) |
(273.2) |
(219.0) |
||||
| Research, development and engineering expenses | (368.4) | (305.4) | (229.8) | ||||
| Amortization of intangibles | (21.1) | (21.1) | (19.4) | ||||
| Other income (expense), net | (11.2) | 23.8 | (11.8) | ||||
Operating income
|
513.1
|
426.8
|
323.3
|
||||
| Equity in earnings of affiliates | 9.6 | 11.5 | 4.1 | ||||
| Interest income | Note 12 | 4.0 | 3.9 | 6.1 | |||
| Interest expense | Note 12 | (40.2) | (47.7) | (55.0) | |||
| Other financial items, net | (2.0) | 2.5 | 0.7 | ||||
| Income before income taxes | 484.5 | 397.0 | 279.2 | ||||
Income taxes |
|
(149.0) |
(120.2) |
(92.1) |
|||
| Minority interests in subsidiaries | (9.2) | (8.4) | (11.6) | ||||
Net income
|
$326.3
|
$268.4
|
$175.5
|
||||
| Earnings per common share and earnings per common share assuming dilution | $3.46 | $2.81 | $1.79 | ||||
| Weighted average number of shares outstanding, assuming dilution (in millions) | 94.2 | 95.4 | 98.0 | ||||
| Number of shares outstanding, net of treasury shares (in millions) | 92.0 | 94.9 | 96.3 | ||||
|
|||||||
See Notes to Consolidated Financial Statements.