|
|
Consolidated Statements
of Income
(Dollars in millions, except per share data)
|
| |
|
2007 |
|
2006 |
|
 |
| Net sales |
|
$ 26,313 |
|
$ 26,970 |
|
|
| Cost of sales - recurring |
|
(15,677 |
) |
(16,019 |
) |
|
| Gross margin - recurring |
|
10,636 |
|
10,951 |
|
|
| Percent to sales |
|
40.4 |
% |
40.6 |
% |
|
| Inventory valuation adjustments - May integration
|
|
- |
|
(178 |
) |
|
| Gross Margin |
|
10,636 |
|
10,773 |
|
|
| Percent to sales |
|
40.4 |
% |
39.9 |
% |
|
| Selling, general and administrative expenses |
|
(8,554) |
|
(8,678 |
) |
|
| Percent to sales |
|
(32.5) |
% |
(32.2 |
)% |
|
| May integration costs |
|
(219) |
|
(450 |
) |
|
| Percent to sales |
|
(0.8) |
% |
(1.6 |
)% |
|
| Gain on the sale of accounts receivable |
|
- |
|
191 |
|
|
| Operating income |
|
1,863 |
|
1,836 |
|
|
|
| Interest expense |
|
(579 |
) |
(451 |
) |
|
| Interest income |
|
36 |
|
61 |
|
|
| Income from continuing operations before income taxes |
|
1,320 |
|
1,446 |
|
|
| Federal, state and local income tax expense
|
|
(411 |
) |
(458 |
) |
|
| Income from continuing operations |
|
909 |
|
988 |
|
|
Income (loss) from discontinued operations,
net
of income taxes |
|
(16 |
) |
7 |
|
|
| Net income |
|
$ 893 |
|
$ 995 |
|
|
|
| Diluted earnings per share: |
|
|
|
|
|
|
| Income from continuing operations |
|
$ 2.01 |
|
$ 1.80 |
|
|
| Income (loss) from discontinued
operations |
|
(.04 |
) |
.01 |
|
|
| Net income |
|
$ 1.97 |
|
$ 1.81 |
|
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