Supplemental Operating Results
(Dollars in millions, except per share data)
|
| |
|
2007 |
|
2006 |
|
 |
| Net sales |
|
$ 26,313 |
|
$ 26,970 |
|
|
| Operating income |
|
$ 1,863 |
|
$ 1,836 |
|
|
| Percent to sales |
|
7.1 |
% |
6.8 |
% |
|
Add back impact of inventory valuation adjustments
related to the May integration |
|
- |
|
178 |
|
|
| Add back impact of May integration costs |
|
219 |
|
450 |
|
|
| Deduct impact of gains on the sale of accounts receivable |
|
- |
|
(191 |
) |
|
| Operating income, exlcuding certain items |
|
$ 2,082 |
|
$ 2,273 |
|
|
| Percent to sales |
|
7.9 |
% |
8.4 |
% |
|
| EBITDA, excluding certain items |
|
|
|
|
|
|
| Net income |
|
$ 893 |
|
$ 995 |
|
|
| Percent to sales |
|
3.4 |
% |
3.7 |
% |
|
| Add back loss (deduct) income from discontinued operations |
|
16 |
|
(7 |
) |
|
| Add back federal, state, and local income tax expense |
|
411 |
|
458 |
|
|
| Add back interest expense, net |
|
543 |
|
390 |
|
|
| Add back depreciation and amortization |
|
1,304 |
|
1,265 |
|
|
| Add back inventory valuation adjustments related to the May integration |
|
- |
|
178 |
|
|
| Add back May integration costs |
|
219 |
|
450 |
|
|
| Deduct impact of gains on the sale of accounts receivable |
|
- |
|
(191 |
) |
|
| EBITDA, excluding certain items |
|
$ 3,386 |
|
$ 3,538 |
|
|
| Percent to sales |
|
12.9 |
% |
13.1 |
% |
|
| Diluted earnings per share from continuing operations |
|
$ 2.01 |
|
$ 1.80 |
|
|
Add back impact of May merger integration costs and
related inventory valuation adjustments |
|
0.31 |
|
0.72 |
|
|
| Deduct impact of gains on the sale of accounts receivable |
|
- |
|
(0.22 |
) |
|
| Deduct impact of a debt tender offer |
|
- |
|
(0.06 |
) |
|
| Deduct impact of federal income tax examination settlements |
|
(0.17 |
) |
(0.16 |
) |
|
| Diluted earnings per share, excluding certain items |
|
$ 2.15 |
|
$ 2.08 |
|
|
| Net cash provided by continuing operating activities |
|
$ 2,231 |
|
$ 3,692 |
|
|
| Net cash provided (used) by continuing investing activities |
|
(789 |
) |
1,273 |
|
|
| Deduct proceeds form the disposition of discontinued operations |
|
(66 |
) |
(1,787 |
) |
|
| Deduct proceeds from the disposition of property and equipment |
|
(227 |
) |
(679 |
) |
|
| Deduct proceeds from the sale of proprietary accounts receivable |
|
- |
|
(1,860 |
) |
|
| Deduct proceeds from the sale of purchased receivables, net |
|
- |
|
(182 |
) |
|
Cash flow from continuing operating activities net of cash used in
continuing investing activities, excluding certain items |
|
$ 1,149 |
|
$ 457 |
|
|
The foregoing measures, including non-GAAP measures that exclude certain items, should be read in conjunction with the audited financial statements, including the related notes and other financial information contained in the Form 10-K for the period ended February 2, 2008. |
|