Balance Sheet

ASSETS 2000 1999 1998 1997

Cash and Short-Term Investments 111 158 128 129
Receivables 1,563 1,594 1,366 1,353
Inventories - Total 1,121 1,016 917 863
Other Current Assets 298 294 249 239
Total Current Assets 3,093 3,062 2,660 2,584

Property, Plant, and Equipment, Gross 7,089 6,859 6,739 6,758

Depreciation, Depletion, and Amortization
(Accumulated) 4,148 3,926 3,834 3,903
Property, Plant, and Equipment, Net 2,941 2,933 2,905 2,855

Intangibles 1,700 1,685 632 370

Other Assets 1,391 1,234 1,190 1,059
TOTAL ASSETS 9,125 8,914 7,387 6,868

LIABILITIES
Accounts Payable 764 755 630 646
Accrued Expense 606 649 634 564
Other Current Liabilities 12 26 11 8

Debt 2,971 2,790 1,718 1,701

Deferred Taxes 543 520 440 406
Minority Interest 128 98 87 82
Other Liabilities 1,004 970 987 952

EQUITY
Common Stock 484 484 484 484
Capital Surplus 102 104 105 99
Retained Earnings 6,019 5,786 5,489 4,916
Less: Treasury Stock - Total Dollar Amount 3,508 3,268 3,198 2,990
Total stockholders equity 3,097 3,106 2,880 2,509
TOTAL LIABILITIES AND EQUITY 9,125 8,914 7,387 6,868

COMMON SHARES OUTSTANDING (million) 168 174 175 178

Profit & Loss Statement

2000 1999 1998 1997
Sales 8,629 7,757 7,510 7,379
Cost of Goods Sold 5,334 4,696 4,476 4,397
Selling, General, and Administrative Expense 1,646 1,514 1,404 1,318
Operating Income Before Depreciation 1,649 1,547 1,630 1,664
Depreciation and Amortization 447 415 354 348
Interest Expense 193 142 119 115
Nonoperating Income (Expense) and Special Items 8 -17 137 -26
Pretax Income 1,017 973 1,294 1,175
Income Taxes - Total 369 377 466 435
Minority Interest 28 28 27 26
Income Before Extraordinary Items 620 568 801 714
Extraordinary Items and Discontinued Operations 0 0 0 0
Net Income (Loss) 620 568 801 714
Cash Dividends 276 264 252 239
Retained 344 304 549 475

Dividends per share 1.60 1.52 1.42 1.33

Earnings Per Share (Primary) - Excluding Extraordinary

Items 3.6 3.27 4.52 3.97
Earnings Per Share (Primary) - Including Extraordinary
Items 3.6 3.27 4.52 3.97
Common Shares Used to Calculate Primary EPS 172.3 173.8 177 179.8
Earnings Per Share (Fully Diluted) - Excluding
Extraordinary Items 3.57 3.23 4.48 3.94
Earnings Per Share (Fully Diluted) - Including
Extraordinary Items 3.57 3.23 4.48 3.94

Balance Sheet Historical Ratios 2000 1999 1998 1997

ASSETS
Receivables/Sales 18.11% 20.55% 18.19% 18.34%
Inventories - Total/Sales 12.99% 13.10% 12.21% 11.70%
Other Current Assets/sales 3.45% 3.79% 3.32% 3.24%
Total Current Assets/sales 35.84% 39.47% 35.42% 35.02%

Property, Plant, and Equipment, Gross/sales 82.15% 88.42% 89.73% 91.58%

Annual Depreciation/PPE Gross 6.31% 6.05% 5.25% 5.15%
Property, Plant, and Equipment, Net/sales 34.08% 37.81% 38.68% 38.69%

Other Assets 16.12% 15.91% 15.85% 14.35%

Other Assets Growth 7.93%
LIABILITIES
Accounts Payable/Sales 8.85% 9.73% 8.39% 8.75%
Accrued Expense/Sales 7.02% 8.37% 8.44% 7.64%
Other Current Liabilities/Sales $ 12.00

Debt/Equity 95.93% 89.83% 59.65% 67.80%

Debt/Assets 32.56% 31.30% 23.26% 24.77%
Deferred Taxes grows at sales growth
Minority Interest 4.32%
Other Liabilities 11.64% 12.50% 13.14% 12.90%
Other Liabilities growth 12.53%
EQUITY
Common Stock $ 484.00
Capital Surplus $ 102.00
Retained Earnings previous years retained earning + this years net income
Less: Treasury Stock - Total Dollar Amount

payout to equity
cash dividends 276 264 252 239
minus increase in capital stock and surplus 2 1 -6 -2
add increase in treasury 240 70 208 323
total payout 518 335 454 560

profit and Loss historical ratios

Sales growth 3.89%
Cost of Goods Sold/sales 61.81% 60.54% 59.60% 59.59%
Selling, General, and Administrative Expense/sales 19.08% 19.52% 18.70% 17.86%
Operating Income Before Depreciation/sales 19.11% 19.94% 21.70% 22.55%
Depreciation and Amortization/PPE 6.31%
Interest Expense/average debt 6.70% 6.30% 6.96% 7.23%
Income taxes/pretax income 36.28% 38.75% 36.01% 37.02%
Minority Interest 4.32% 4.70% 3.26% 3.51%
Cash Dividends 4.13%

Forecast
2001 2002 2003 2004
Sales 8965.0426594
Cost of Goods Sold 5503.723482
Selling, General, and Administrative Expense 1647.9571638
Operating Income Before Depreciation 1813.3620136
Depreciation and Amortization 465.28017292
Interest Expense 249.66682409
Nonoperating Income (Expense) and Special Items 8
Pretax Income 1,106
Income Taxes - Total 401.44261664
Minority Interest 17.346285904
Income Before Extraordinary Items 688
Extraordinary Items and Discontinued Operations 0
Net Income (Loss) 688
Cash Dividends $ 287.40
Retained 400

ASSETS
Cash and Short-Term Investments 111
Receivables 1638.7471007
Inventories - Total 1097.2671006
Other Current Assets 287.47096532
Total Current Assets 3,134

Property, Plant, and Equipment, Gross 7668.812733

Depreciation, Depletion, and Amortization
(Accumulated) 4,613
Property, Plant, and Equipment, Net 3055.5325601

Intangibles 1,700
Other Assets 1501.3584087
TOTAL ASSETS 14,005

LIABILITIES
Accounts Payable 761.6136739
Accrued Expense 649.55813909
Other Current Liabilities 12

Debt 4481.4900187
Deferred Taxes 564.14627003
Minority Interest 128
Other Liabilities 1129.8343093

EQUITY
Common Stock $ 484.00
Capital Surplus $ 102.00
Retained Earnings 6,419
Less: Treasury Stock - Total Dollar Amount 727
Total stockholders equity 6,278
TOTAL LIABILITIES AND EQUITY 14,005

COMMON SHARES OUTSTANDING (million)

FCF
profit after tax 688
add back depreciation 465.28017292
nwc
sub increase in op assets -41
add increase in curr liab 41
sub increase in cap exp -580
sub increase in other assets -110
add interest after tax 169.77344038
FCF 632.19523198

dividend
new stock
treasury

fcf
debt
minority
deferred
after interest tax
other liab
 1996 1995 1994 1993 1992 1991
70 106 62 112 61 38
1,226 1,245 1,229 997 1,023 1,058
797 738 686 683 742 875
205 187 191 234 124 203
2,296 2,276 2,168 2,026 1,951 2,173

6,688 6,464 6,163 6,042 6,158 6,212

3,775 3,629 3,420 3,255 3,186 3,029

2,914 2,835 2,742 2,787 2,972 3,183

23 0 0 0 0 0
1,208 1,084 983 838 739 700
6,441 6,194 5,894 5,652 5,662 6,056

602 583 518 436 447 520

504 520 481 423 323 348
15 41 55 67 48 62

1,482 1,221 1,144 1,129 1,307 1,574

419 355 303 269 472 476
76 68 70 52 60 76
861 837 766 803 306 347

484 484 484 242 242 242

97 81 68 298 233 230
4,569 4,063 3,494 3,158 3,424 3,369
2,667 2,060 1,489 1,225 1,200 1,186
2,483 2,569 2,557 2,473 2,699 2,655
6,441 6,194 5,894 5,652 5,662 6,056

183 194 207 107 106 106

ent
1996 1995 1994 1993 1992 1991 1990
7,218 7,058 6,331 5,754 5,814 5,673 5,889
4,340 4,212 3,866 3,633 3,695 3,676 .
1,243 1,214 1,137 1,073 1,083 1,079 1,079
1,634 1,632 1,329 1,048 1,036 918 .
 340 332 318 331 352 351 .
108 93 91 109 148 169 .
. . -64 -63 . -44 .
1,240 1,262 856 544 542 354 353
471 480 325 236 218 147 147
25 15 16 13 4 5 5
744 768 515 295 319 201 201
0 0 0 -273 0 75 75
744 767.6 514.6 22.2 319.4 276.2 276
237 239 238 221 200 183
507 529 277 -199 120 94

1.26 1.18 1.12 1.04 0.94 0.86 0

3.96 3.8 2.43 2.78 3.01 1.9 0.95

3.96 3.8 2.43 0.21 3.01 2.6 1.3

187.8 202 211.9 106.3 106.1 106.2 212.4

3.92 3.76 2.41 2.75 2.99 . 0.94

3.92 3.76 2.41 0.21 2.99 2.59 1.29

1996 1995 1994 1993 1992 1991 average

16.98% 17.64% 19.41% 17.32% 17.60% 18.65% 18.28%

11.03% 10.45% 10.84% 11.88% 12.77% 15.43% 12.24%
2.84% 2.65% 3.01% 4.07% 2.13% 3.57% 3.21%
31.81% 32.24% 34.25% 35.21% 33.55% 38.31% 35.11%

92.66% 91.59% 97.34% 105.01% 105.91% 109.52% 95.39%

5.09% 5.13% 5.15% 5.48% 5.71% 5.65% 5.50%
40.36% 40.17% 43.31% 48.44% 51.11% 56.12% 42.88%

16.74% 15.36% 15.53% 14.57% 12.72% 12.33% 14.95%

 8.34% 8.27% 8.18% 7.58% 7.69% 9.17% 8.50%
6.98% 7.37% 7.60% 7.34% 5.56% 6.13% 7.25%

59.70% 47.52% 44.74% 45.66% 48.42% 59.28% 61.85%

23.01% 19.71% 19.41% 19.98% 23.08% 25.98% 24.31%

11.92% 11.86% 12.10% 13.95% 5.26% 6.12% 11.14%

his years net income

237 239 238 221 200

-15 -14 -12 -65 -3
608 571 264 24 14
829 796 490 181 211

60.13% 59.68% 61.05% 63.14% 63.55% 64.80% 61.39%

17.23% 17.19% 17.96% 18.65% 18.62% 19.02% 18.38%
22.64% 23.13% 20.98% 18.21% 17.82% 16.18% 20.23%
6.31%
7.96% 7.88% 8.04% 8.96% 10.30% 10.72% 8.11%
38.00% 38.00% 38.00% 43.41% 40.31% 41.50% 38.73%
3.20% 1.92% 3.00% 4.19% 1.24% 2.61% 3.19%

orecast
2005