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Financial Overview
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Unit Case Data | |||||||||||||||||||
| Year Ended December 31, | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||
| Unit Case Volume (in billions) | 22.7 | 21.4 | 20.6 | 19.8 | 19.4 | ||||||||||||||
Selected Financial Data | |||||||||||||||||||
| Year Ended December 31, | 20071 | 20062 | 20053 | 20043,4 | 2003 | ||||||||||||||
| (in millions except per share data) | |||||||||||||||||||
| SUMMARY OF OPERATIONS | |||||||||||||||||||
| Net operating revenues | $ | 28,857 | $ | 24,088 | $ | 23,104 | $ | 21,742 | $ | 20,857 | |||||||||
| Cost of goods sold | 10,406 | 8,164 | 8,195 | 7,674 | 7,776 | ||||||||||||||
| Gross profit | 18,451 | 15,924 | 14,909 | 14,068 | 13,081 | ||||||||||||||
| Selling, general and administrative expenses | 10,945 | 9,431 | 8,739 | 7,890 | 7,287 | ||||||||||||||
| Other operating charges | 254 | 185 | 85 | 480 | 573 | ||||||||||||||
| Operating income | 7,252 | 6,308 | 6,085 | 5,698 | 5,221 | ||||||||||||||
| Interest income | 236 | 193 | 235 | 157 | 176 | ||||||||||||||
| Interest expense | 456 | 220 | 240 | 196 | 178 | ||||||||||||||
| Equity income -- net | 668 | 102 | 680 | 621 | 406 | ||||||||||||||
| Other income (loss) -- net | 173 | 195 | (93) | (82) | (138) | ||||||||||||||
| Gains on issuances of stock by equity investees | -- | -- | 23 | 24 | 8 | ||||||||||||||
| Income taxes | 1,892 | 1,498 | 1,818 | 1,375 | 1,148 | ||||||||||||||
| Net income | $ | 5,981 | $ | 5,080 | $ | 4,872 | $ | 4,847 | $ | 4,347 | |||||||||
| Average shares outstanding | 2,313 | 2,348 | 2,392 | 2,426 | 2,459 | ||||||||||||||
| Average shares outstanding assuming dilution | 2,331 | 2,350 | 2,393 | 2,429 | 2,462 | ||||||||||||||
| PER SHARE DATA | |||||||||||||||||||
| Basic net income | $ | 2.59 | $ | 2.16 | $ | 2.04 | $ | 2.00 | $ | 1.77 | |||||||||
| Diluted net income | 2.57 | 2.16 | 2.04 | 2.00 | 1.77 | ||||||||||||||
| Cash dividends | 1.36 | 1.24 | 1.12 | 1.00 | 0.88 | ||||||||||||||
| Closing market price on December 31 | 61.37 | 48.25 | 40.31 | 41.64 | 50.75 | ||||||||||||||
| TOTAL MARKET VALUE OF COMMON STOCK | $ | 142,289 | $ | 111,857 | $ | 95,504 | $ | 100,325 | $ | 123,908 | |||||||||
| BALANCE SHEET DATA | |||||||||||||||||||
| Cash, cash equivalents and current marketable securities | $ | 4,308 | $ | 2,590 | $ | 4,767 | $ | 6,768 | $ | 3,482 | |||||||||
| Property, plant and equipment -- net | 8,493 | 6,903 | 5,831 | 6,091 | 6,097 | ||||||||||||||
| Depreciation | 958 | 763 | 752 | 715 | 667 | ||||||||||||||
| Capital expenditures | 1,648 | 1,407 | 899 | 755 | 812 | ||||||||||||||
| Total assets | 43,269 | 29,963 | 29,427 | 31,441 | 27,410 | ||||||||||||||
| Long-term debt | 3,277 | 1,314 | 1,154 | 1,157 | 2,517 | ||||||||||||||
| Shareowners' equity | 21,744 | 16,920 | 16,355 | 15,935 | 14,090 | ||||||||||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 7,150 | $ | 5,957 | $ | 6,423 | $ | 5,968 | $ | 5,456 | |||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.
1 In 2007, we adopted Financial Accounting Standards Board (FASB) Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" and recorded an approximate $65 million increase in accrued income taxes in our consolidated balance sheet for unrecognized tax benefits, which was accounted for as a cumulative effect adjustment to the January 1, 2007 balance of reinvested earnings.
2 In 2006, we adopted Statement of Financial Accounting Standards (SFAS) No.158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans -- an amendment of FASB Statements No. 87, 88, 106, and 132(R)."
3 We adopted FASB Staff Position (FSP) No. 109-2, "Accounting and Disclosure Guidance for the Foreign Earnings Repatriation Provision within the American Jobs Creation Act of 2004" in 2004. FSP No. 109-2 allowed the Company to record the tax expense associated with the repatriation of foreign earnings in 2005 when the previously unremitted foreign earnings were actually repatriated.
4 We adopted FASB Interpretation No. 46(R), "Consolidation of Variable Interest Entities," effective April 2, 2004.
Unit Case Data | |||||||||||||||||||
| Year Ended December 31, | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||
| Unit Case Volume (in billions) | 22.7 | 21.4 | 20.6 | 19.8 | 19.4 | ||||||||||||||
Selected Financial Data | |||||||||||||||||||
| Year Ended December 31, | 20071 | 20062 | 20053 | 20043,4 | 2003 | ||||||||||||||
| (in millions except per share data) | |||||||||||||||||||
| SUMMARY OF OPERATIONS | |||||||||||||||||||
| Net operating revenues | $ | 28,857 | $ | 24,088 | $ | 23,104 | $ | 21,742 | $ | 20,857 | |||||||||
| Cost of goods sold | 10,406 | 8,164 | 8,195 | 7,674 | 7,776 | ||||||||||||||
| Gross profit | 18,451 | 15,924 | 14,909 | 14,068 | 13,081 | ||||||||||||||
| Selling, general and administrative expenses | 10,945 | 9,431 | 8,739 | 7,890 | 7,287 | ||||||||||||||
| Other operating charges | 254 | 185 | 85 | 480 | 573 | ||||||||||||||
| Operating income | 7,252 | 6,308 | 6,085 | 5,698 | 5,221 | ||||||||||||||
| Interest income | 236 | 193 | 235 | 157 | 176 | ||||||||||||||
| Interest expense | 456 | 220 | 240 | 196 | 178 | ||||||||||||||
| Equity income -- net | 668 | 102 | 680 | 621 | 406 | ||||||||||||||
| Other income (loss) -- net | 173 | 195 | (93) | (82) | (138) | ||||||||||||||
| Gains on issuances of stock by equity investees | -- | -- | 23 | 24 | 8 | ||||||||||||||
| Income taxes | 1,892 | 1,498 | 1,818 | 1,375 | 1,148 | ||||||||||||||
| Net income | $ | 5,981 | $ | 5,080 | $ | 4,872 | $ | 4,847 | $ | 4,347 | |||||||||
| Average shares outstanding | 2,313 | 2,348 | 2,392 | 2,426 | 2,459 | ||||||||||||||
| Average shares outstanding assuming dilution | 2,331 | 2,350 | 2,393 | 2,429 | 2,462 | ||||||||||||||
| PER SHARE DATA | |||||||||||||||||||
| Basic net income | $ | 2.59 | $ | 2.16 | $ | 2.04 | $ | 2.00 | $ | 1.77 | |||||||||
| Diluted net income | 2.57 | 2.16 | 2.04 | 2.00 | 1.77 | ||||||||||||||
| Cash dividends | 1.36 | 1.24 | 1.12 | 1.00 | 0.88 | ||||||||||||||
| Closing market price on December 31 | 61.37 | 48.25 | 40.31 | 41.64 | 50.75 | ||||||||||||||
| TOTAL MARKET VALUE OF COMMON STOCK | $ | 142,289 | $ | 111,857 | $ | 95,504 | $ | 100,325 | $ | 123,908 | |||||||||
| BALANCE SHEET DATA | |||||||||||||||||||
| Cash, cash equivalents and current marketable securities | $ | 4,308 | $ | 2,590 | $ | 4,767 | $ | 6,768 | $ | 3,482 | |||||||||
| Property, plant and equipment -- net | 8,493 | 6,903 | 5,831 | 6,091 | 6,097 | ||||||||||||||
| Depreciation | 958 | 763 | 752 | 715 | 667 | ||||||||||||||
| Capital expenditures | 1,648 | 1,407 | 899 | 755 | 812 | ||||||||||||||
| Total assets | 43,269 | 29,963 | 29,427 | 31,441 | 27,410 | ||||||||||||||
| Long-term debt | 3,277 | 1,314 | 1,154 | 1,157 | 2,517 | ||||||||||||||
| Shareowners' equity | 21,744 | 16,920 | 16,355 | 15,935 | 14,090 | ||||||||||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 7,150 | $ | 5,957 | $ | 6,423 | $ | 5,968 | $ | 5,456 | |||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.
1 In 2007, we adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" and recorded an approximate $65 million increase in accrued income taxes in our consolidated balance sheet for unrecognized tax benefits, which was accounted for as a cumulative effect adjustment to the January 1, 2007 balance of reinvested earnings.
2 In 2006, we adopted Statement of Financial Accounting Standards ("SFAS") No.158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans -- an amendment of FASB Statements No. 87, 88, 106, and 132(R)."
3 We adopted FASB Staff Position ("FSP") No. 109-2, "Accounting and Disclosure Guidance for the Foreign Earnings Repatriation Provision within the American Jobs Creation Act of 2004" in 2004. FSP No. 109-2 allowed the Company to record the tax expense associated with the repatriation of foreign earnings in 2005 when the previously unremitted foreign earnings were actually repatriated.
4 We adopted FASB Interpretation No. 46(R) , "Consolidation of Variable Interest Entities," effective April 2, 2004.