CONSOLIDATED STATEMENTS OF INCOME
| Year Ended December 31, | ||||||||||||
| (in millions, except per-share data) | 2007 | 2006 | 2005 | |||||||||
|
Revenues |
||||||||||||
|
Sales |
$ | 8,192 | $ | 7,464 | $ | 7,400 | ||||||
|
Service, outsourcing and rentals |
8,214 | 7,591 | 7,426 | |||||||||
|
Finance income |
822 | 840 | 875 | |||||||||
|
Total Revenues |
17,228 | 15,895 | 15,701 | |||||||||
|
Costs and Expenses |
||||||||||||
|
Cost of sales |
5,254 | 4,803 | 4,695 | |||||||||
|
Cost of service, outsourcing and rentals |
4,707 | 4,328 | 4,207 | |||||||||
|
Equipment financing interest |
316 | 305 | 326 | |||||||||
|
Research, development and engineering expenses |
912 | 922 | 943 | |||||||||
|
Selling, administrative and general expenses |
4,312 | 4,008 | 4,110 | |||||||||
|
Restructuring and asset impairment charges |
(6 | ) | 385 | 366 | ||||||||
|
Other expenses, net |
295 | 336 | 224 | |||||||||
|
Total Costs and Expenses |
15,790 | 15,087 | 14,871 | |||||||||
|
Income from Continuing Operations before Income Taxes, Equity Income, Discontinued Operations and Cumulative Effect of Change in Accounting Principle |
1,438 | 808 | 830 | |||||||||
|
Income tax expenses (benefits) |
400 | (288 | ) | (5 | ) | |||||||
|
Equity in net income of unconsolidated affiliates |
97 | 114 | 98 | |||||||||
|
Income from Continuing Operations before Discontinued Operations and Cumulative Effect of Change in Accounting Principle |
1,135 | 1,210 | 933 | |||||||||
|
Income from Discontinued Operations, net of tax |
– | – | 53 | |||||||||
|
Cumulative Effect of Change in Accounting Principle, net of tax |
– | – | (8 | ) | ||||||||
|
Net Income |
$ | 1,135 | $ | 1,210 | $ | 978 | ||||||
|
Basic Earnings per Share |
||||||||||||
|
Income from Continuing Operations |
$ | 1.21 | $ | 1.25 | $ | 0.91 | ||||||
|
Basic Earnings per Share |
$ | 1.21 | $ | 1.25 | $ | 0.96 | ||||||
|
Diluted Earnings per Share |
||||||||||||
|
Income from Continuing Operations |
$ | 1.19 | $ | 1.22 | $ | 0.90 | ||||||
|
Diluted Earnings per Share |
$ | 1.19 | $ | 1.22 | $ | 0.94 | ||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
