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GIS » Topics » Return on average total capital:

This excerpt taken from the GIS 8-K filed Jan 16, 2007.

Return on average total capital:

This non-GAAP measure is used in internal management reporting and as a component of the Board of Directors’ rating of our performance for management and employee incentive compensation. Management and the Board of Directors believe that this measure provides useful information to investors because it is important for assessing the utilization of capital and it eliminates the effects of infrequently occurring events, thereby improving the year-to-year comparability.

In Millions, Fiscal Year     2006     2005     2004     2003     2002     2001     2000  
Net earnings       $ 1,090     $ 1,240     $ 1,055     $ 917     $ 458     $ 665        
Interest, net, after-tax         261       289       330       356       267       134        
Divestitures gain, after-tax         –       (284 )     –       –       –       –        
Debt repurchase costs, after-tax         –       87       –       –       –       –        
Earnings before interest, after-tax (adjusted)       $ 1,351     $ 1,332     $ 1,385     $ 1,273     $ 725     $ 799        
Current portion of long-term debt       $ 2,131     $ 1,638     $ 233     $ 105     $ 248     $ 349     $ 414  
Notes payable         1,503       299       583       1,236       3,600       858       1,086  
Long-term debt         2,415       4,255       7,410       7,516       5,591       2,221       1,760  
Total debt         6,049       6,192       8,226       8,857       9,439       3,428       3,260  
Minority interests         1,136       1,133       299       300       153       –       –  
Stockholders’ equity         5,772       5,676       5,248       4,175       3,576       52       (289 )
Total capital         12,957       13,001       13,773       13,332       13,168       3,480       2,971  
Less: 2005 Divestitures gain, net of debt repurchase costs, after-tax         (197 )     (197 )     –       –       –       –       –  
Less: Accumulated other comprehensive (income) loss         (125 )     (8 )     144       342       376       93       86  
Adjusted total capital       $ 12,635     $ 12,796     $ 13,917     $ 13,674     $ 13,544     $ 3,573     $ 3,057  
Adjusted average total capital       $ 12,716     $ 13,356     $ 13,796     $ 13,609     $ 8,559     $ 3,315        
Return on average total capital         10.6 %     10.0 %     10.0 %     9.4 %     8.5 %     24.1 %      


   14


This excerpt taken from the GIS 10-K filed Jul 27, 2006.

Return on average total capital:

This non-GAAP measure is used in internal management reporting and as a component of the Board of Directors’ rating of our performance for management and employee incentive compensation. Management and the Board of Directors believe that this measure provides useful information to investors because it is important for assessing the utilization of capital and it eliminates the effects of infrequently occurring events, thereby improving the year-to-year comparability.

In Millions, Fiscal Year     2006     2005     2004     2003     2002     2001     2000  
Net earnings       $ 1,090     $ 1,240     $ 1,055     $ 917     $ 458     $ 665        
Interest, net, after-tax         261       289       330       378       267       134        
Divestitures gain, after-tax         –       (284 )     –       –       –       –        
Debt repurchase costs, after-tax         –       87       –       –       –       –        
Earnings before interest, after-tax (adjusted)       $ 1,351     $ 1,332     $ 1,385     $ 1,295     $ 725     $ 799        
Current portion of long-term debt       $ 2,131     $ 1,638     $ 233     $ 105     $ 248     $ 349     $ 414  
Notes payable         1,503       299       583       1,236       3,600       858       1,086  
Long-term debt         2,415       4,255       7,410       7,516       5,591       2,221       1,760  
Total debt         6,049       6,192       8,226       8,857       9,439       3,428       3,260  
Minority interests         1,136       1,133       299       300       153       –       –  
Stockholders’ equity         5,772       5,676       5,248       4,175       3,576       52       (289 )
Total capital         12,957       13,001       13,773       13,332       13,168       3,480       2,971  
Less: 2005 Divestitures gain, net of debt repurchase costs, after-tax         (197 )     (197 )     –       –       –       –       –  
Less: Accumulated other comprehensive (income) loss         (125 )     (8 )     144       342       376       93       86  
Adjusted total capital       $ 12,635     $ 12,796     $ 13,917     $ 13,674     $ 13,544     $ 3,573     $ 3,057  
Adjusted average total capital       $ 12,716     $ 13,356     $ 13,796     $ 13,609     $ 8,559     $ 3,315        
Return on average total capital         10.6 %     10.0 %     10.0 %     9.5 %     8.5 %     24.1 %      


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Table of Contents

EXCERPTS ON THIS PAGE:

8-K
Jan 16, 2007
10-K
Jul 27, 2006

RELATED TOPICS for GIS:

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