2006

2005

2004

2003

2002

Net revenues

$34,356

$34,113

$32,168

$30,498

$29,248

Cost of sales

21,940

21,845

20,281

18,531

17,463

Operating income

4,526

4,752

4,612

5,860

5,961

Interest and other debt expense, net

510

636

666

665

847

Earnings from continuing operations, before income taxes and minority interest

4,016

4,116

3,946

5,195

5,114

Pre-tax profit margin from continuing operations

11.7%

12.1%

12.3%

17.0%

17.5%

Provision for income taxes

951

1,209

1,274

1,812

1,813

Minority interest in earnings from continuing operations, net

5

3

3

4

4

(Loss) earnings from discontinued operations, net of income taxes

-

(272)

(4)

97

97

Net earnings

3,060

2,632

2,665

3,476

3,394

Basic EPS:

Continuing operations

1.86

1.72

1.56

1.95

1.90

Discounted operations

-

(0.16)

—

0.06

0.06

Net earnings

1.86

1.56

1.56

2.01

1.96

Diluted EPS:

Continuing operations

1.85

1.72

1.55

1.95

1.90

Discontinued operations

-

(0.17)

—

0.06

0.06

Net earnings

1.85

1.55

1.55

2.01

1.96

Dividends declared per share

0.96

0.87

0.77

0.66

0.56

Weighted average shares (millions)—Basic

1,643

1,684

1,709

1,727

1,734

Weighted average shares (millions)—Diluted

1,655

1,693

1,714

1,728

1,736

Capital expenditures

1,169

1,171

1,006

1,085

1,184

Depreciation

884

869

868

804

709

Property, plant and equipment, net

9,693

9,817

9,985

10,155

9,559

Inventories

3,506

3,343

3,447

3,343

3,382

Total assets

55,574

57,628

59,928

59,285

57,100

Long-term debt

7,081

8,475

9,723

11,591

10,416

Notes payable to Altria Group, Inc. and affiliates

—

—

—

—

2,560

Total debt

10,821

11,200

12,518

13,462

14,443

Shareholders’ equity

28,555

29,593

29,911

28,530

25,832

Common dividends declared as a % of Basic EPS

51.6%

49.4%

49.4%

32.8%

28.6%

Common dividends declared as a % of Diluted EPS

51.9%

49.7%

49.7%

32.8%

28.6%

Book value per common share outstanding

17.45

17.72

17.54

16.57

14.92

Market price per Class A common share—high/low

36.67-27.44

35.65-27.88

36.06-29.45

39.40-26.35

43.95-32.50

Closing price of Class A common share at year end

35.70

28.17

35.61

32.22

38.93

Price/earnings ratio at year end—Basic

19

18

23

16

20

Price/earnings ratio at year end—Diluted

19

18

23

16

20

Number of common shares outstanding at year end (millions)

1,636

1,670

1,705

1,722

1,731

Number of employees

90,000

94,000

98,000

106,000

109,000