| YEAR ENDED DECEMBER 31, |
| (Millions of US Dollars, except ratios) |
2002 |
2001 |
2000 |
1999 |
1998 |
 |
| Embedded interest cost on |
| long-term debt end of year(d) |
6.9% |
6.2% |
7.5% |
6.9% |
7.8% |
| Embedded distribution cost on |
| trust securities end of year |
7.8% |
7.8% |
9.8% |
8.1% |
8.0% |
| Embedded dividend cost on preferred |
| stock of subsidiaries end of year (b) |
6.5% |
6.5% |
7.0% |
7.0% |
9.4% |
| Revenues |
$10,034 |
$10,049 |
$9,647 |
$8,059 |
$7,992 |
|
| Income from continuing operations (a) |
$175 |
$639 |
$666 |
$686 |
$600 |
| Income (loss) from discontinued operations | $(4,210) | $192 | $250 | $299 | $140 |
| Extraordinary loss net of tax | $(175) | $(154) | $ | $ | $ |
| Preference stock dividends | $22 | $22 | $12 | $ | $ |
| Net income (loss) available for common stock | $(4,232) | $655 | $904 | $985 | $740 |
| Dividends declared on common stock | $533 | $625 | $625 | $647 | $597 |
| Common stock data |
| Shares outstanding average (millions) | 278 | 259 | 264 | 279 | 265 |
| Shares outstanding end of year (millions) | 322 | 265 | 258 | 276 | 282 |
| Basic and diluted earnings per share: |
| Income from continuing operations |
| before extraordinary loss | $0.55 | $2.38 | $2.48 | $2.46 | $2.26 |
| Income (loss) from discontinued operations | $(15.15) | $0.74 | $0.95 | $1.07 | $0.53 |
| Extraordinary loss, net of tax | $(0.63) | $(0.60) | $ | $ | $ |
| Net income (loss) available for common stock | $(15.23) | $2.52 | $3.43 | $3.53 | $2.79 |
| Dividends declared per share | $1.925 | $2.400 | $2.400 | $2.325 | $2.225 |
| Book value per share end of year | $14.80 | $28.88 | $28.97 | $30.15 | $29.21 |
| Return on average common stock equity (c) | 2.8% | 8.4% | 8.4% | 8.3% | 8.0% |
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| (a) See Results of Operations in "MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS." |
| (b) Includes the unamortized balance of the loss on reacquired preferred stock and associated amortization. The embedded dividend cost excluding the effects of the loss on reacquired preferred stock is 6.0% for 2002, 6.0% for 2001, 6.2% for 2000, 6.2% for 1999, and 5.9% for 1998. |
| (c) Based on results from continuing operations. |
| (d) Represents the annual interest and amortization of any discounts, premiums, issuance costs and any deferred gains/losses on reacquisitions divided by the carrying value of the debt plus the unamortized balance of any discounts, premiums, issuance costs and gains/losses on reacquisitions at the end of the year. |
|
| Certain previously reported financial statistics have been reclassified to conform to current classifications. |
|
| Prior year periods have been restated to reflect Europe operations as discontinued operations. |
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