<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 16, 1995
===============================================================================
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(MARK ONE)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JANUARY 31, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
COMMISSION FILE NUMBER 1-3998
LITTON INDUSTRIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
<TABLE>
<S> <C>
DELAWARE 95-1775499
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
21240 BURBANK BOULEVARD,
WOODLAND HILLS, CALIFORNIA 91367-6675
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
</TABLE>
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (818) 598-5000
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes x No
On February 28, 1995 there were 46,017,891 shares of Common Stock
outstanding.
Page 1 of 11
Exhibit Index appears on Page 9
===============================================================================
<PAGE> 2
LITTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
INDEX
REPORT ON FORM 10-Q
FOR QUARTER ENDED JANUARY 31, 1995
<TABLE>
<CAPTION>
PAGE
NUMBER
------
<S> <C> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Operations
Six months ended January 31, 1995 and 1994.............................. 3
Consolidated Statements of Operations
Three months ended January 31, 1995 and 1994............................ 4
Consolidated Balance Sheets
January 31, 1995 and July 31, 1994...................................... 5
Consolidated Statements of Cash Flows
Six months ended January 31, 1995 and 1994.............................. 6
Notes to Consolidated Financial Statements................................ 7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations............................................... 8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings......................................................... 9
Item 4. Submission of Matters to a Vote of Security Holders....................... 9
Item 6. Exhibits and Reports on Form 8-K.......................................... 9
Signature............................................................................. 11
</TABLE>
2
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
LITTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(THOUSANDS OF DOLLARS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JANUARY 31,
--------------------------
1995 1994
---------- ----------
<S> <C> <C>
Sales and Service Revenues......................................... $1,483,208 $1,644,977
---------- ----------
Costs and Expenses
Cost of sales.................................................... 1,168,754 1,322,332
Selling, general and administrative.............................. 163,980 172,321
Depreciation and amortization.................................... 46,989 49,277
Interest -- net.................................................. 1,509 18,137
---------- ----------
Total.................................................... 1,381,232 1,562,067
---------- ----------
Earnings from Continuing Operations before Taxes on Income......... 101,976 82,910
Taxes on Income.................................................... (41,300) (33,579)
---------- ----------
Earnings from Continuing Operations................................ 60,676 49,331
Discontinued Operations............................................ -- (165,614)
---------- ----------
Net Earnings (Loss)...................................... $ 60,676 $ (116,283)
========== ==========
Primary Earnings (Loss) per Share
Continuing Operations............................................ $ 1.28 $ 1.07
Discontinued Operations.......................................... -- (3.63)
---------- ----------
Total Primary............................................ $ 1.28 $ (2.56)
========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE> 4
LITTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(THOUSANDS OF DOLLARS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
JANUARY 31,
----------------------
1995 1994
-------- ---------
<S> <C> <C>
Sales and Service Revenues............................................ $694,430 $ 803,928
-------- ---------
Costs and Expenses
Cost of sales....................................................... 537,431 645,442
Selling, general and administrative................................. 85,119 86,511
Depreciation and amortization....................................... 23,597 24,217
Interest -- net..................................................... 220 8,493
-------- ---------
Total....................................................... 646,367 764,663
-------- ---------
Earnings from Continuing Operations before Taxes on Income............ 48,063 39,265
Taxes on Income....................................................... (19,465) (15,861)
-------- ---------
Earnings from Continuing Operations................................... 28,598 23,404
Discontinued Operations............................................... -- (174,704)
-------- ---------
Net Earnings (Loss)......................................... $ 28,598 $(151,300)
======== =========
Primary Earnings (Loss) per Share
Continuing Operations............................................... $ 0.60 $ 0.51
Discontinued Operations............................................. -- (3.83)
-------- ---------
Total Primary............................................... $ 0.60 $ (3.32)
======== =========
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE> 5
LITTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
JANUARY 31, JULY 31,
1995 1994
----------- ----------
<S> <C> <C>
ASSETS
Current Assets
Cash and marketable securities.................................... $ 112,230 $ 117,104
Accounts receivable, net.......................................... 330,239 320,985
Inventories less progress billings................................ 455,224 481,073
Deferred tax assets............................................... 317,198 330,495
Prepaid expenses.................................................. 19,033 14,416
---------- ----------
Total Current Assets...................................... 1,233,924 1,264,073
---------- ----------
Property, Plant and Equipment -- at cost............................ 1,513,314 1,484,538
Less accumulated depreciation..................................... (907,338) (886,922)
---------- ----------
Property, Plant and Equipment, Net.................................. 605,976 597,616
---------- ----------
Goodwill and Other Intangibles, Net................................. 167,681 138,395
---------- ----------
Long-term Investments and Other Assets.............................. 254,159 254,212
---------- ----------
Total Assets.............................................. $2,261,740 $2,254,296
========== ==========
LIABILITIES AND SHAREHOLDERS' INVESTMENT
Current Liabilities
Accounts payable.................................................. $ 570,108 $ 555,895
Payrolls and related expenses..................................... 225,708 225,124
Taxes on income................................................... 102,173 120,511
Notes payable and current portion of long-term obligations........ 21,308 97,734
Customer deposits and contract liabilities........................ 217,866 227,877
---------- ----------
Total Current Liabilities................................. 1,137,163 1,227,141
---------- ----------
Long-term Obligations............................................... 97,842 105,621
---------- ----------
Postretirement Benefit Obligations other than Pensions.............. 202,215 198,795
---------- ----------
Deferred Tax Liabilities............................................ 46,199 48,492
---------- ----------
Other Long-term Liabilities......................................... 105,150 63,833
---------- ----------
Shareholders' Investment
Capital stock
Voting preferred stock -- Series B............................. 2,053 2,053
Common stock................................................... 46,001 45,914
Additional paid-in capital........................................ 275,053 273,280
Retained earnings................................................. 377,941 317,681
Cumulative currency translation adjustment........................ (27,877) (28,514)
---------- ----------
Total Shareholders' Investment............................ 673,171 610,414
---------- ----------
Total Liabilities and Shareholders' Investment............ $2,261,740 $2,254,296
========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
5
<PAGE> 6
LITTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JANUARY 31,
----------------------
1995 1994
-------- ---------
<S> <C> <C>
Cash and cash equivalents at beginning of period...................... $ 44,526 $ 237,440
-------- ---------
Cash Was Provided by (Used for) Continuing Operations
Operating Activities
Net earnings........................................................ 60,676 49,331
Adjustments to reconcile net earnings to net cash provided by
operating activities
Depreciation and amortization.................................... 46,989 49,277
Decrease in accounts receivable.................................. 50,588 117,524
Decrease in inventory............................................ 22,431 7,297
Decrease (increase) in deferred tax assets....................... 19,537 (6,897)
(Increase) decrease in prepaid expenses.......................... (4,241) 960
Decrease in accounts payable..................................... (28,876) (3,280)
Decrease in payrolls and related expenses........................ (2,751) (29,193)
Decrease in taxes on income...................................... (18,411) (39,084)
Increase in customer deposits and contract liabilities........... 27,089 69,023
Other operating activities....................................... (10,170) (38,327)
-------- ---------
Cash provided by operating activities................................. 162,861 176,631
-------- ---------
Investing Activities
Purchase of businesses, net of cash acquired........................ (62,725) (2,152)
Purchase of capital assets.......................................... (42,843) (31,540)
Proceeds from sale of business...................................... 16,385 --
Other investing activities.......................................... 8,969 27,328
-------- ---------
Cash used for investing activities.................................... (80,214) (6,364)
-------- ---------
Financing Activities
(Decrease) increase in short-term obligations, net.................. (76,272) 241,406
Increase in receivable from Western Atlas Inc....................... -- (467,710)
Other financing activities.......................................... (8,660) (1,913)
-------- ---------
Cash used for financing activities.................................... (84,932) (228,217)
-------- ---------
Net cash used for continuing operations............................... (2,285) (57,950)
-------- ---------
Net cash used for discontinued operations............................. -- (45,849)
-------- ---------
Resulting in decrease in cash and cash equivalents.................... (2,285) (103,799)
-------- ---------
Cash and cash equivalents at end of period............................ $ 42,241 $ 133,641
======== =========
Supplemental disclosure of cash flow information
Interest paid....................................................... $ 3,273 $ 31,551
Net income taxes paid............................................... $ 36,496 $ 104,204
</TABLE>
See accompanying notes to consolidated financial statements.
6
<PAGE> 7
LITTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JANUARY 31, 1995
1. The amounts included in this report are unaudited; however, in the opinion of
management, all adjustments necessary for a fair statement of results for the
stated periods have been included. These adjustments are of a normal
recurring nature. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. Certain
reclassifications of prior period information were made for comparative
purposes. These condensed consolidated financial statements should be read in
conjunction with the financial statements and notes thereto included in the
Company's Annual Report to Shareholders for the fiscal year ended July 31,
1994. The results of operations for the six months ended January 31, 1995 are
not necessarily indicative of operating results for the entire year.
2. The components of inventory balances are summarized below:
<TABLE>
<CAPTION>
JANUARY 31, JULY 31,
1995 1994
----------- ---------
(THOUSANDS OF DOLLARS)
<S> <C> <C>
Raw materials and work in process............................ $ 947,089 $ 925,415
Finished goods............................................... 38,746 40,768
---------- ---------
985,835 966,183
Less progress billings....................................... (530,611) (485,110)
---------- ---------
Net inventories.................................... $ 455,224 $ 481,073
========== =========
</TABLE>
3. Interest (expense) income is shown below:
<TABLE>
<CAPTION>
SIX MONTHS ENDED THREE MONTHS ENDED
JANUARY 31, JANUARY 31,
-------------------- --------------------
1995 1994 1995 1994
------- -------- ------- --------
(THOUSANDS OF DOLLARS)
<S> <C> <C> <C> <C>
Interest expense.......................... $(6,224) $(28,998) $(2,624) $(14,321)
Interest income........................... 4,715 10,861 2,404 5,828
------- -------- ------- --------
Net interest expense............ $(1,509) $(18,137) $ (220) $ (8,493)
======= ======== ======= ========
</TABLE>
4. Discontinued operations for the period ended January 31, 1994 related to the
operations of Western Atlas Inc. ("WAI"). Results for the second quarter of
fiscal year 1994 included special charges totalling $163 million, net of tax,
recorded to reflect the write-down of net assets of a certain division and to
provide for the obsolescence of older technology equipment, vessels and
inventory and the consolidation of facilities. The common stock of WAI was
distributed to holders of Litton Common stock in March 1994.
7
<PAGE> 8
PART I. FINANCIAL INFORMATION (CONTINUED)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The Company reported net earnings of $28.6 million and $60.7 million for
the second quarter and six months ended January 31, 1995, respectively. The
comparable amounts from continuing operations for the fiscal year 1994 periods
were $23.4 million and $49.3 million. The improvement in the current year
periods was primarily attributable to the significant reduction in interest
expense pursuant to the early extinguishment of certain subordinated debt in
July 1994. Sales and operating profit for the second quarter of the current
fiscal year were $694.4 million and $60.4 million compared with $803.9 million
and $64.0 million, respectively, for the second quarter of fiscal year 1994. For
the six months ended January 31, 1995, sales and operating profit were $1.48
billion and $128.8 million compared with $1.64 billion and $133.6 million,
respectively, for the six months ended January 31, 1994. Results of discontinued
operations in fiscal year 1994 related to the operations of Western Atlas Inc.
(see Note 4 of Notes to Consolidated Financial Statements in Item 1 Part I for
further discussion).
The Advanced Electronics segment reported sales and operating profit of
$378.0 million and $29.4 million for the second quarter of fiscal year 1995,
compared with $439.7 million and $31.4 million, respectively, for the previous
year's second quarter. Sales and operating profit for the six months of the
current fiscal year were $740.9 million and $57.8 million, compared with $835.8
million and $60.2 million, respectively, for the six months of fiscal year 1994.
Sales were affected by the continued reduction in defense spending and the near-
completion of a major contract. However, the January 1995 acquisition of the
Electronic Systems division from Teledyne, Inc., which had a backlog of more
than $210 million at acquisition, will provide additional business and
technology base. Operating margins for the segment continued to be higher than
the prior year periods as a result of improved operating efficiencies. The
Company will continue to focus on strategic acquisition opportunities which will
provide both near-term and long-term growth. Sales and operating profit for the
Marine Engineering and Production segment were $259.5 million and $25.1 million
for the second quarter of the current year compared with $315.0 million and
$29.4 million, respectively, for the second quarter of fiscal year 1994. The
respective amounts for the six month periods were $632.0 million and $60.7
million compared with $706.4 million and $66.1 million. The decrease in sales
resulted from a lower level of activity on certain long-term contracts and the
winding down of others. During the current quarter, the U.S. Navy awarded to the
Company the funding to construct two additional Aegis destroyers, bringing
backlog for this segment to $3.90 billion at January 31, 1995.
The Company completed the first half of the fiscal year with $112.2 million
in cash and marketable securities, after a net paydown of approximately $76
million in short-term obligations and the previously mentioned acquisition. Cash
and marketable securities were $117.1 million at July 31, 1994. The Company
currently has available credit commitments of up to $400 million for its general
use.
8
<PAGE> 9
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As previously reported in the Registrant's Annual Report on Form 10-K for
the fiscal year ended July 31, 1994, on August 31, 1993 a United States District
Court jury rendered a verdict in favor of Litton against Honeywell, Inc. in the
amount of $1.2 billion. The jury found that Honeywell willfully infringed a
Litton patent relating to the manufacture of ring laser gyro navigation systems
which are used in commercial aircraft. The jury also found that Honeywell
actively induced a Litton licensee to infringe Litton's patent and Honeywell
interfered with Litton's prospective economic advantage. Thereafter, in response
to certain post trial motions filed by both Honeywell and Litton, on January 9,
1995, the District Court released a Memorandum of Decision finding Litton's
patent invalid and unenforceable. As a result, the jury verdict was overturned.
On February 10, 1995 the District Court entered judgment to this effect. On
February 27, 1995 Litton filed a notice of appeal to the United States Court of
Appeals for the Federal Circuit. Litton intends to vigorously pursue this
appeal.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Registrant's 1994 Annual Meeting of Shareholders was held on December
8, 1994 in Los Angeles, California.
Proxies for the meeting were solicited on behalf of the Board of Directors
of the Company. There was no solicitation in opposition to the Board of
Directors' nominees for election of directors as listed in the Company's
definitive Proxy Statement dated October 28, 1994. All of the nominees were
elected as follows:
<TABLE>
<CAPTION>
NOMINEE FOR WITHHELD
------- --- --------
<S> <C> <C>
Alton J. Brann....................................... 38,744,783 1,215,229
Joseph T. Casey...................................... 38,676,383 1,283,629
Carol B. Hallett..................................... 38,759,185 1,200,827
Thomas B. Hayward.................................... 38,680,155 1,279,857
Orion L. Hoch........................................ 38,675,115 1,284,897
David E. Jeremiah.................................... 38,712,841 1,247,171
Rudolph E. Lang, Jr. ................................ 38,680,269 1,279,743
Robert H. Lentz ..................................... 38,678,298 1,281,714
John M. Leonis....................................... 38,748,872 1,211,140
William P. Sommers................................... 38,735,096 1,224,916
C. B. Thornton, Jr. ................................. 38,729,714 1,230,298
</TABLE>
In addition to electing directors, the shareholders voted to ratify the
appointment of Deloitte & Touche LLP as independent auditors by the following
votes: 39,849,625 shares "for", 58,928 shares "against", and 51,459 shares
"abstain".
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 3: Secretary's Certificate with respect to number of members of the
Board of Directors.
Exhibit 11: Statement of Computation of Earnings per Share included herein
on page 10.
Exhibit 27: Financial Data Schedule.
(b) Reports on Form 8-K
In a report filed on Form 8-K dated January 9, 1995, the Company reported
that a U.S. District Court judge overturned a jury verdict previously
rendered in favor of Litton against Honeywell, Inc. (see Item 1 Part II of
this Form 10-Q for further discussion).
9
<PAGE> 10
EXHIBIT 11
LITTON INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
PRIMARY EARNINGS (LOSS) PER SHARE AND
FULLY DILUTED EARNINGS (LOSS) PER SHARE
(THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
SIX MONTHS ENDED THREE MONTHS ENDED
JANUARY 31, JANUARY 31,
------------------------ ------------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
PRIMARY EARNINGS (LOSS) PER SHARE
Earnings available for common shares and
common stock equivalent shares deemed to
have a dilutive effect:
Earnings from continuing operations........ $ 60,676 $ 49,331 $ 28,598 $ 23,404
Provision for cash dividends on preferred
stock (Series B).......................... (410) (410) (205) (205)
---------- ---------- ---------- ----------
Net earnings from continuing operations...... 60,266 48,921 28,393 23,199
Discontinued operations...................... -- (165,614) -- (174,704)
---------- ---------- ---------- ----------
Net earnings (loss) available for common
shares and common stock equivalent shares
deemed to have a dilutive effect............ $ 60,266 $ (116,693) $ 28,393 $ (151,505)
========== ========== ========== ==========
Primary earnings (loss) per share:
Continuing operations...................... $ 1.28 $ 1.07 $ 0.60 $ 0.51
Discontinued operations.................... -- (3.63) -- (3.83)
---------- ---------- ---------- ----------
Total Primary...................... $ 1.28 $ (2.56) $ 0.60 $ (3.32)
========== ========== ========== ==========
FULLY DILUTED EARNINGS (LOSS) PER SHARE
Net earnings (loss) available for common
shares and common stock equivalent shares
deemed to have a dilutive effect............ $ 60,266 $ (116,693) $ 28,393 $ (151,505)
========== ========== ========== ==========
Fully diluted earnings (loss) per share:
Continuing operations...................... $ 1.28 $ 1.07 $ 0.60 $ 0.51
Discontinued operations.................... -- (3.63) -- (3.83)
---------- ---------- ---------- ----------
Total Fully Diluted................ $ 1.28 $ (2.56) $ 0.60 $ (3.32)
========== ========== ========== ==========
Shares used in primary earnings (loss) per
share computation
Weighted average common shares outstanding
(net of treasury shares).................. 45,962,572 45,611,760 45,977,672 45,665,300
Common stock equivalents................... 1,163,489 -- 1,152,740 --
---------- ---------- ---------- ----------
Total common shares and common stock
equivalent shares deemed to have a
dilutive effect........................... 47,126,061 45,611,760 47,130,412 45,665,300
========== ========== ========== ==========
Shares used in fully diluted earnings (loss)
per share computation
Total common shares and common stock
equivalent shares deemed to have a
dilutive effect........................... 47,126,061 45,611,760 47,130,412 45,665,300
========== ========== ========== ==========
</TABLE>
10
<PAGE> 11
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LITTON INDUSTRIES, INC.
(Registrant)
By /s/ CAROL A. WIESNER
------------------------------------
Carol A. Wiesner
Vice President and Controller
(Chief Accounting Officer)
March 16, 1995
11
<PAGE> 1
EXHIBIT 3
SECRETARY'S CERTIFICATE
LITTON INDUSTRIES, INC.
I, the undersigned JEANETTE M. THOMAS, as the duly elected, qualified, and
incumbent Secretary of LITTON INDUSTRIES, INC., a corporation organized and
existing under the laws of the State of Delaware, DO HEREBY CERTIFY that:
(1) The Board membership of the Corporation was set at eleven (11) on
September 22, 1994; and
(2) The following nominees were nominated for inclusion in the Proxy
Statement:
Alton J. Brann
Joseph T. Casey
Carol B. Hallett
Thomas B. Hayward
Orion L. Hoch
David E. Jeremiah
Rudolph E. Lang, Jr.
Robert H. Lentz
John M. Leonis
William P. Sommers
C.B. Thornton, Jr.
IN WITNESS WHEREOF, I have here unto subscribed my name and affixed the seal of
said corporation at Woodland Hills, California, this 10th day of March, 1995.
(SEAL) /s/ JEANETTE M. THOMAS
-------------------------
Jeanette M. Thomas
Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AT JANUARY 31, 1995 AND THE CONSOLIDATED STATEMENT OF
OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1995 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JAN-31-1995
<CASH> 42,241
<SECURITIES> 69,989
<RECEIVABLES> 330,239
<ALLOWANCES> 0
<INVENTORY> 455,224
<CURRENT-ASSETS> 1,233,924
<PP&E> 1,513,314
<DEPRECIATION> 907,338
<TOTAL-ASSETS> 2,261,740
<CURRENT-LIABILITIES> 1,137,163
<BONDS> 97,842
0
2,053
<COMMON> 46,001
<OTHER-SE> 625,117
<TOTAL-LIABILITY-AND-EQUITY> 2,261,740
<SALES> 1,483,208
<TOTAL-REVENUES> 1,483,208
<CGS> 1,168,754
<TOTAL-COSTS> 1,168,754
<OTHER-EXPENSES> 46,989
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,509
<INCOME-PRETAX> 101,976
<INCOME-TAX> 41,300
<INCOME-CONTINUING> 60,676
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 60,676
<EPS-PRIMARY> 1.28
<EPS-DILUTED> 1.28
</TABLE>
