HistoricalFinancial Performance

Three-Year Review

For the years ended December 31
(Dollars in millions, except per share data; unaudited)
2015
2014
2013
Performance (1)
Net sales
$ 2,205.7
$ 2,243.1
$ 2,118.1
Operating income
$ 310.6
$ 282.4
$ 237.1
Operating margin
14.1%
12.6%
11.2%
Net earnings
$ 192.2
$ 169.9
$ 139.4
Earnings per share
Basic
$ 4.12
$ 3.54
$ 2.97
Diluted
$ 4.04
$ 3.46
$ 2.91
Dividends per share
$ 0.52
$ 0.52
$ 0.39
Return on invested capital(2)
11.5%
10.4%
9.5%
New orders
$ 2,585.0
$ 2,409.2
$ 2,161.3
Backlog at year end
$ 1,928.7
$ 1,674.1
$ 1,597.0
Year-end financial position
Working capital as % of sales(3)
25.4%
23.4%
25.5%
Total assets
$ 3,029.4
$ 3,399.5
$ 3,458.3
Total debt
$ 954.3
$ 954.3
$ 959.9
Stockholders' equity
$ 1,255.4
$ 1,478.4
$ 1,552.7
Other year-end data
Cash flow from operations
$ 162.5
$ 331.8
$ 237.8
Capital expenditures
$ 35.5
$ 67.1
$ 72.2
Free cash flow (4)
$ 272.0
$ 264.7
$ 165.6
EBITDA
$ 411.4
$ 401.3
$ 358.6
Depreciation and amortization
$ 100.8
$ 118.9
$ 121.5
Shares of stock outstanding at December 31
44.6
47.9
47.6
Number of registered shareholders(5)
4,038
4,321
4,605
Number of employees(5)
8,421
8,911
9,761

Note: Amounts may not add due to rounding.

(1) Reported on a continuing operations basis.

(2) Return on invested capital is equal to net operating profit after-tax over two-year average net debt plus equity and excludes equity from discontinued operations.

(3) Working capital is equal to accounts receivable plus inventory minus accounts payable, deferred income and deferred development costs.

(4) Free cash flow is defined as cash flow from operations less capital expenditures. 2015 adjusted to remove the $145 million contribution to the Company's corporate defined benefit pension plan.

(5) Actual number, not in millions.

Stock Price Range

Common
2015
2014
High
Low
High
Low
First quarter
$74.63
$64.40
$69.90
$57.72
Second quarter
77.57
70.13
70.33
59.22
Third quarter
73.90
61.59
73.67
60.60
Fourth quarter
71.68
60.73
72.99
63.90

Dividends per Share

Common
2015
2014
 
First quarter
$0.13
$0.13
Second quarter
$0.13
$0.13
Third quarter
$0.13
$0.13
Fourth quarter
$0.13
$0.13