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Our Financial Picture

	Years Ended December 31
(In millions, except where noted)	2003			2002			2001			2000			1999
Operating revenues	$	22,529		$	16,189		$	18,415		$	16,228		$	9,909
(Loss) earnings before interest and    taxes from continuing operationsa	$	(268)		$	3,118		$	4,236		$	4,037		$	2,018
Interest expense		1,380			1,097			760			887			583
Minority interest expenseb		64			115			327			306			141
Income tax (benefit) expense    from continuing operations		(707)			611			1,150			1,036			456
(Loss) income from discontinued    operations, net of tax		(156)			(261)			(5)			(32)			9
Extraordinary gain, net of tax		—			—			—			—			660
Cumulative effect of change in    accounting principle, net of tax		(162)			—			(96)			—			—
Net (loss) income		(1,323)			1,034			1,898			1,776			1,507
Dividends and premiums on    redemptions of preferred and    preference stock		15			13			14			19			20
(Loss) earnings available for    common stockholders	$	(1,338)		$	1,021		$	1,884		$	1,757		$	1,487
Common Stock Data
Basic weighted-average shares    outstanding		903			836			767			736			729
Basic (loss) earnings per share    (from continuing operations)	$	(1.13)		$	1.53		$	2.59		$	2.43		$	1.12
Basic (loss) earnings per share    (from discontinued operations)	$	(0.17)		$	(0.31)		$	(0.01)		$	(0.04)		$	0.01
Basic (loss) earnings per share    (before extraordinary items and    cumulative effect of change in    accounting principle)	$	(1.30)		$	1.22		$	2.58		$	2.39		$	1.13
Basic (loss) earnings per share	$	(1.48)		$	1.22		$	2.45		$	2.39		$	2.04
Dividends per share	$	1.10		$	1.10		$	1.10		$	1.10		$	1.10
Cash flows from operating activities	$	3,929		$	4,547		$	4,357		$	2,011		$	2,684
Cash flows from investing activities	$	(931)		$	(6,809)		$	(6,043)		$	(4,716)		$	(3,751)
Cash flows from financing activities	$	(2,657)		$	2,846		$	1,354		$	2,714		$	1,600
Total assets	$	56,203		$	60,122		$	49,624		$	59,276		$	34,388
Total debt	$	21,952		$	22,465		$	14,185		$	12,980		$	9,432
Capitalization
Common equity		37%			36%			41%			37%			42%
Preferred stockc		0%			1%			1%			1%			1%
Trust preferred securitiesc		0%			3%			5%			5%			7%
Total common equity and preferred    securities		37%			40%			47%			43%			50%
Minority interestsc		5%			5%			7%			9%			6%
Total debtc		58%			55%			46%			48%			44%
a (Loss) earnings before interest and taxes from continuing operations is a non-GAAP financial measure as defined by the Securities and Exchange Commission (SEC) under Regulation G. See Non-GAAP Financial Measures for additional information.
b Includes financing expenses related to securities of subsidiaries of $55 million, $130 million, $161 million, $122 million and $87 million for the twelve months ended Dec. 31, 2003, 2002, 2001, 2000 and 1999, respectively. The expense related to these securities is now accounted for in interest expense.
c As a result of the implementation of SFAS No. 150 and FIN 46R, approximately $900 million related to trust preferred securities and preferred stock with sinking fund requirements has been reclassified to debt and remains outstanding as of Dec. 31, 2003. Additionally, debt excludes approximately $880 million of debt that has been reclassified as liabilities associated with assets held for sale as of Dec. 31, 2003.

Certain non-GAAP financial measures such as (loss) earnings before interest and taxes from continuing operations and ongoing (loss) earnings per share are used in this report. Included in this Summary Annual Report are financial and operating highlights and consolidated financial statements. Audited financial statements along with related footnotes are included in the company’s 2003 SEC Form 10-K. To obtain a copy of the 2003 SEC Form 10-K, please submit an information request to Investor Relations.