Statement of Changes in Shareowners’ Equity (page 57)
Shareowners’ equity increased $31.2 billion in 2004, $15.6 billion in 2003 and $9.1 billion in 2002. These increases were largely
attributable to net earnings but were partially offset by dividends declared of $8.6 billion, $7.8 billion and $7.3 billion in 2004, 2003
and 2002, respectively. We issued 341.7 million shares of stock in connection with the Amersham acquisition, increasing equity by
$10.7 billion in 2004. We also issued 119.4 million shares of stock to partially fund the combination of NBC and VUE, increasing
equity by $3.8 billion. Currency translation adjustments increased equity by $3.9 billion in 2004, compared with $5.1 billion in 2003.
Changes in the currency translation adjustments reflect the effects of changes in currency exchange rates on our net investment in non-U.S. subsidiaries that have functional currencies other than the U.S. dollar. In 2004, the pound sterling, euro and, to a lesser extent,
Asian currencies strengthened against the U.S. dollar. In 2003 and 2002, the euro and, to a lesser extent, Asian currencies strengthened
against the U.S. dollar. Accumulated currency translation adjustments affect net earnings only when all or a portion of an affiliate is
disposed of or substantially liquidated. See note 24.
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