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Consolidated Statement of Shareholders' Investment
(dollars in thousands except per share data)
| Year Ended December 31 | 2007 | 2006 | 2005 |
| Common Shares: Beginning of Year |
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| Shares: 2007: 1,550,590,438; 2006: 1,553,769,958; 2005: 1,575,147,418 | $4,290,929 | $3,477,460 | $3,189,465 |
| Issued under incentive stock programs Shares: 2007: 30,264,239; 2006: 14,456,341; 2005: 8,752,085 | 1,316,294 | 526,435 | 299,329 |
| Tax benefit from option shares and vesting of restricted stock awards (no share effect) | 163,808 | 42,062 | 52,363 |
| Share-based compensation | 433,319 | 337,428 | 28,731 |
| Issuance of restricted stock awards | (100,248) | (52,392) | (27,125) |
| Retired - Shares: 2006: 17,635,861; 2005: 30,129,545 | — | (40,064) | (65,303) |
| End of Year | |||
| Shares: 2007: 1,580,854,677; 2006: 1,550,590,438; 2005: 1,553,769,958 | $6,104,102 | $4,290,929 | $3,477,460 |
Common Shares Held in Treasury: Beginning of Year |
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| Shares: 2007: 13,347,272; 2006: 14,534,979; 2005: 15,123,800 | $(195,237) | $(212,255) | $(220,854) |
| Issued under incentive stock programs | |||
| Shares: 2007: 2,063,123; 2006: 1,197,838; 2005: 588,821 | 37,080 | 17,492 | 8,599 |
| Purchased | |||
| Shares: 2007: 19,660,388; 2006: 10,131 | (1,054,977) | (474) | — |
| End of Year | |||
| Shares: 2007: 30,944,537; 2006: 13,347,272; 2005: 14,534,979 | $(1,213,134) | $(195,237) | $(212,255) |
Earnings Employed in the Business: Beginning of Year |
$9,568,728 | $10,404,568 | $10,033,440 |
| Net earnings | 3,606,314 | 1,716,755 | 3,372,065 |
| Cash dividends declared on common shares (per share — 2007: $1.30; 2006: $1.18; 2005: $1.10) | (2,009,696) | (1,807,829) | (1,704,077) |
| Reclassification resulting from the application of the fair value option to Boston Scientific common stock, net of tax | (188,534) | — | — |
| Cost of common shares retired in excess of stated capital amount | (237,958) | (780,152) | (1,315,397) |
| Cost of treasury shares issued below market value | 66,955 | 35,386 | 18,537 |
| End of Year | $10,805,809 | $9,568,728 | $10,404,568 |
Accumulated Other Comprehensive Income (Loss): Beginning of Year |
$389,766 | $745,498 | $1,323,732 |
| Reclassification resulting from the application of the fair value option to Boston Scientific common stock, net of tax | 181,834 | — | — |
| Beginning of Year, as adjusted | 571,600 | 745,498 | 1,323,732 |
| Other comprehensive income (loss) | 1,510,163 | 898,266 | (578,234) |
| Adjustment to recognize net actuarial gain (loss) and prior service cost as a component of accumulated other comprehensive income (loss), net of tax | — | (1,253,998) | — |
| End of Year | $2,081,763 | $389,766 | $745,498 |
Comprehensive Income |
$5,116,477 | $2,615,021 | $2,793,831 |
The accompanying notes to consolidated financial statements are an integral part of this statement.
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