MIRA
INFORM REPORT
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Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
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Name : |
EATON CORPORATION |
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Registered Office : |
Eaton Center 1111 Superior Avenue Cleveland, OH 44114 |
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Country : |
United States |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
1916 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of electricity distribution and control apparatus |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
$100,000 (USD) |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Eaton
Corporation
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Business
Description
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Eaton Corporation (Eaton) is a diversified power management company.
It is engaged in the manufacturing of electrical components and systems for
power quality, distribution and control; hydraulics components, systems and
services for industrial and mobile equipment; aerospace fuel, hydraulics and
pneumatic systems for commercial and military use, and truck and automotive
drivetrain and powertrain systems for performance, fuel economy and safety.
On January 1, 2011, it closed the acquisition of the Tuthill Coupling Group,
which is a division of the Tuthill Corporation. It has five segments:
Electrical Americas and Electrical Rest of World; Hydraulics; Aerospace;
Truck, and Automotive. On October 12, 2010, it acquired Chloride Phoenixtec
Electronics. On October 1, 2010, it acquired CopperLogic, Inc. On August 25,
2010, it acquired Wright Line Holding, Inc. On July 15, 2010, it acquired EMC
Engineers, Inc. In May 2011, it acquired Internormen Technology Group. For
the three months ended 31 March 2011, Eaton Corporation's revenues increased
23% to $3.8B. Net income increased 85% to $287M. Revenues reflects higher
sales from Electrical Americas segment, Hydraulics segment, a rise in the
income from Truck segment, an increase in income from Automotive segment. Net
income also reflects a decrease in interest expense-net and higher other
income, net. |
Industry
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Industry |
Electronic Instruments and Controls |
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ANZSIC 2006: |
2439 - Other Electrical Equipment
Manufacturing |
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NACE 2002: |
3120 - Manufacture of electricity
distribution and control apparatus |
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NAICS 2002: |
335314 - Relay and Industrial Control
Manufacturing |
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UK SIC 2003: |
3120 - Manufacture of electricity
distribution and control apparatus |
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US SIC 1987: |
3625 - Relays and Industrial Controls |
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Key Executives (Emails
Available)
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Significant
Developments
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* number of significant developments within the last 12 months |
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News
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
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Eaton
Corporation The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic Initiatives
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Key Organizational Changes |
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In fiscal year 2010, the company made significant acquisitions to
supplement its growth. In December 2010, Eaton completed the acquisition of
Tuthill Coupling Group, a division of Tuthill Corporation, through which it
enhanced its product offerings in the pneumatic and hydraulic categories. In
October, the company completed the acquisition of CopperLogic, Inc., a
leading manufacturer of electrical and electromechanical systems to enhance
and strengthen its electrical segment. In July 2010, Eaton acquired a
Colorado based energy engineering and energy services company, EMC Engineers,
Inc. to enhance its service offerings. In fiscal 2009, the company acquired
Micro Innovation Holding AG, a Switzerland based manufacturer of human
machine interfaces (HMI), programmable logic controllers (PLC) and various
other types of input or output devices to boost its Electrical segment
business.
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Eaton Corporation (Eaton) is a diversified industrial manufacturing
company, principally engaged in providing electrical, hydraulic and drives
train systems to a wide array of markets. It operates in six segments,
namely, Electrical Americas, Electrical Rest of World, Hydraulics,
Automotive, Truck and Aerospace segments. The company, through its aggressive
acquisition strategy, was able to diversify its product offering, which
helped in enhancing its presence across several regions. However, highly
regulated environment and volatile raw material prices could pose challenges
to the company.Strong Manufacturing CapabilitiesEaton leverages its own
manufacturing capabilities to develop various products including electrical
components, hydraulics components, aerospace fuel, hydraulics and pneumatic
systems, truck and automotive drivetrain and powertrain systems among others.
The company carries its manufacturing activities through 216 manufacturing
facilities spanned across 31 countries. |
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This acquisition, once completed would help Eaton in establishing its
direct presence in the South African market and serves as a platform for
growth in the region. In fiscal year 2010, the company made significant
acquisitions to supplement its growth. In December 2010, Eaton completed the
acquisition of Tuthill Coupling Group, a division of Tuthill Corporation,
through which it enhanced its product offerings in the pneumatic and
hydraulic categories. In October, the company completed the acquisition of
CopperLogic, Inc., a leading manufacturer of electrical and electromechanical
systems to enhance and strengthen its electrical segment. In July 2010, Eaton
acquired a Colorado based energy engineering and energy services company, EMC
Engineers, Inc. to enhance its service offerings.
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These 220V (15A) charging stations are advantageous in terms of
reducing the charging time of Mitsubishi’s lithium-ion battery-powered
vehicle by 50% versus a standard 110V electrical outlet. In October 2010,
Eaton has announced that it will provide The University of Notre Dame with
charging stations to demonstrate the capabilities of utilizing electric
vehicles (EV) in the university’s fleet. Also Eaton has successfully
completed the acquisition of companies, namely, Copperlogic, Inc., Wright
Line, LLC, and EMC Engineers, Inc. In 2011, the company announced that it
will acquire INTERNORMEN Technology.GlobalData uses a range of research
techniques to gather and verify its information and analysis. These include
primary research, in-house knowledge and expertise, proprietary databases,
and secondary sources such as company websites, annual reports, SEC filings
and press releases. Disclaimer: No part of this publication may be
reproduced, stored in a retrieval system or transmitted in any form by any
means, electronic, mechanical, photocopying, recording or otherwise, without
the prior permission of the publisher, GlobalData.
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Partnerships |
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Please note that the findings, conclusions and recommendations that
GlobalData delivers will be based on information gathered in good faith from
both primary and secondary sources, whose accuracy we are not always in a
position to guarantee. As such GlobalData can accept no liability whatever
for actions taken based on any information that may subsequently prove to be
incorrect. Mar 21, 2011VYCON Extends collaboration With Eaton For
Distribution And Service Of VYCON's Flywheel Energy Storage SystemsVYCON,
Inc. (VYCON) has extended its collaboration with Eaton Corporation (Eaton) to
distribute VYCON's clean energy VDC (voltage direct connect) and VDC-XE
flywheel power systems. Under the extended agreement, Eaton will continue to
sell and service VYCON's VDC flywheel systems as an alternative or complement
to their three-phase uninterruptible power systems (UPSs).VYCON said that its
VDC models, which are certified to use with the Eaton 9390, 9395 and 9315
UPSs, provide Eaton customers a battery-free, 'green' alternative by
providing sufficient ride-through for short duration power outages and/or
bridging time until a standby engine-generator can come online. |
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Under the extended agreement, Eaton will continue to sell and service
VYCON's VDC flywheel systems as an alternative or complement to their
three-phase uninterruptible power systems (UPSs).VYCON said that its VDC
models, which are certified to use with the Eaton 9390, 9395 and 9315 UPSs,
provide Eaton customers a battery-free, 'green' alternative by providing
sufficient ride-through for short duration power outages and/or bridging time
until a standby engine-generator can come online. Frank DeLattre, president
of VYCON, said, "Our collaboration with Eaton has been very successful
and we look forward to continuing our relationship and providing unsurpassed
clean energy storage solutions for their customers." Pedro Robredo,
Eaton's product line manager for three-phase UPS products, said, "We are
very excited to continue our relationship with VYCON and offering their
patented flywheel energy storage system as an alternative or as an
enhancement to traditional battery-based energy storage. Providing 'greener'
back-up power solutions to our data center customers is a priority and
offering a battery-free, lead-free alternative will continue to enhance our
position. |
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Within the last year, South Carolina has had two EV manufacturers,
Proterra and CT&T, locate their manufacturing operations in the state and
we’re ready for more. The program will provide publicly accessible EV
charging stations at locations such as municipal parking garages, public
streets and retailers. Depending on host city requirements, the stations will
be enabled for smart communications to facilitate the monitoring and
management of the state-wide network of chargers. Tim Old, business unit
manager of EV infrastructure at Eaton, said: “Through this collaboration,
Eaton is helping to create the infrastructure leading to the adoption and
expanded use of EVs. We’re eager to provide Eaton’s comprehensive
solutions to Plug In Carolina’s public EV program and these events are the
perfect way to demonstrate our support of the communities in South Carolina
where we do business.Dec 02, 2010Eaton Announces Its Electric Hybrid
Power System Expansion Into Latin America City Bus Market With Delivery Of
Two Hybrid Buses In GuadalajaraEaton Corporation (Eaton) announced that its
electric hybrid power system has expanded into the Latin America city bus
market with the first delivery of two YoungMan Neoplan 12 meter Eaton
hybrid-powered buses to the city of Guadalajara, Mexico.
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In August 2010, the company formed an alliance with AECOM, IBM,
vehicle manufacturer Beiqi Foton Motor Co., lithium ion battery manufacturer
MGL and electric motor provider Broad Ocean in China to accelerate the
deployment of electric vehicles in cities across China. In July, the company
formed a New Electric Transportation Infrastructure Unit in collaboration
with Valley Authority and EPRI to enhance its electric segment growth. It
also formed a joint venture with Shanghai Aircraft Manufacturing Co., Ltd . |
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Additionally, Eaton equips the buses with its start-stop technology
that automatically switches off the engine when the bus is stationary and
turns it back on when power is needed. This system reduces emissions,
especially at bus stops.Dec 01, 2010Eaton Donates Electric Vehicle Charging
Stations To City Of RaleighEaton Corporation (Eaton) has donated to the city
of Raleigh, North Carolina, three high-speed electric vehicle (EV) charging
stations that can recharge a vehicle in just four to six hours. The chargers
are the first of 30 public EV charging stations the city of Raleigh plans to
install by September 2011 as part of its rollout of plug-in electric
vehicles.Tim Old, business unit manager at Eaton, said: “This important
collaboration with the city of Raleigh will promote sustainability by
creating the infrastructure that will help drivers become more confident that
they can easily charge their EVs. Eaton’s proven technology is helping to
advance the aggressive early adoption of clean transportation in Raleigh and
throughout the Carolinas. The region is helping to pave the way for broader
adoption of EVs throughout North America. The charging stations, which are located
in downtown Raleigh, are part of Eaton's range of products and services that
will provide critical infrastructure for the EV corridors and across North
America . |
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Standard features include steering wheel-mounted audio and cruise
controls, LED taillights and Mitsubishi Motors' FUSE hands-free link system
with USB input that allows users to make hands-free phone calls or access
music on their iPod with simple voice-commands. Eco-friendly equipment
including electric power steering and a brake energy regeneration system and
safety features including seven airbags, hill start assist and active
stability control are all standard, according to Mitsubishi Motors North
America. Best Buy/Eaton collaboration This cooperative effort will see Best
Buy, through the company's Geek Squad division - a nationwide 24-hour task
force of more than 20,000 skilled technicians, retail, perform site analysis
and is working to manage installation of advanced 220V Level 2 charging
station equipment that will be manufactured by Eaton for an i-MiEV owner's
home that will cut the battery charging time of their all-electric vehicle in
half over a standard 110V electrical outlet.GlobalData uses a range of
research techniques to gather and verify its information and analysis. These
include primary research, in-house knowledge and expertise, proprietary
databases, and secondary sources such as company websites, annual reports,
SEC filings and press releases. |
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Sales and Distribution |
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These items were partially offset by net savings resulting from
workforce reductions and other cost-containment actions. 2011 FORWARD-LOOKING
PERSPECTIVE As of late February, Eaton estimates its end markets for all of
2011 will grow 9%, with markets in all six segments registering growth, the
first year since 2006 in which the markets for all of its segments have
grown. The Company expects to outgrow its end markets in 2011 by
approximately $450 in net sales. The incremental revenues in 2011 from recent
acquisitions of businesses are expected to total $160. In total, Eaton
anticipates its revenues in 2011 will grow by 13% compared to 2010. |
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These increases were partially offset by the cessation of temporary
cost-savings measures introduced in 2009,higher raw material costs, and
increased support costs as operations returned to normal operating levels
compared to the depressed levels in 2009. Operating profit before acquisition
integration charges in 2009 decreased 18% from 2008 due to the decline in net
sales discussed above, partially offset by net savings resulting from the
workforce reductions and other cost containment actions. Electrical Rest of
World Net sales increased 11% in 2010 compared to 2009 due to an increase in
core sales of 11% and an increase of 1% from the acquisition of certain
businesses, partially offset by a 1% reduction from foreign exchange. The
growth in core sales was due to the rebound in European and Asian end markets
from the depressed levels of 2009. Net sales declined 15% in 2009 compared to
2008 due to a 19% decline in core sales and a 5% decline from foreign
exchange, partially offset by a 9% increase from the acquisition of certain
businesses. |
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Electrical Rest of World Net sales
increased 11% in 2010 compared to 2009 due to an increase in core sales of
11% and an increase of 1% from the acquisition of certain businesses,
partially offset by a 1% reduction from foreign exchange. The growth in core
sales was due to the rebound in European and Asian end markets from the
depressed levels of 2009. Net sales declined 15% in 2009 compared to 2008 due
to a 19% decline in core sales and a 5% decline from foreign exchange,
partially offset by a 9% increase from the acquisition of certain businesses.
The decline in core sales was due to softness in European and Asian markets
during 2009 due to the global economic recession. Operating profit before
acquisition integration charges in 2010 increased 78% from 2009 largely due
to the increase in sales during 2010, net savings resulting from workforce
reductions taken in 2009, and manufacturing efficiencies resulting from
higher sales volumes. |
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Hydraulics Net sales in 2010 increased 31%
compared to 2009 due to higher core sales of 30% and an increase of 1% from
the favorable impact of foreign exchange. The increase in core sales was
driven by global hydraulics markets, which rebounded from the depressed
market conditions of 2009. Net sales declined 33% in 2009 compared to 2008
due to a 32% decline in core sales and a 2% decline from foreign exchange,
partially offset by a 1% increase from the acquisition of certain businesses.
The decline in core sales resulted from market weakness in all regions
beginning in late 2008 and continuing throughout 2009 due to the global
economic recession, with the United States seeing the largest decline.
Operating profit before acquisition integration charges in 2010 increased
419% from 2009 primarily due to the increase in sales in 2010, net savings
resulting from the workforce reductions taken in 2009, and manufacturing
efficiencies resulting from higher sales volumes. |
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Overview
Eaton Corporation (Eaton) is a diversified industrial manufacturing
company, principally engaged in providing electrical, hydraulic and drives
train systems to a wide array of markets. It operates in six segments, namely,
Electrical Americas, Electrical Rest of World, Hydraulics, Automotive, Truck
and Aerospace segments. The company, through its aggressive acquisition
strategy, was able to diversify its product offering, which helped in enhancing
its presence across several regions. However, highly regulated environment and
volatile raw material prices could pose challenges to the company.
Strengths
Strong
Manufacturing Capabilities
Eaton leverages its own manufacturing capabilities to develop various
products including electrical components, hydraulics components, aerospace
fuel, hydraulics and pneumatic systems, truck and automotive drivetrain and
powertrain systems among others. The company carries its manufacturing
activities through 216 manufacturing facilities spanned across 31 countries.
These facilities are well equipped and aligned with innovative technologies,
which enabled Eaton to offer customers with extensive selection of quality
products. Presently, these facilities are fully used and have production
capacity to meet its current requirements, as well as future demand and
operational needs. Further, its manufacturing facilities operate under the
certifications of international standard for environmental management systems.
Such strong manufacturing network eliminates the company’s dependence on
other sources and efficiently deliver products on time to its geographically
diversified customer base.
The company has a diversified global presence. By spreading its business
across the world, Eaton managed to minimize the risks arising out of a specific
geographical region. With its product reach in more than 150 countries
throughout the world, the company employs a workforce of about 70,000 people to
provide a strong portfolio of diversified products. It is one of the leading
technology companies that operate a total of 216 manufacturing facilities
across 31 countries to provide a diversified line of technology products. Eaton
has established operations in the major economies of Europe, the Americas, and
Asia Pacific. During the fiscal year ended December 2010, the company generated
50.8% of its revenues from the US region, followed by 22.5% from Europe, 14.3%
from Asia-Pacific, 9.6% from Latin America and 2.8% from Canada. The
company’s diversified geographical presence ensures that it remains shielded
from macroeconomic risks associated with operational presence in one location.
Eaton has diversified its operations with its presence in a number of
industries and markets. The company is an industrial manufacturing company with
a diversified product portfolio that provides material strength to its
financial operations and enables it to serve a large customer base. The company
operates in six business segments, namely, Electrical Americas, Electrical Rest
of World, Hydraulics, Automotive, Truck and Aerospace. Its product portfolio
consist of electrical circuit breakers, vacuum breakers, power distribution
assemblies, motor starters, operator interface hardware, metering systems,
power management software, surge protection devices, uninterrupted power
systems, hydraulic systems, fuel systems and motion control systems. The key
market segments served by the company include mining, oil and gas, renewable
energy, construction, agriculture, marine, aerospace, utility and automotive.
The diversified product portfolio of the company lead to its diversified
revenue streams. In the fiscal year ended December 2010, Eaton generated about
26.8% of its total sales from Electrical America segment, followed by 20% from
Electrical Rest of World, 16.1% from Hydraulics, 11.2% from Aerospace, 14.6%
from Truck, and 11.3% from Automotive segment. Such diversified business
operations help the company reduce the impact of market volatility in any
particular business unit and provide economic stability.
Weaknesses
There has been inconsistency in the sales performance of the company in
the past four years (2007-2010). Eaton’s revenues have been fluctuating
considerably over the period. The company recorded revenue of $13,033m during
the fiscal year ended 2007, which increased by 18% to $15,376m in 2008 and then
decreased 22.8% to reach $11,873m in 2009. The company’s revenues further
increased by 15.5% to reach $13,715m in the fiscal year ended December 2010.
The company's inconsistent performance could adversely affect its operations.
These fluctuations in its revenue may lower investors’ confidence in the
company and affect its operations adversely, if it does not recover from this
instability at the earliest.
Involvement in litigation adds to costs, which could not only have an
adverse impact on the operations and financial position of the company, but
also dampen its brand image. In October 2006, ZF Meritor LLC and Meritor
Transmission Corporation filed a lawsuit against Eaton in the US District Court
for Delaware seeking damages under the US antitrust laws, and injunctive relief
and costs. The lawsuit was filed against Eaton alleging that it is engaged in
anti-competitive conduct against Meritor in the sale of truck transmissions in
the North American region. In October 2009, the court ruled the case in favor
of Meritor, for which Eaton filed a motion for judgment as a matter of law and
to set aside the verdict. The outcome of the lawsuit is still pending and is
unpredictable. Any adverse outcome would have a significant affect on the
company's financial performance and results of operations.
Opportunities
Strategic
Agreements/Alliances
The company entered into several strategic alliances and agreements in
the recent past aimed at increasing its presence and expanding portfolio of
products. In November 2010, Eaton’s Aerospace group entered into contracts
with Sichuan Airlines and China Southern Airlines to supply engine-driven pumps
and AC motorpumps for Sichuan Airlines’ ne fleet of 32 Airbus 320 passenger
jets; and China Southern Airlines’ new fleet of 20 Airbus 320 passenger jets.
In September 2010, the company entered into a USD 130 million strategic
supplier contract with Airbus to supply high-pressure permanent fittings and
flexible hoses for the A380 and new A350 XWB aircraft. In August 2010, the
company formed an alliance with AECOM, IBM, vehicle manufacturer Beiqi Foton
Motor Co., lithium ion battery manufacturer MGL and electric motor provider
Broad Ocean in China to accelerate the deployment of electric vehicles in
cities across China. In July, the company formed a New Electric Transportation
Infrastructure Unit in collaboration with Valley Authority and EPRI to enhance
its electric segment growth. It also formed a joint venture with Shanghai
Aircraft Manufacturing Co., Ltd. to support the COMAC C919 single-aisle
commercial aircraft program, through which it expanded its overall presence in
the Chinese market. Further in June 2010, Eaton entered into a strategic
alliance with Linde Hydraulics, a division of KION Group GmbH to strengthen its
product lines, market distribution channels and regional coverage. Such significant
agreements would enhance the company’s product portfolio and enables it in
tapping new market segments.
The company continues to view acquisitions as a key part of its growth
criteria. These acquisitions are intended to supplement Eaton’s core growth
and assure expansion of its business, including new technologies, additional
products, and geographical reach. The Company has made several new business
integrations over the past two years which helps in expanding its revenue base.
In January 2011, the company entered into an agreement to acquire the
low-voltage electrical business of ACTOM (Pty) Ltd. This acquisition, once
completed would help Eaton in establishing its direct presence in the South
African market and serves as a platform for growth in the region. In fiscal
year 2010, the company made significant acquisitions to supplement its growth.
In December 2010, Eaton completed the acquisition of Tuthill Coupling Group, a
division of Tuthill Corporation, through which it enhanced its product
offerings in the pneumatic and hydraulic categories. In October, the company
completed the acquisition of CopperLogic, Inc., a leading manufacturer of
electrical and electromechanical systems to enhance and strengthen its
electrical segment. In July 2010, Eaton acquired a Colorado based energy
engineering and energy services company, EMC Engineers, Inc. to enhance its
service offerings. In fiscal 2009, the company acquired Micro Innovation
Holding AG, a Switzerland based manufacturer of human machine interfaces (HMI),
programmable logic controllers (PLC) and various other types of input or output
devices to boost its Electrical segment business. It also acquired SEG Middle
East Power Solutions & Switchboard Manufacture LLC (49% owned joint
venture) to manufacture low voltage switchboards and control panel assemblies
to focus on the Middle East power generation.
Rising
Demand for Electricity in the US
As per the report of Energy Information Administration / Annual Energy
Outlook 2009, demand for electricity in the US is projected to increase by 26%
from 2007 to 2030, or by an average of 1.0 percent per year. Commercial sector
would witness an increase in demand of 38%, followed by the residential sector
(20%) and the industrial sector (7%). Population growth and rising disposable
incomes are expected to drive the demand for products, services, and floor
space, where as ongoing population shifts to warmer regions will lead to
increase in the use of electricity for space cooling. Global increase in demand
for energy will result in the establishment of more number of power stations
with considerable importance to renewable energy market. These factors could in
turn lead to a rise in demand for electrical control, power distribution,
uninterruptible power supply (UPS) systems and industrial automation products
and services. Eaton, which is already serving the renewable energy markets such
as hydro power plants, wind and solar energy systems, could enhance its
technology capabilities to capture the expected rise in demand in these
markets.
Threats
The company’s operations could be impacted by highly regulated
environmental laws and regulations related to emissions and discharges of water
and air, and the generation, transportation, storage, handling, treatment and
disposal of non-hazardous and hazardous waste materials. Eaton is facing the
challenge of improving product technology and has to make substantial
investments for research and development. A number of its manufacturing
facilities are required to attain ISO 14001 certification. Further, Eaton has
to comply with emission and noise related regulations of EPA, state regulatory
agencies in the US and various regulatory agencies in regions where it
operates. Non compliance with such regulations could lead to penalties and
fines. The company’s currently-owned or formerly-owned plants have been
involved in a number of remedial response and voluntary environmental
remediation. It has also been named a potentially responsible party (PRP) under
the Federal Superfund law at numerous waste disposal sites. Being involved in
such legalities, any unfavorable laws or rules affecting the operations could
have a considerable impact on the operations and the good will of the company.
Fluctuations in prices show direct impact on the company’s
profitability and cash flow. Eaton uses various raw materials such as iron,
steel, copper, nickel, aluminum, brass, silver, molybdenum, titanium, vanadium,
rubber, plastic and insulating materials in manufacturing its products. The
prices of these raw materials account for a significant share of the company's
total cost of goods sold. Due to increase in commodity prices, the cost of raw
materials and energy may also increase drastically. The company may incur loss
in sales volume to the extent of their price increases. In addition, the
continuous supply of raw materials could be affected by weather conditions,
national emergencies, strikes, governmental controls, natural disasters, supply
shortages or other events. Thus, price fluctuations and non-availability of
these raw materials may have an adverse effect on the product cost and
operations of the company.
The company could be subject to intense competitive pressures from
various public limited and private companies operating in its segment space of
Electrical Hydraulics, Automotive, Truck and Aerospace. Eaton competes with
some of the leading companies such as Hawk Corporation, Parker-Hannifin
Corporation, Johnson Controls, Inc. and ArvinMeritor, Inc., along with some of
the local and overseas companies having manufacturing or distribution base in
geographies where it operates. Such intense competitive landscape could
adversely affect the company’s revenues, which in turn could affect the
growth prospects of Eaton in future.
In the wake of globalization, the costs of labor are also increasing at
a phenomenal pace. The government has passed a resolution to increase labor
costs, due to increased overtime and tight labor markets. The rise in labor
costs across the world, especially in the US and the UK, could be a cause for
concern to Eaton. According to the Fair Labor Standards Act (FLSA) by the
United States Department of Labor, workers are entitled to a minimum wage of
not less than $7.25 per hour effective July 24, 2009. Effective October 2008,
the UK government raised labor rates from GBP 5.73 to GBP 5.80 per hour for
adults. The company’s wage bill is increasing due to the increase in the labor
costs, coupled with a higher proportion of full-time employees. Going forward,
there may be regulatory pressure to revise wages of majority of the company’s
70,000 employees. If Eaton fails to comply with future wage increases, it may
face labor strikes that might result in huge losses to the company.
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Credit Report as
of 02/01/2011 |
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Corporate Structure News
|
|
|
Total Corporate
Family Members: 375 |
|
|
|
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Parent |
Cleveland, OH |
United States |
Electronic Instruments and Controls |
13,715.0 |
70,000 |
||
|
Acquisition of E. Begerow GmbH & Co. proposed/announced.See corporate structure news on Eaton
Corporation for details |
|||||||
|
Subsidiary |
Knights |
South Africa |
Miscellaneous
Capital Goods |
800.0 |
6,000 |
|
|
|
Recently
acquired (previously owned by Actom (Pty) Ltd).See corporate structure news on Eaton
Corporation for details |
|||||||
|
Subsidiary |
Bellville |
South Africa |
Miscellaneous Capital Goods |
90.0 |
700 |
|
|
|
Subsidiary |
Bellville |
South Africa |
Miscellaneous Capital Goods |
|
500 |
|
|
|
Subsidiary |
Valinhos, SP |
Brazil |
Auto and Truck Parts |
1,106.2 |
4,620 |
|
|
|
Subsidiary |
Raleigh, NC |
United States |
Miscellaneous Capital Goods |
|
3,400 |
|
|
|
Subsidiary |
Schiphol |
Netherlands |
Auto and Truck Parts |
250.0 |
2,000 |
|
|
|
Branch |
El Paso, TX |
United States |
Electronic Instruments and Controls |
234.0 |
1,500 |
|
|
|
Subsidiary |
Taipei |
Taiwan |
Electronic Instruments and Controls |
130.1 |
1,500 |
|
|
|
Subsidiary |
South Molton |
United Kingdom |
Miscellaneous Capital Goods |
181.3 |
1,250 |
|
|
|
Subsidiary |
Baden-Baden |
Germany |
Auto and Truck Parts |
181.6 |
1,200 |
|
|
|
Branch |
Van Wert, OH |
United States |
Miscellaneous Fabricated Products |
570.0 |
1,000 |
|
|
|
Branch |
Raleigh, NC |
United States |
Medical Equipment and Supplies |
322.0 |
1,000 |
|
|
|
Subsidiary |
Burlington, ON |
Canada |
Electronic Instruments and Controls |
|
820 |
|
|
|
Branch |
Milton, ON |
Canada |
Electronic Instruments and Controls |
85.0 |
250 |
|
|
|
Branch |
Airdrie, AB |
Canada |
Electronic Instruments and Controls |
83.1 |
198 |
|
|
|
Branch |
Calgary, AB |
Canada |
Electronic Instruments and Controls |
93.8 |
95 |
|
|
|
Branch |
Etobicoke, ON |
Canada |
Electronic Instruments and Controls |
63.8 |
75 |
|
|
|
Branch |
Edmonton, AB |
Canada |
Electronic Instruments and Controls |
67.7 |
70 |
|
|
|
Branch |
Perth, ON |
Canada |
Electronic Instruments and Controls |
21.5 |
65 |
|
|
|
Branch |
Delta, BC |
Canada |
Electronic Instruments and Controls |
16.8 |
50 |
|
|
|
Branch |
Kearney, NE |
United States |
Miscellaneous Fabricated Products |
456.0 |
800 |
|
|
|
Branch |
Greenwood, SC |
United States |
Electronic Instruments and Controls |
258.4 |
800 |
|
|
|
Branch |
Fayetteville, NC |
United States |
Electronic Instruments and Controls |
201.0 |
773 |
|
|
|
Branch |
Jackson, MS |
United States |
Aerospace and Defense |
80.0 |
750 |
|
|
|
Subsidiary |
Cleveland, OH |
United States |
Aerospace and Defense |
230.9 |
736 |
|
|
|
Division |
Costa Mesa, CA |
United States |
Aerospace and Defense |
|
300 |
|
|
|
Division |
Cleveland, OH |
United States |
Aerospace and Defense |
|
148 |
|
|
|
Division |
Irvine, CA |
United States |
Miscellaneous Capital Goods |
|
65 |
|
|
|
Division |
Cleveland, OH |
United States |
Business Services |
|
65 |
|
|
|
Division |
Cleveland, OH |
United States |
Business Services |
|
|
|
|
|
Branch |
Arden, NC |
United States |
Electronic Instruments and Controls |
227.5 |
700 |
|
|
|
Division |
Kalamazoo, MI |
United States |
Miscellaneous Capital Goods |
|
700 |
|
|
|
Branch |
Beaver, PA |
United States |
Electronic Instruments and Controls |
173.7 |
668 |
|
|
|
Branch |
Galesburg, MI |
United States |
Auto and Truck Parts |
224.4 |
600 |
|
|
|
Subsidiary |
Tczew |
Poland |
Auto and Truck Parts |
|
600 |
|
|
|
Branch |
Coraopolis, PA |
United States |
Electronic Instruments and Controls |
143.0 |
550 |
|
|
|
Branch |
Belmond, IA |
United States |
Miscellaneous Fabricated Products |
134.2 |
550 |
|
|
|
Subsidiary |
Birmingham |
United Kingdom |
Electronic Instruments and Controls |
99.0 |
533 |
|
|
|
Branch |
Mountain Home, AR |
United States |
Fabricated Plastic and Rubber |
131.5 |
500 |
|
|
|
Subsidiary |
Worcester, MA |
United States |
Furniture and Fixtures |
101.0 |
450 |
|
|
|
Subsidiary |
North York, ON |
Canada |
Furniture and Fixtures |
18.7 |
150 |
|
|
|
Division |
Marshall, MI |
United States |
Miscellaneous Capital Goods |
|
450 |
|
|
|
Branch |
Spencer, IA |
United States |
Auto and Truck Parts |
163.1 |
436 |
|
|
|
Branch |
Hutchinson, KS |
United States |
Recreational Activities |
113.3 |
425 |
|
|
|
Branch |
Searcy, AR |
United States |
Miscellaneous Fabricated Products |
117.9 |
418 |
|
|
|
Branch |
Los Angeles, CA |
United States |
Miscellaneous Transportation |
264.3 |
350 |
|
|
|
Branch |
Jackson, MI |
United States |
Retail (Specialty) |
151.9 |
350 |
|
|
|
Branch |
Athens, GA |
United States |
Auto and Truck Parts |
130.9 |
350 |
|
|
|
Subsidiary |
Changning District, Shanghai |
China |
Miscellaneous Capital Goods |
61.0 |
350 |
|
|
|
Subsidiary |
Shanghai, Shanghai |
China |
Miscellaneous Capital Goods |
61.0 |
350 |
|
|
|
Division |
Jackson, MI |
United States |
Appliance and Tool |
|
350 |
|
|
|
Branch |
Shawnee, OK |
United States |
Miscellaneous Capital Goods |
198.4 |
348 |
|
|
|
Branch |
Sarasota, FL |
United States |
Aerospace and Defense |
111.9 |
340 |
|
|
|
Division |
Marshall, MI |
United States |
Miscellaneous Transportation |
|
330 |
|
|
|
Branch |
Kings Mountain, NC |
United States |
Auto and Truck Parts |
121.6 |
325 |
|
|
|
Branch |
Roxboro, NC |
United States |
Business Services |
73.6 |
320 |
|
|
|
Subsidiary |
Troutman, NC |
United States |
Auto and Truck Parts |
17.1 |
301 |
|
|
|
Division |
Eden Prairie, MN |
United States |
Miscellaneous Capital Goods |
345.9 |
300 |
|
|
|
Branch |
Milwaukee, WI |
United States |
Miscellaneous Capital Goods |
171.0 |
300 |
|
|
|
Subsidiary |
Westminster, SC |
United States |
Miscellaneous Capital Goods |
70.2 |
300 |
|
|
|
Subsidiary |
São Paulo |
Brazil |
Electronic Instruments and Controls |
|
300 |
|
|
|
Subsidiary |
Altlußheim, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
|
260 |
|
|
|
Recently acquired (previously owned by Internormen Technology
GmbH).See corporate structure news on Eaton
Corporation for details |
|||||||
|
Subsidiary |
Alcala De Henares, Madrid |
Spain |
Auto and Truck Parts |
30.3 |
257 |
|
|
|
Branch |
Jackson, MI |
United States |
Miscellaneous Capital Goods |
142.5 |
250 |
|
|
|
Division |
Grand Rapids, MI |
United States |
Aerospace and Defense |
79.5 |
250 |
|
|
|
Branch |
Costa Mesa, CA |
United States |
Aerospace and Defense |
42.3 |
250 |
|
|
|
Subsidiary |
Watertown, WI |
United States |
Scientific and Technical Instruments |
36.3 |
250 |
|
|
|
Branch |
Horseheads, NY |
United States |
Electronic Instruments and Controls |
45.9 |
225 |
|
|
|
Branch |
Cleveland, TN |
United States |
Electronic Instruments and Controls |
67.8 |
210 |
|
|
|
Branch |
Warwick, RI |
United States |
Miscellaneous Fabricated Products |
78.4 |
200 |
|
|
|
Branch |
Edificio World Trade Center, Buenos Aires |
Argentina |
Miscellaneous Fabricated Products |
12.0 |
200 |
|
|
|
Branch |
Livingston, TN |
United States |
Fabricated Plastic and Rubber |
39.7 |
175 |
|
|
|
Subsidiary |
Mexico City, Distrito Federal |
Mexico |
Miscellaneous Capital Goods |
20.0 |
175 |
|
|
|
Branch |
Maumee, OH |
United States |
Electronic Instruments and Controls |
115.2 |
151 |
|
|
|
Branch |
North Charleston, SC |
United States |
Electronic Instruments and Controls |
114.5 |
150 |
|
|
|
Branch |
Bethel, CT |
United States |
Scientific and Technical Instruments |
41.0 |
150 |
|
|
|
Branch |
Forest City, NC |
United States |
Fabricated Plastic and Rubber |
34.1 |
150 |
|
|
|
Division |
Cleveland, OH |
United States |
Miscellaneous Capital Goods |
24.6 |
150 |
|
|
|
Subsidiary |
México, D.F. |
Mexico |
Electronic Instruments and Controls |
20.0 |
150 |
|
|
|
Subsidiary |
Berea, OH |
United States |
Miscellaneous Capital Goods |
|
148 |
|
|
|
Branch |
Toccoa, GA |
United States |
Construction Services |
29.0 |
145 |
|
|
|
Branch |
Aurora, OH |
United States |
Fabricated Plastic and Rubber |
36.8 |
140 |
|
|
|
Branch |
Cleveland, OH |
United States |
Investment Services |
41.9 |
130 |
|
|
|
Subsidiary |
Mascot, NSW |
Australia |
Electronic Instruments and Controls |
12.6 |
130 |
|
|
|
Branch |
Garbutt, QLD |
Australia |
Business Services |
|
|
|
|
|
Subsidiary |
Sint-Niklaas |
Belgium |
Electronic Instruments and Controls |
21.8 |
123 |
|
|
|
Subsidiary |
Aurora, OH |
United States |
Fabricated Plastic and Rubber |
228.0 |
100 |
|
|
|
Branch |
Garden Grove, CA |
United States |
Fabricated Plastic and Rubber |
56.8 |
250 |
|
|
|
Branch |
Hoosick Falls, NY |
United States |
Business Services |
41.0 |
180 |
|
|
|
Branch |
Ravenna, OH |
United States |
Aerospace and Defense |
30.5 |
96 |
|
|
|
Branch |
Bristol, RI |
United States |
Fabricated Plastic and Rubber |
20.4 |
90 |
|
|
|
Branch |
Bridgewater, NJ |
United States |
Miscellaneous Fabricated Products |
19.5 |
80 |
|
|
|
Branch |
Mickleton, NJ |
United States |
Fabricated Plastic and Rubber |
13.6 |
60 |
|
|
|
Branch |
Laguna Beach, CA |
United States |
Fabricated Plastic and Rubber |
10.2 |
45 |
|
|
|
Branch |
Clearwater, FL |
United States |
Medical Equipment and Supplies |
6.4 |
30 |
|
|
|
Subsidiary |
Coignières |
France |
Aerospace and Defense |
75.0 |
100 |
|
|
|
Branch |
Decatur, AL |
United States |
Miscellaneous Fabricated Products |
57.0 |
100 |
|
|
|
Branch |
San Diego, CA |
United States |
Engineering Consultants |
20.7 |
100 |
|
|
|
Branch |
Glendale Heights, IL |
United States |
Electronic Instruments and Controls |
20.4 |
100 |
|
|
|
Subsidiary |
Riyadh, Ar Riyad |
Saudi Arabia |
Miscellaneous Capital Goods |
18.0 |
100 |
|
|
|
Subsidiary |
Changning District, Shanghai |
China |
Auto and Truck Manufacturers |
17.0 |
100 |
|
|
|
Subsidiary |
Shanghai, Shanghai |
China |
Miscellaneous Capital Goods |
17.0 |
100 |
|
|
|
Branch |
Gainesboro, TN |
United States |
Fabricated Plastic and Rubber |
21.6 |
95 |
|
|
|
Subsidiary |
Galesburg, MI |
United States |
Business Services |
|
90 |
|
|
|
Subsidiary |
Bognor Regis |
United Kingdom |
Electronic Instruments and Controls |
33.6 |
73 |
|
|
|
Branch |
Middlesex, NC |
United States |
Fabricated Plastic and Rubber |
19.2 |
73 |
|
|
|
Branch |
Lincoln, IL |
United States |
Electronic Instruments and Controls |
53.4 |
70 |
|
|
|
Subsidiary |
Kilsyth, VIC |
Australia |
Miscellaneous Capital Goods |
|
70 |
|
|
|
Branch |
Fenton, MO |
United States |
Office Supplies |
27.2 |
60 |
|
|
|
Branch |
Sumter, SC |
United States |
Electronic Instruments and Controls |
19.4 |
60 |
|
|
|
Branch |
Minnetonka, MN |
United States |
Electronic Instruments and Controls |
38.2 |
50 |
|
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Miscellaneous Capital Goods |
30.0 |
50 |
|
|
|
Branch |
Houston, TX |
United States |
Electronic Instruments and Controls |
13.0 |
50 |
|
|
|
Branch |
Fitzgerald, GA |
United States |
Fabricated Plastic and Rubber |
11.4 |
50 |
|
|
|
Branch |
Memphis, TN |
United States |
Advertising |
11.3 |
50 |
|
|
|
Subsidiary |
Bogota, Cundinamarca |
Colombia |
Miscellaneous Capital Goods |
2.0 |
50 |
|
|
|
Recently acquired (previously owned by CI ESI de Colombia SA).See corporate structure news on Eaton
Corporation for details |
|||||||
|
Subsidiary |
Coignieres |
France |
Electronic Instruments and Controls |
|
50 |
|
|
|
Subsidiary |
Selles-Caspet |
France |
Nonclassifiable Industries |
|
50 |
|
|
|
Branch |
Lake Oswego, OR |
United States |
Electronic Instruments and Controls |
37.4 |
49 |
|
|
|
Branch |
Irvine, CA |
United States |
Electronic Instruments and Controls |
34.3 |
45 |
|
|
|
Branch |
Boothwyn, PA |
United States |
Electronic Instruments and Controls |
30.5 |
40 |
|
|
|
Subsidiary |
Aylesbury |
United Kingdom |
Personal Services |
19.8 |
40 |
|
|
|
Branch |
Houston, TX |
United States |
Electronic Instruments and Controls |
26.7 |
35 |
|
|
|
Branch |
Beltsville, MD |
United States |
Miscellaneous Capital Goods |
18.2 |
32 |
|
|
|
Branch |
Jackson, MS |
United States |
Aerospace and Defense |
10.5 |
32 |
|
|
|
Branch |
Williamsport, MD |
United States |
Fabricated Plastic and Rubber |
7.3 |
32 |
|
|
|
Branch |
Greenwood, SC |
United States |
Electronic Instruments and Controls |
22.9 |
30 |
|
|
|
Branch |
Littleton, CO |
United States |
Electronic Instruments and Controls |
22.9 |
30 |
|
|
|
Branch |
Minnetonka, MN |
United States |
Electronic Instruments and Controls |
22.9 |
30 |
|
|
|
Branch |
Windsor, CT |
United States |
Electronic Instruments and Controls |
9.7 |
30 |
|
|
|
Branch |
Tempe, AZ |
United States |
Engineering Consultants |
6.2 |
30 |
|
|
|
Branch |
Franklin, MA |
United States |
Engineering Consultants |
6.2 |
30 |
|
|
|
Subsidiary |
Sydney, NSW |
Australia |
Metal Mining |
|
30 |
|
|
|
Subsidiary |
Sydney, NSW |
Australia |
Electronic Instruments and Controls |
|
210 |
|
|
|
Branch |
Edison, NJ |
United States |
Electronic Instruments and Controls |
22.1 |
29 |
|
|
|
Branch |
Lafayette, CO |
United States |
Retail (Technology) |
9.9 |
29 |
|
|
|
Branch |
Ann Arbor, MI |
United States |
Aerospace and Defense |
8.0 |
25 |
|
|
|
Branch |
Bellevue, WA |
United States |
Electronic Instruments and Controls |
6.5 |
25 |
|
|
|
Branch |
Union, NJ |
United States |
Engineering Consultants |
5.2 |
25 |
|
|
|
Subsidiary |
Lakewood, CO |
United States |
Engineering Consultants |
24.0 |
23 |
|
|
|
Branch |
Santa Fe Springs, CA |
United States |
Electronic Instruments and Controls |
7.4 |
23 |
|
|
|
Subsidiary |
Mukilteo, WA |
United States |
Security Systems and Services |
64.0 |
20 |
|
|
|
Branch |
Blue Ash, OH |
United States |
Electronic Instruments and Controls |
15.3 |
20 |
|
|
|
Branch |
Columbia, SC |
United States |
Electronic Instruments and Controls |
15.3 |
20 |
|
|
|
Branch |
Louisville, KY |
United States |
Electronic Instruments and Controls |
15.3 |
20 |
|
|
|
Branch |
Cleveland, OH |
United States |
Electronic Instruments and Controls |
15.3 |
20 |
|
|
|
Branch |
Gainesboro, TN |
United States |
Miscellaneous Fabricated Products |
11.4 |
20 |
|
|
|
Branch |
Newark, CA |
United States |
Miscellaneous Capital Goods |
11.4 |
20 |
|
|
|
Branch |
Carrollton, TX |
United States |
Miscellaneous Fabricated Products |
5.6 |
20 |
|
|
|
Branch |
New York, NY |
United States |
Electronic Instruments and Controls |
5.2 |
20 |
|
|
|
Branch |
Novi, MI |
United States |
Retail (Home Improvement) |
5.2 |
20 |
|
|
|
Subsidiary |
Les Ulis Cedex |
France |
Business Services |
|
15 |
|
|
|
Subsidiary |
Aukland |
New Zealand |
Miscellaneous Capital Goods |
1.5 |
14 |
|
|
|
Subsidiary |
Neuss |
Germany |
Electronic Instruments and Controls |
|
10 |
|
|
|
Subsidiary |
Gembloux |
Belgium |
Fabricated Plastic and Rubber |
3.4 |
7 |
|
|
|
Subsidiary |
Monterrey |
Mexico |
Electronic Instruments and Controls |
|
7 |
|
|
|
Subsidiary |
Bonn |
Germany |
Miscellaneous Capital Goods |
1,750.0 |
|
|
|
|
Subsidiary |
Rodano, Milano (Milan) |
Italy |
Miscellaneous Capital Goods |
54.4 |
95 |
|
|
|
Subsidiary |
Roissy En France |
France |
Electronic Instruments and Controls |
44.3 |
74 |
|
|
|
Subsidiary |
Bonn, Nordrhein-Westfalen |
Germany |
Business Services |
7.8 |
58 |
|
|
|
Subsidiary |
Houston, TX |
United States |
Auto and Truck Parts |
4.6 |
6 |
|
|
|
Branch |
Mississauga, ON |
Canada |
Electronic Instruments and Controls |
|
80 |
|
|
|
Subsidiary |
Rivarolo Canavese |
Italy |
Auto and Truck Parts |
175.0 |
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Subsidiary |
Tokyo |
Japan |
Business Services |
138.3 |
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Subsidiary |
Houston, TX |
United States |
Electronic Instruments and Controls |
35.0 |
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Subsidiary |
Hong Kong |
Hong Kong |
Scientific and Technical Instruments |
1.0 |
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Subsidiary |
Guaratinguetá |
Brazil |
Construction - Supplies and Fixtures |
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Subsidiary |
Hengelo Ov, Overijssel |
Netherlands |
Electronic Instruments and Controls |
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Subsidiary |
New Delhi |
India |
Metal Mining |
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Subsidiary |
Seoul |
Korea, Republic of |
Construction Services |
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Subsidiary |
Hanoi |
Viet Nam |
Metal Mining |
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Subsidiary |
Pittsburgh, PA |
United States |
Miscellaneous Capital Goods |
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Subsidiary |
North Point, Hong Kong Island |
Hong Kong |
Metal Mining |
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Subsidiary |
North Point, Hong Kong Island |
Hong Kong |
Metal Mining |
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China to Make Law
for Aircraft Manufacturing
SinoCast: 04 August 2011
[What follows is the full text of the news story.]
BEIJING, Aug 04,
2011 (SinoCast Daily Business Beat via COMTEX) -- China is striving to make a
law for the development of the aircraft manufacturing industry, which is
expected to gain a long-term and stable support.
The Ministry of
Industry and Information Technology (MIIT) is taking the lead in the
preparations for the law. The law is expected to include the establishment of
the civil aircraft industry development fund by the state and the increase of
investments in the civil aircraft industry's state-owned infrastructure and
large equipment.
In the following
two decades, China will need nearly 4,000 new aircrafts. The promising market
is predicted to benefit such listed companies as China AVIC Avionics Equipment
Co., Ltd. (SHSE: 600372), Xi'an Aircraft International Corporation (SZSE:
000768), Hafei Aviation Industry Co., Ltd. (SHSE: 600038), and Xi'an
Aero-engine PLC (SHSE: 600893).
The passenger
aircraft market, with only a few Modern Ark 60 regional airplanes, is mostly
occupied by global giants like Airbus and Boeing.
The number of
civil helicopters in China is below 200 ones, falling far behind the level in
the US and European countries.
In the future 10
years, China will need more than 1,500 helicopters, predicted Wang Bin,
president of the helicopter company of Aviation Industry Corporation of China
(AVIC).
In recent years,
China has spared no efforts in aircraft R&D, attracting the attention of
the whole world. Commercial Aircraft Corporation of China (COMAC), under its
wing, is responsible for the nation's proprietary jumbo passenger aircraft
program.
Last August, Eaton
Corporation (NYSE: ETN), a US diversified industrial manufacturer, announced
that it would form a joint venture with Shanghai Aircraft Manufacturing Co.,
Ltd. (SAMC), a subsidiary of COMAC.
The venture, to be
51 percent owned by COMAC, will become the first joint venture between a
foreign company and COMAC, according to Craig Arnold, Eaton's vice chairman and
chief operating officer of its Industrial Sector.
To be located in
Shanghai, east China venture, it is predicted to be engaged mainly in design,
development, manufacturing and support of fuel and hydraulic conveyance systems
for the global civil aviation market, as well as provision of after-sales
service.
As early as 2009,
Honeywell, a leading automatic control solutions provider in the US, announced
that it had entered into a strategic cooperation agreement upon the aviation
and aerospace solution supply with AVIC.
Several media said
that AVIC would team up with some of its subsidiaries, including AVIC Systems
Co., Ltd. and AVIC Harbin Dongan Engine (Group) Corporation Ltd., to deepen the
partnership with Honeywell.
(USD 1 = CNY 6.49)
Panel approves
Menomonee Falls plan for Kohl's headquarters
Milwaukee Journal Sentinel (WI): 04 August 2011
[What follows is the full text of the news story.]
Aug. 04--The
Menomonee Falls Plan Commission has approved a $41 million tax financing district
that would pave the way for Kohl's Corp. to move its headquarters to the
Woodland Prime office park.
The commission
voted unanimously Tuesday night to endorse the plan, which now needs Village
Board approval. A special board meeting will likely be set for late August to
consider the proposal.
It will give
village officials the flexibility to act on future development proposals at
Woodland Prime, said Michael McDonald, a commission member and village trustee.
The plan, first
reported last week, is to put Kohl's main building, with about 900,000 square
feet, on 45 acres the village owns in the northwestern portion of Woodland
Prime. The business park is north of Good Hope Road between Appleton Ave. and
Highway 45.
The financing plan
would allow the village to buy additional vacant parcels, totaling 36 acres,
within Woodland Prime. Some of that land could accommodate other buildings for
Kohl's.
Also, more
development is expected south of Good Hope Road and east of Appleton Ave., on
30 acres that now include vacant land and a former car dealership. That
development could include office buildings, restaurants and other commercial
uses that typically feed off business parks.
Menomonee Falls
would spend up to $23 million on new roads, water mains, a bridge and other
public improvements.
An additional $18
million would be spent to buy land, and provide grants and
"incentives" to help attract Kohl's and other companies, including
Eaton Corp., to Woodland Prime.
The $41 million in
public spending would be paid back to the village over an estimated 19 years.
The money would be
repaid through property taxes from the $122 millionKohl's headquarters and
other developments, creating new buildings with an estimated value eventually
totaling $215 million. Once the money was repaid, the property taxes would go
to the village, its school district and other local governments.
A specific
proposal to provide money for the Kohl's project is still being negotiated,
with village officials expecting a decision from the company this fall. That
proposal would need separate Village Board approval.
Kohl's has 5,536
corporate employees in Menomonee Falls, making it Waukesha County's largest
employer. The company's headquarters now is in Silver Spring Corporate Park.
___
To see more of the
Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to
http://www.jsonline.com.
Copyright (c)
2011, Milwaukee Journal Sentinel
Distributed by
McClatchy-Tribune Information Services.
For more
information about the content services offered by McClatchy-Tribune Information
Services (MCT), visit www.mctinfoservices.com, e-mail
services@mctinfoservices.com, or call 866-280-5210 (outside the United States,
call +1 312-222-4544)
Toro Board of
Directors Elects Renee Peterson as Vice President, Finance and Chief Financial
Officer
The Toro Company
Investment Weekly News: 03 August 2011
[What follows is the full text of the news story.]
The Toro Company
(NYSE: TTC) announced that its board of directors has elected Renee J. Peterson
to the offices of vice president, finance and chief financial officer,
effective as of August 22, 2011. Peterson will report to Michael J. Hoffman,
chairman and chief executive officer, and succeeds Stephen P. Wolfe, who, as
previously announced, will be retiring after more than 25 years with the
company.
Peterson, 50,
joins Toro from Eaton Corporation, a $13.7 billion diversified industrial
manufacturer. There she most recently served as vice president, finance and
planning for that company's Truck and Automotive Segments, which had revenues
of nearly $4 billion over the past 12 months. She joined Eaton in 2008 as vice
president, finance, information technology and business development for the
Automotive Segment. Prior to Eaton, Peterson spent 25 years at Honeywell
International in various leadership roles ranging from senior financial
positions to general management.
"I'm
extremely pleased to welcome Renee as Toro's chief financial officer,"
said Hoffman. "Renee's extensive financial leadership experience in global
businesses and proven track record in process improvements and cost controls
will serve us well as we drive profitable revenue growth. We are confident in
her ability to help expand our global reach, and further strengthen our
financial position on our Destination 2014 journey and into the company's next
century."
Peterson received
her master of business administration from the University of Minnesota Carlson
School of Management and a bachelor of science degree in accounting from St.
Cloud State University in Minnesota. About The Toro CompanyThe Toro Company
(NYSE: TTC) is a leading worldwide provider of turf and landscape maintenance
equipment, and precision irrigation systems. With sales of nearly $1.7 billion
in fiscal 2010, Toro's global presence extends to more than 80 countries
through its reputation of world-class service, innovation and turf expertise.
Since 1914, the company has built a tradition of excellence around a number of
strong brands to help customers care for golf courses, sports fields, public
green spaces, commercial and residential properties, and agricultural fields.
More information is available at www.toro.com. More information is available at
www.thetorocompany.com.
New Medical
Technology Study Findings Recently Were Reported by Researchers at University
of Maryland
Medical Technology
Health & Medicine Week: 03 August 2011
[What follows is the full text of the news story.]
According to the
authors of a study from Baltimore, Maryland, "The influence of
microstructural variations and chemical composition to the mechanical
properties and apparent flaw sensitivity of dentin were evaluated. Rectangular
beams (N = 80) of the deep and superficial coronal dentin were prepared from
virgin 3rd molars; twenty beams of each region were nominally flaw free and the
remainder possessed a single ''surface flaw'' via a Vickers indentation."
"Mechanical
properties were estimated in four-point flexure and examined using Weibull
statistics. Fourier Transform Infrared Microspectroscopy in Reflectance Mode
(FTIR-RM) was used to quantify the relative mineral to collagen ratios. Results
showed that the average flexural strength, and strain and energy to fracture of
the deep dentin beams were significantly lower (P < 0.005) than for the
superficial dentin. While the deep dentin exhibited the highest
mineral/collagen ratio and lowest damage tolerance, there was no significant
effect of the surface flaws," wrote H. Ryou and colleagues, University of
Maryland (see also Medical Technology).
The researchers
concluded: "Weibull analyses suggest that deep dentin possesses a larger
distribution of intrinsic flaw sizes that contributes to the location
dependence in strength."
Ryou and
colleagues published the results of their research in the Journal of Materials
Science - Materials in Medicine (Contributions of microstructure and chemical
composition to the mechanical properties of dentin. Journal of Materials
Science - Materials in Medicine, 2011;22(5):1127-1135).
For additional
information, contact D. Arola, University of Maryland, Dept. of Mech
Engineering, 1000 Hilltop Circle, Baltimore, MD 21250, United States.
The publisher of
the Journal of Materials Science - Materials in Medicine can be contacted at:
Springer, Van Godewijckstraat 30, 3311 Gz Dordrecht, Netherlands.
MILITARY $48,279
Federal Contract Awarded to Eaton
Targeted News Service: 03 August 2011
[What follows is the full text of the news story.]
By Targeted News
Service
WASHINGTON, Aug. 4
-- Eaton Corp., Costa Mesa, Calif., won a $48,278.92 federal contract from the
U.S. Naval Air Systems Command, Lakehurst, N.J., for lights and switches for
catapult charging panel and deck edge control panel.
For more
information about Targeted News Service's products, including its daily federal
contract report, please contact: Myron Struck, Myron@targetednews.com, Editor,
Targeted News Service LLC, Springfield, Va., Direct: 703/866-4708, Cell:
703/304-1897.
TNS 23IndNaushina
110803-mv-417784 61MarlynVitin
MILITARY $66,785
Federal Contract Awarded to Eaton
Targeted News Service: 03 August 2011
[What follows is the full text of the news story.]
By Targeted News
Service
WASHINGTON, Aug. 4
-- Eaton Corp., Sarasota, Fla., won a $66,784.84 federal contract from the
Defense Logistics Agency's Defense Supply Center, Columbus, Ohio, for
electromagnetic relays.
For more
information about Targeted News Service's products, including its daily federal
contract report, please contact: Myron Struck, Myron@targetednews.com, Editor,
Targeted News Service LLC, Springfield, Va., Direct: 703/866-4708, Cell:
703/304-1897.
61MarlynVitin
110803-mv-418144 61MarlynVitin
Eaton Among First
in Industry to Offer 480/277V Rack Power Distribution Units to Increase Data
Center Efficiency
Targeted News Service: 03 August 2011
[What follows is the full text of the news story.]
RALEIGH, N.C.,
Aug. 3 -- Eaton issued the following news release:
Diversified
industrial manufacturer Eaton Corporation today announced 480 volt (V)
configurations for its Epdu(R) power distribution product line. The new units
are designed to help achieve efficiency gains in large enterprise data centers
where high-density computing is required. Eaton is the first among power
distribution solution providers to meet the needs of data centers implementing
480/277V custom hardware.
"We've noticed
a trend with many of the new, cutting-edge data centers choosing a 480V power
scheme and 277V custom power supplies that are extremely efficient," said
Joe Skorjanec, ePDU product manager, Eaton Distributed Power Solutions.
"Power distribution units at this voltage are usually only available as
custom solutions. Eaton is among the first in the industry to offer 480V as
part of our ePDU catalog offering in order to better meet the needs of server
manufacturers."
Eaton is
well-known as a full solution provider through its data center hardware and
power management software capabilities. The majority of Eaton's three-phase
uninterruptible power supplies, including the Eaton 9355, 9390 and 9395, are
designed to work seamlessly with a 480V ePDU solution.
Eaton introduced a
new line of 400V ePDU products in March and continues to drive efficiency gains
with this new 480/277V AC offering. Since utility power in North America
typically enters a facility at 480V AC, Eaton's 480V ePDU products remove the
need for step-down transformers, reduce distribution costs and power
high-efficiency 277V power supplies. A server operating at 277V requires 25
percent less current than a server operating at 208V. This allows for a
reduction in upstream circuits, which reduces overall copper and power
distribution costs.
For more
information about Eaton's full ePDU product line, visit www.eaton.com/epdu. To
learn more about Eaton's complete series of power quality products and
services, visit www.eaton.com/powerquality.
Eaton's electrical
business is a global leader in power distribution, power quality, control and
automation, and monitoring products and services. Eaton's global electrical
product series, including Cutler-Hammer(R), Moeller(R), Powerware(R), Holec(R),
MEM(R), and Santak(R) provide customer-driven solutions to serve the power
system needs of the data center, industrial, institutional, public sector,
utility, commercial, residential, IT, mission critical, alternative energy and
OEM markets worldwide.
TNSC-PreetiSi 97
110804-mv45-3521884
Eaton Engineers
Circuit Breakers for Wind Applications, Improving Power Reliability, Efficiency
and Safety
Targeted News Service: 03 August 2011
[What follows is the full text of the news story.]
PITTSBURGH, Aug. 3
-- Eaton issued the following news release:
Diversified
industrial manufacturer Eaton Corporation today launched the VCP-Wind medium
voltage vacuum circuit breaker that is designed specifically for wind
applications. The new, compact circuit breaker is engineered to provide
reliable and robust circuit protection for wind farm collector substations.
"Eaton
strives to provide customers with a range of circuit protection solutions
designed to improve power reliability, reduce energy consumption and enhance
safety - in a compact footprint," said Len Walls, product line manager at
Eaton. "The VCP-Wind circuit breaker is specifically engineered to meet
the requirements of wind farm applications."
The VCP-Wind
circuit breaker incorporates Eaton's industry-leading vacuum interrupting
technology. Eaton's vacuum interrupters avoid the use of Sulfur Hexafluoride
(SF6), which poses environmental and safety concerns. They are designed to
reliably switch high stress currents, and require no cooling or ventilation
systems. Additionally, they are encapsulated in epoxy resin material and are
designed to require virtually no maintenance over the product life cycle.
Eaton's new 38
kilovolt (kV) VCP-Wind breakers offer current ratings up to 2000 amperes (A)
without fan cooling and 31.5 kiloamperes (kA). They meet American National
Standards Institute (ANSI) and Institute of Electrical and Electronics
Engineers (IEEE) C37.09 standards.
Eaton's electrical
business is a global leader in power distribution, power quality, control and
automation, and monitoring products and services. Eaton's global electrical
product series, including Cutler-Hammer(R), Moeller(R), Powerware(R), Holec(R),
MEM(R), and Santak(R) provide customer-driven solutions to serve the power
system needs of the data center, industrial, institutional, public sector,
utility, commercial, residential, IT, mission critical, alternative energy and
OEM markets worldwide.
TNSC-PreetiSi 97
110804-mv45-3521874
Presolicitation
Notice - 43-- Pump Assembly, Eject
43 - Pumps & compressors
FedBizOpps: 03 August 2011
[What follows is the full text of the news story.]
Notice Type:
Presolicitation Notice
Posted Date:
02-AUG-11
Office Address:
Defense Logistics Agency; DLA Acquisition Locations; DLA Land and Maritime -
BSM; P O Box 3990 Columbus OH 43216-5000
Subject: 43-- Pump
Assembly, Eject
Classification
Code: 43 - Pumps & compressors
Solicitation
Number: SPM7M311X0019
Contact: Denise
Mayo, Contract Specialist, Phone 614-692-2504, Fax 614-693-1556, Email
denise.mayo@dla.mil
Description:
Defense Logistics Agency
DLA Acquisition
Locations
DLA Land and
Maritime - BSM
NSN
4310-01-079-0492, Pump Assembly, Reject. The annual demand quantity is 78.
Shipping locations within the continental United States aretto be specified in
each delivery order. The delivery schedule is as needed. This acquisition
includes the purchase of a code and part number item where United Valve Company
(0TR84), part number 2830159-101, Lockheed Martin Corp. (81755), part number
16VP042-1 and Eaton Industrial Corp. (86090), part number 60998, are the
approved sources of supply. The intent is to award an Indefinite Delivery
Purchase Order for which Delivery Orders may be placed for two years.
Solicitation and NSN will be available for download on the Internet at
https://dibbs.bsm.dla.mil/RFP/ on its issue date. For questions on the content
of the solicitation contact the primary point of contact. All responsible
sources may submit an offer/quote which shall be considered. All offers shall
be in the English language and in U. S. dollars. All interested suppliers may
submit an offer. The solicitation will be available at
https://dibbs.bsm.dla.mil/RFP/ on its issue date of 8 Aug 11. Total duration
shall not exceed two years. While price may be a significant factor in the
evaluation of offers, the final award decision will be based upon a combination
of price, delivery and past performance as described in the solicitation. This
solicitation will be issued as Unrestricte with other than full and open
competition.
Link/URL:
https://www.fbo.gov/spg/DLA/J3/DSCC-BSM/SPM7M311X0019/listing.html
CONTRACT AWARD -
Eaton Aerospace Lights and Switches for Catapult Charging Panel and Deck Edge
Control Panel
17 - Aircraft launching, landing & ground handling equipment
FedBizOpps: 03 August 2011
[What follows is the full text of the news story.]
Notice Type:
CONTRACT AWARD
Posted Date:
02-AUG-11
Office: Naval Air
Systems Command
Location: NAVAL
AIR WARFARE CENTER AIRCRAFT DIVISION LAKEHURST
Office Address:
DEPARTMENT OF THE NAVY, NAVAL AIR SYSTEMS COMMAND, NAVAL AIR WARFARE CENTER
AIRCRAFT DIVISION LAKEHURST, CONTRACTS DEPARTMENTHWY. 547 ATTN:B562-3C
LAKEHURST, NJ 08733-5083
Classification
Code: 17 - Aircraft launching, landing & ground handling equipment
Subject: Eaton
Aerospace Lights and Switches for Catapult Charging Panel and Deck Edge Control
Panel
Solicitation
Number: N68335-11-P-0328
Award Number:
N68335-11-P-0328
Award Date: 080211
Awardee: EATON
CORPORATION, 3184 PULLMAN STREET, COSTA MESA, CA 92627
Contact: BONNIE A
MACFARLANE, PHONE 732-323-2056, FAX 732-323-4209, EMAIL
BONNIE.MACFARLANE@NAVY.MIL
Internet Link:
https://www.fbo.gov/spg/DON/NAVAIR/N68335/N68335-11-P-0328/listing.html
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US: Eaton names David Foster Senior Vice
President, Corporate Development and Treasury |
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just-auto.com |
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[What
follows is the full text of the article.] Diversified
industrial manufacturer Eaton Corporation today named David B. Foster senior
vice president, Corporate Development and Treasury, effective Aug. 1, 2011.
In this role, Foster will be responsible for corporate development
activities, including mergers and acquisitions and strategic planning, and
treasury activities, including capital market and foreign exchange
transactions, insurance, and cash management. He will report to Richard H.
Fearon, Eaton vice chairman and chief financial and planning officer. "We
are pleased that David will be leading our worldwide corporate acquisition
strategy and treasury initiatives," Fearon said. "His extensive
finance and planning background, developed while working in several of our
businesses and in leading our Asia Pacific finance organization, will serve
him well as we continue to pursue growth opportunities around the
world." Foster
succeeds Kurt McMaken, who has been named vice president, finance and
planning, Electrical Sector for the Europe, Middle East and Africa Region,
reporting to Frank Campbell, president, Electrical Sector, Europe, effective
Aug. 1. Foster
joined Eaton in 1993 as a general ledger accountant. He held the positions of
finance director and controller in the Automotive Group and was named vice
president, Finance, Asia Pacific Region in 2008. Prior to joining Eaton, he
worked for Hydro Aluminum Bohn and Franklin Financial Company. He
holds a bachelor's degree in accounting from the University of Michigan and a
master's degree in management from Kettering University in Michigan. Foster
will be based at Eaton's world headquarters in Cleveland, Ohio. This
article was originally published by just-auto.com on 1 August 2011. For authoritative
and timely auto business information visit http://www.just-auto.com.
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Eaton Corporation Files Patent Application
for Shorting Switch and System to Eliminate Arcing Faults in Power
Distribution Equipment |
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Indian Patent News |
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[What
follows is the full text of the article.] New
Delhi, Aug. 1 -- USA based Eaton Corporation filed patent application for
shorting switch and system to eliminate arcing faults in power distribution
equipment. The inventors are Shea John Joseph and Miller Jeffrey Allen. Eaton
Corporation filed the patent application on Dec. 8, 2004. The patent
application number is 01882/KOLNP/2004 A. The international classification
number is H01H79/00. According
to the Controller General of Patents, Designs & Trade Marks, "A
shorting switch includes a vacuum switch having fixed and movable contact
assemblies and a driven member. A spring cover tube and bushing mount the
driven member for linear movement along a path substantially parallel to a
longitudinal axis of the movable contact assembly. The driven member moves
the movable contact assembly between open and closed circuit positions. A
compression spring has a compressed state and a released state, which moves
the driven member and movable contact assembly to the closed circuit
position. A release bolt has as opening therein and is coupled to the driven
member to normally maintain the compression spring in the compressed state. A
charge is disposed in the opening of the release bolt and is actuated to
fracture the release bolt and release the compression spring to the released
state. First and second terminals are respectively electrically
interconnected with the fixed and movable contact assemblies." About
the Company Eaton
Corporation (Eaton) (Public, NYSE:ETN) is a diversified power management
company. The Company is engaged in the manufacturing of electrical components
and systems for power quality, distribution and control; hydraulics
components, systems and services for industrial and mobile equipment;
aerospace fuel, hydraulics and pneumatic systems for commercial and military
use, and truck and automotive drivetrain and powertrain systems for
performance, fuel economy and safety. In July 2009, the Company announced
that Eaton's Automotive and Truck Groups are being consolidated into one
operating unit. On September 1, 2009, the Company acquired an additional 50%
of the outstanding shares of Micro Innovation Holding AG. On July 2, 2009,
the Company acquired SEG Middle East Power Solutions & Switchboard
Manufacture LLC. In July 2010, the Company acquired EMC Engineers, Inc. In
August 2010, the Company purchased Wright Line Holding, Inc. Copyright
Contify.com
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Eaton Issues 2nd
Quarter 2011 Financial Results |
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Professional
Services Close-Up |
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[What follows is the full text of the article.] Diversified industrial manufacturer Eaton Corp.
announced net income per share of $0.97 for the second quarter of 2011, an
increase of 47 percent over the $0.66 earned in the second quarter of 2010. In a release on July 25, the company said sales
in the second quarter were $4.09 billion, 21 percent above the second quarter
of 2010. Net income in the second quarter was $336 million compared to $226
million in 2010. Net income in both periods included charges for
integration of acquisitions. Before these acquisition integration charges,
operating earnings per share in the second quarter of 2011 were $0.97
compared to $0.68 per share in 2010, an increase of 43 percent. Operating
earnings in the second quarter were $338 million compared to $232 million in
2010. Alexander M. Cutler, Eaton chairman and chief
executive officer, said, "We are pleased with our second quarter
results, which exceeded the high end of our guidance for the quarter. Our
sales in the second quarter were 8 percent higher than in the first quarter
of 2011, reflecting the continued expansion of our markets around the world. "Sales in the second quarter increased 21
percent compared to the second quarter of 2010," said Cutler.
"Sales growth was comprised of 14 percent core growth, 6 percent from
foreign exchange, and 1 percent from acquisitions. End markets grew 12 percent
in the quarter. "We are very pleased with our 13.9 percent
segment operating margin in the second quarter, setting a new segment
operating margin record," said Cutler. "The year is shaping up to be better than we
forecasted in April," said Cutler. "We now anticipate our overall
end markets will grow by 11 percent versus our earlier forecast of 10
percent. "We anticipate net income per share for the
third quarter of 2011 to be between $1.01 and $1.11," said Cutler.
"Operating earnings per share for the third quarter, which exclude
charges to integrate our recent acquisitions, are anticipated to be between
$1.03 and $1.13. Our outlook anticipates higher sales and margins in the
third quarter over the second quarter, offset partially by a higher tax rate. "We are raising our guidance for the full
year. As a result of our strong second quarter and our slightly stronger
market outlook for the year, we are raising our full-year per share guidance
at the midpoint by $0.15, resulting in net income per share of between $3.86
and $4.06 and operating earnings per share of between $3.90 and $4.10. "We expect 2011 to be a year of record sales
and record profits," said Cutler. "Our sales are projected to be 19
percent above 2010 and 6 percent above our previous annual sales record,
which we achieved in 2008. Our operating earnings per share at the midpoint
of our guidance is 42 percent above 2010 and 16 percent above our previous
operating earnings per share record. We are particularly encouraged by the
outlook for our 2011 results, given that many of our significant businesses
are just beginning to recover from the economic downturn of 2008 and
2009." Eaton Corp. is a diversified power management
company with 2010 sales of $13.7 billion. Eaton has approximately 73,000
employees and sells products to customers in more than 150 countries. More information: www.eaton.com. ((Comments on this story may be sent to
newsdesk@closeupmedia.com))
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U.S. Chamber and
Business Roundtable Discusses Court's Decision to Vacate Proxy Access Rule |
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Wireless News |
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|
[What follows is the full text of the article.] The U.S. Chamber of Commerce and Business
Roundtable issued a response after the U.S. Court of Appeals for the D.C.
Circuit vacated the Securities and Exchange Commission's (SEC) proxy access
rule. "This is a big win for America's job
creators and investors," said Thomas J. Donohue, president and CEO of
the U.S. Chamber of Commerce. "We applaud the court's decision to
prevent special interest politics from being injected into the boardroom.
Companies and directors need to continue to focus on the important work of
creating jobs and reviving our economy. Today's decision also sends a strong
message that regulators need to meet their statutory requirement to clearly
prove that the benefits of regulation outweigh the costs." "We're very pleased with the court's
unanimous decision," said Sandy Cutler, Chairman & CEO of Eaton
Corp. and Chairman of Business Roundtable's Corporate Leadership initiative.
"By vacating the rule, the court has effectively placed great importance
on the long-term interests of shareholders and businesses alike. The judges
agreed with Business Roundtable and the Chamber of Commerce that the
Commission failed to do what was required and that's to consider the rule's
impact on efficiency, competition and capital formation. This ruling will
help company management and boards pay attention to the creation of long-term
shareholder value under strong and transparent rules of corporate
governance." The group said Business Roundtable (BRT) is an
association of chief executive officers of U.S. companies with nearly $6
trillion in annual revenues and more than 13 million employees. BRT member
companies comprise nearly a third of the total value of the U.S. stock market
and invest more than $114 billion annually in research and development -
nearly half of all private U.S. R&D spending. Our companies pay more than
$179 billion in dividends to shareholders. BRT companies give nearly $9
billion a year in combined charitable contributions. Since its inception in 2007, the group noted that
the Center for Capital Markets Competitiveness has led a bipartisan effort to
modernize and strengthen the outmoded regulatory systems that have governed
our capital markets. The CCMC is committed to working aggressively with the
administration, Congress, and global leaders to implement reforms to
strengthen the economy, restore investor confidence, and ensure well-functioning
capital markets. The National Chamber Litigation Center is the
public policy law firm of the U.S. Chamber of Commerce that advocates fair
treatment of business in the courts and before regulatory agencies. The U.S. Chamber of Commerce is a business
federation representing the interests of more than 3 million businesses of
all sizes, sectors, and regions, as well as state and local chambers and
industry associations. ((Comments on this story may be sent to
newsdesk@closeupmedia.com))
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US: Eaton
quarterly dividend payable August 26, 2011 |
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just-auto.com |
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[What follows is the full text of the article.] The Board of Directors of diversified industrial
manufacturer Eaton Corporation today declared a quarterly dividend of $.34
per common share payable on August 26, 2011, to shareholders of record at the
close of business on August 8, 2011. Eaton has paid dividends on common
shares every year since 1923. Eaton Corporation is a diversified power
management company with 2010 sales of $13.7 billion. Celebrating its 100th
anniversary in 2011, Eaton is a global technology leader in electrical
components and systems for power quality, distribution and control;
hydraulics components, systems and services for industrial and mobile
equipment; aerospace fuel, hydraulics and pneumatic systems for commercial
and military use; and truck and automotive drivetrain and powertrain systems
for performance, fuel economy and safety. Eaton has approximately 73,000
employees and sells products to customers in more than 150 countries. This article was originally published by
just-auto.com on 28 July 2011. For authoritative and timely auto business
information visit http://www.just-auto.com.
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|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
Revenue |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
Total Revenue |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
8,949.0 |
|
Cost of Revenue, Total |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
8,949.0 |
|
Gross Profit |
4,082.0 |
3,091.0 |
4,185.0 |
3,651.0 |
3,283.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
1,939.0 |
|
Total Selling/General/Administrative Expenses |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
1,939.0 |
|
Research & Development |
425.0 |
395.0 |
417.0 |
335.0 |
315.0 |
|
Total Operating Expense |
12,544.0 |
11,429.0 |
14,121.0 |
11,856.0 |
11,203.0 |
|
|
|
|
|
|
|
|
Operating Income |
1,171.0 |
444.0 |
1,255.0 |
1,177.0 |
1,029.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-136.0 |
-150.0 |
-157.0 |
- |
-105.0 |
|
Interest Expense, Net Non-Operating |
-136.0 |
-150.0 |
-157.0 |
- |
-105.0 |
|
Interest Income (Expense) - Net Non-Operating |
- |
- |
- |
-147.0 |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-136.0 |
-150.0 |
-157.0 |
-147.0 |
-105.0 |
|
Other Non-Operating Income (Expense) |
1.0 |
9.0 |
42.0 |
25.0 |
45.0 |
|
Other, Net |
1.0 |
9.0 |
42.0 |
25.0 |
45.0 |
|
Income Before Tax |
1,036.0 |
303.0 |
1,140.0 |
1,055.0 |
969.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
99.0 |
-82.0 |
73.0 |
82.0 |
72.0 |
|
Income After Tax |
937.0 |
385.0 |
1,067.0 |
973.0 |
897.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-8.0 |
-2.0 |
-12.0 |
-14.0 |
- |
|
Net Income Before Extraord Items |
929.0 |
383.0 |
1,055.0 |
959.0 |
897.0 |
|
Discontinued Operations |
0.0 |
0.0 |
3.0 |
35.0 |
53.0 |
|
Total Extraord Items |
0.0 |
0.0 |
3.0 |
35.0 |
53.0 |
|
Net Income |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
929.0 |
383.0 |
1,055.0 |
959.0 |
897.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
335.5 |
332.7 |
320.4 |
294.6 |
300.4 |
|
Basic EPS Excl Extraord Items |
2.77 |
1.15 |
3.29 |
3.26 |
2.99 |
|
Basic/Primary EPS Incl Extraord Items |
2.77 |
1.15 |
3.30 |
3.37 |
3.16 |
|
Diluted Net Income |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
Diluted Weighted Average Shares |
339.5 |
335.8 |
324.6 |
300.6 |
305.8 |
|
Diluted EPS Excl Extraord Items |
2.74 |
1.14 |
3.25 |
3.19 |
2.93 |
|
Diluted EPS Incl Extraord Items |
2.74 |
1.14 |
3.26 |
3.31 |
3.11 |
|
Dividends per Share - Common Stock Primary Issue |
1.08 |
1.00 |
1.00 |
0.86 |
0.74 |
|
Gross Dividends - Common Stock |
363.0 |
334.0 |
320.0 |
251.0 |
220.0 |
|
Interest Expense, Supplemental |
162.0 |
170.0 |
192.0 |
193.0 |
139.0 |
|
Interest Capitalized, Supplemental |
-8.0 |
-7.0 |
-13.0 |
-14.0 |
-14.0 |
|
Depreciation, Supplemental |
369.0 |
398.0 |
409.0 |
368.0 |
383.0 |
|
Total Special Items |
40.0 |
82.0 |
77.0 |
64.0 |
- |
|
Normalized Income Before Tax |
1,076.0 |
385.0 |
1,217.0 |
1,119.0 |
969.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
3.8 |
28.7 |
4.9 |
5.0 |
- |
|
Inc Tax Ex Impact of Sp Items |
102.8 |
-53.3 |
77.9 |
87.0 |
72.0 |
|
Normalized Income After Tax |
973.2 |
438.3 |
1,139.1 |
1,032.0 |
897.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
965.2 |
436.3 |
1,127.1 |
1,018.0 |
897.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.88 |
1.31 |
3.52 |
3.46 |
2.99 |
|
Diluted Normalized EPS |
2.84 |
1.30 |
3.47 |
3.39 |
2.93 |
|
Amort of Intangibles, Supplemental |
181.0 |
170.0 |
161.0 |
79.0 |
51.0 |
|
Rental Expenses |
172.0 |
177.0 |
173.0 |
133.0 |
123.0 |
|
Research & Development Exp, Supplemental |
425.0 |
395.0 |
417.0 |
335.0 |
315.0 |
|
Normalized EBIT |
1,211.0 |
526.0 |
1,332.0 |
1,241.0 |
1,029.0 |
|
Normalized EBITDA |
1,761.0 |
1,094.0 |
1,902.0 |
1,688.0 |
1,463.0 |
|
Current Tax - Domestic |
-2.0 |
40.0 |
36.0 |
7.0 |
13.0 |
|
Current Tax - Foreign |
107.0 |
69.0 |
219.0 |
140.0 |
9.0 |
|
Current Tax - Local |
1.0 |
5.0 |
4.0 |
9.0 |
-9.0 |
|
Current Tax - Total |
106.0 |
114.0 |
259.0 |
156.0 |
13.0 |
|
Deferred Tax - Domestic |
95.0 |
-174.0 |
-17.0 |
-15.0 |
25.0 |
|
Deferred Tax - Foreign |
-87.0 |
-18.0 |
-127.0 |
-39.0 |
10.0 |
|
Deferred Tax - Local |
-15.0 |
-4.0 |
-42.0 |
-20.0 |
24.0 |
|
Deferred Tax - Total |
-7.0 |
-196.0 |
-186.0 |
-74.0 |
59.0 |
|
Income Tax - Total |
99.0 |
-82.0 |
73.0 |
82.0 |
72.0 |
|
Interest Cost - Domestic |
200.0 |
203.0 |
190.0 |
163.0 |
147.0 |
|
Service Cost - Domestic |
119.0 |
110.0 |
137.0 |
147.0 |
142.0 |
|
Expected Return on Assets - Domestic |
-218.0 |
-189.0 |
-198.0 |
-179.0 |
-166.0 |
|
Curtailments & Settlements - Domestic |
17.0 |
108.0 |
36.0 |
42.0 |
51.0 |
|
Other Pension, Net - Domestic |
61.0 |
38.0 |
49.0 |
74.0 |
67.0 |
|
Domestic Pension Plan Expense |
179.0 |
270.0 |
214.0 |
247.0 |
241.0 |
|
Interest Cost - Post-Retirement |
46.0 |
49.0 |
49.0 |
47.0 |
45.0 |
|
Service Cost - Post-Retirement |
16.0 |
15.0 |
15.0 |
15.0 |
17.0 |
|
Curtailments & Settlements - Post-Retir. |
0.0 |
1.0 |
0.0 |
0.0 |
2.0 |
|
Other Post-Retirement, Net |
10.0 |
1.0 |
11.0 |
11.0 |
11.0 |
|
Post-Retirement Plan Expense |
72.0 |
66.0 |
75.0 |
73.0 |
75.0 |
|
Defined Contribution Expense - Domestic |
33.0 |
25.0 |
64.0 |
59.0 |
55.0 |
|
Total Pension Expense |
284.0 |
361.0 |
353.0 |
379.0 |
371.0 |
|
Discount Rate - Domestic |
6.00% |
6.30% |
6.00% |
5.60% |
5.75% |
|
Discount Rate - Post-Retirement |
5.70% |
6.30% |
6.00% |
5.60% |
5.75% |
|
Expected Rate of Return - Domestic |
8.95% |
8.94% |
8.94% |
8.75% |
8.75% |
|
Compensation Rate - Domestic |
3.62% |
3.64% |
3.64% |
3.50% |
3.50% |
|
Total Plan Interest Cost |
246.0 |
252.0 |
239.0 |
210.0 |
192.0 |
|
Total Plan Service Cost |
135.0 |
125.0 |
152.0 |
162.0 |
159.0 |
|
Total Plan Expected Return |
-218.0 |
-189.0 |
-198.0 |
-179.0 |
-166.0 |
|
Total Plan Other Expense |
71.0 |
39.0 |
60.0 |
85.0 |
78.0 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Short Term Investments |
838.0 |
433.0 |
342.0 |
504.0 |
671.0 |
|
Cash and Short Term Investments |
1,171.0 |
773.0 |
530.0 |
646.0 |
785.0 |
|
Accounts Receivable -
Trade, Gross |
2,290.0 |
1,966.0 |
2,333.0 |
2,231.0 |
1,951.0 |
|
Provision for Doubtful
Accounts |
-51.0 |
-67.0 |
-38.0 |
-23.0 |
-23.0 |
|
Trade Accounts Receivable - Net |
2,239.0 |
1,899.0 |
2,295.0 |
2,208.0 |
1,928.0 |
|
Total Receivables, Net |
2,239.0 |
1,899.0 |
2,295.0 |
2,208.0 |
1,928.0 |
|
Inventories - Finished Goods |
800.0 |
601.0 |
702.0 |
533.0 |
504.0 |
|
Inventories - Work In Progress |
229.0 |
222.0 |
285.0 |
384.0 |
321.0 |
|
Inventories - Raw Materials |
651.0 |
608.0 |
683.0 |
674.0 |
570.0 |
|
LIFO Reserve |
-116.0 |
-105.0 |
-116.0 |
-108.0 |
-102.0 |
|
Total Inventory |
1,564.0 |
1,326.0 |
1,554.0 |
1,483.0 |
1,293.0 |
|
Deferred Income Tax - Current Asset |
303.0 |
377.0 |
239.0 |
291.0 |
267.0 |
|
Other Current Assets |
229.0 |
149.0 |
177.0 |
139.0 |
135.0 |
|
Other Current Assets, Total |
532.0 |
526.0 |
416.0 |
430.0 |
402.0 |
|
Total Current Assets |
5,506.0 |
4,524.0 |
4,795.0 |
4,767.0 |
4,408.0 |
|
|
|
|
|
|
|
|
Land/Improvements |
1,494.0 |
1,459.0 |
1,425.0 |
1,175.0 |
1,083.0 |
|
Machinery/Equipment |
4,485.0 |
4,241.0 |
4,142.0 |
4,067.0 |
3,863.0 |
|
Property/Plant/Equipment - Gross |
5,979.0 |
5,700.0 |
5,567.0 |
5,242.0 |
4,946.0 |
|
Accumulated Depreciation |
-3,502.0 |
-3,255.0 |
-2,928.0 |
-2,909.0 |
-2,675.0 |
|
Property/Plant/Equipment - Net |
2,477.0 |
2,445.0 |
2,639.0 |
2,333.0 |
2,271.0 |
|
Goodwill, Net |
5,454.0 |
5,435.0 |
5,232.0 |
3,982.0 |
3,034.0 |
|
Intangibles - Gross |
2,914.0 |
2,973.0 |
2,914.0 |
1,811.0 |
1,179.0 |
|
Accumulated Intangible Amortization |
-642.0 |
-532.0 |
-396.0 |
-254.0 |
-210.0 |
|
Intangibles, Net |
2,272.0 |
2,441.0 |
2,518.0 |
1,557.0 |
969.0 |
|
Deferred Income Tax - Long Term Asset |
1,001.0 |
973.0 |
971.0 |
498.0 |
735.0 |
|
Other Long Term Assets |
542.0 |
464.0 |
500.0 |
293.0 |
- |
|
Other Long Term Assets, Total |
1,543.0 |
1,437.0 |
1,471.0 |
791.0 |
735.0 |
|
Total Assets |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
11,417.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,408.0 |
1,057.0 |
1,121.0 |
1,170.0 |
1,050.0 |
|
Accrued Expenses |
465.0 |
256.0 |
297.0 |
355.0 |
305.0 |
|
Notes Payable/Short Term Debt |
72.0 |
113.0 |
812.0 |
825.0 |
490.0 |
|
Current Portion - Long Term Debt/Capital Leases |
4.0 |
5.0 |
269.0 |
160.0 |
322.0 |
|
Other Current Liabilities |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
1,123.0 |
|
Other Current liabilities, Total |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
1,123.0 |
|
Total Current Liabilities |
3,233.0 |
2,689.0 |
3,745.0 |
3,659.0 |
3,290.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
1,774.0 |
|
Total Long Term Debt |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
1,774.0 |
|
Total Debt |
3,458.0 |
3,467.0 |
4,271.0 |
3,417.0 |
2,586.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
487.0 |
550.0 |
543.0 |
224.0 |
- |
|
Deferred Income Tax |
487.0 |
550.0 |
543.0 |
224.0 |
- |
|
Minority Interest |
41.0 |
41.0 |
48.0 |
- |
- |
|
Pension Benefits - Underfunded |
2,172.0 |
2,340.0 |
2,353.0 |
1,453.0 |
1,708.0 |
|
Other Long Term Liabilities |
575.0 |
536.0 |
459.0 |
490.0 |
539.0 |
|
Other Liabilities, Total |
2,747.0 |
2,876.0 |
2,812.0 |
1,943.0 |
2,247.0 |
|
Total Liabilities |
9,890.0 |
9,505.0 |
10,338.0 |
8,258.0 |
7,311.0 |
|
|
|
|
|
|
|
|
Common Stock |
170.0 |
166.0 |
82.0 |
73.0 |
73.0 |
|
Common Stock |
170.0 |
166.0 |
82.0 |
73.0 |
73.0 |
|
Additional Paid-In Capital |
4,093.0 |
3,947.0 |
3,879.0 |
2,290.0 |
2,114.0 |
|
Retained Earnings (Accumulated Deficit) |
4,455.0 |
3,893.0 |
3,917.0 |
3,257.0 |
2,796.0 |
|
Translation Adjustment |
-1,348.0 |
-1,208.0 |
-1,538.0 |
-423.0 |
-849.0 |
|
Other Comprehensive Income |
-8.0 |
-21.0 |
-23.0 |
-25.0 |
-28.0 |
|
Other Equity, Total |
-1,356.0 |
-1,229.0 |
-1,561.0 |
-448.0 |
-877.0 |
|
Total Equity |
7,362.0 |
6,777.0 |
6,317.0 |
5,172.0 |
4,106.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
11,417.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
339.9 |
332.3 |
330.0 |
292.0 |
292.6 |
|
Total Common Shares Outstanding |
339.9 |
332.3 |
330.0 |
292.0 |
292.6 |
|
Employees |
70,000 |
70,000 |
75,000 |
64,000 |
60,000 |
|
Number of Common Shareholders |
8,113 |
8,452 |
8,548 |
8,501 |
8,868 |
|
Accumulated Intangible Amort, Suppl. |
642.0 |
532.0 |
396.0 |
254.0 |
210.0 |
|
Total Long Term Debt, Supplemental |
3,204.0 |
3,346.0 |
3,453.0 |
2,592.0 |
2,096.0 |
|
Long Term Debt Maturing within 1 Year |
4.0 |
5.0 |
269.0 |
160.0 |
322.0 |
|
Long Term Debt Maturing in Year 2 |
317.0 |
0.0 |
281.0 |
267.0 |
200.5 |
|
Long Term Debt Maturing in Year 3 |
310.0 |
312.0 |
0.0 |
285.0 |
200.5 |
|
Long Term Debt Maturing in Year 4 |
262.0 |
307.0 |
312.0 |
1.0 |
3.5 |
|
Long Term Debt Maturing in Year 5 |
104.0 |
259.0 |
307.0 |
313.0 |
3.5 |
|
Long Term Debt Maturing in 2-3 Years |
627.0 |
312.0 |
281.0 |
552.0 |
401.0 |
|
Long Term Debt Maturing in 4-5 Years |
366.0 |
566.0 |
619.0 |
314.0 |
7.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2,207.0 |
2,463.0 |
2,284.0 |
1,566.0 |
1,366.0 |
|
Total Operating Leases, Supplemental |
476.0 |
400.0 |
427.0 |
332.0 |
323.0 |
|
Operating Lease Payments Due in Year 1 |
145.0 |
121.0 |
117.0 |
102.0 |
87.0 |
|
Operating Lease Payments Due in Year 2 |
106.0 |
96.0 |
97.0 |
77.0 |
70.0 |
|
Operating Lease Payments Due in Year 3 |
78.0 |
64.0 |
73.0 |
55.0 |
50.0 |
|
Operating Lease Payments Due in Year 4 |
49.0 |
45.0 |
50.0 |
38.0 |
39.0 |
|
Operating Lease Payments Due in Year 5 |
39.0 |
27.0 |
36.0 |
26.0 |
28.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
184.0 |
160.0 |
170.0 |
132.0 |
120.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
88.0 |
72.0 |
86.0 |
64.0 |
67.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
59.0 |
47.0 |
54.0 |
34.0 |
49.0 |
|
Pension Obligation - Domestic |
3,918.0 |
3,610.0 |
3,288.0 |
3,092.0 |
3,125.0 |
|
Post-Retirement Obligation |
826.0 |
830.0 |
779.0 |
859.0 |
854.0 |
|
Plan Assets - Domestic |
2,509.0 |
2,042.0 |
1,674.0 |
2,403.0 |
2,173.0 |
|
Funded Status - Domestic |
-1,409.0 |
-1,568.0 |
-1,614.0 |
-689.0 |
-952.0 |
|
Funded Status - Post-Retirement |
-826.0 |
-830.0 |
-779.0 |
-859.0 |
-854.0 |
|
Accumulated Obligation - Domestic |
3,696.0 |
3,404.0 |
3,083.0 |
2,874.0 |
2,899.0 |
|
Accumulated Obligation - Post-Retirement |
826.0 |
830.0 |
779.0 |
859.0 |
854.0 |
|
Total Funded Status |
-2,235.0 |
-2,398.0 |
-2,393.0 |
-1,548.0 |
-1,806.0 |
|
Discount Rate - Domestic |
5.50% |
6.00% |
6.30% |
6.00% |
5.39% |
|
Discount Rate - Post-Retirement |
5.50% |
6.00% |
6.30% |
6.00% |
5.60% |
|
Compensation Rate - Domestic |
3.61% |
3.50% |
3.50% |
3.50% |
3.67% |
|
Prepaid Benefits - Domestic |
0.0 |
50.0 |
67.0 |
10.0 |
3.0 |
|
Accrued Liabilities - Domestic |
-1,460.0 |
-1,618.0 |
-1,681.0 |
-692.0 |
-952.0 |
|
Accrued Liabilities - Post-Retirement |
-826.0 |
-830.0 |
-779.0 |
-854.0 |
-847.0 |
|
Other Assets, Net - Domestic |
1,453.0 |
1,370.0 |
1,413.0 |
767.0 |
1,074.0 |
|
Other Assets, Net - Post-Retirement |
221.0 |
216.0 |
146.0 |
226.0 |
238.0 |
|
Net Assets Recognized on Balance Sheet |
-612.0 |
-812.0 |
-834.0 |
-543.0 |
-484.0 |
|
Equity % - Domestic |
- |
- |
70.00% |
80.00% |
80.00% |
|
Debt Securities % - Domestic |
- |
- |
24.00% |
18.00% |
17.00% |
|
Other Investments % - Domestic |
- |
- |
6.00% |
2.00% |
3.00% |
|
Total Plan Obligations |
4,744.0 |
4,440.0 |
4,067.0 |
3,951.0 |
3,979.0 |
|
Total Plan Assets |
2,509.0 |
2,042.0 |
1,674.0 |
2,403.0 |
2,173.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
937.0 |
385.0 |
1,070.0 |
1,008.0 |
950.0 |
|
Depreciation |
551.0 |
573.0 |
571.0 |
439.0 |
434.0 |
|
Depreciation/Depletion |
551.0 |
573.0 |
571.0 |
439.0 |
434.0 |
|
Deferred Taxes |
26.0 |
-191.0 |
-225.0 |
-51.0 |
37.0 |
|
Unusual Items |
- |
-9.0 |
-19.0 |
-46.0 |
-56.0 |
|
Other Non-Cash Items |
179.0 |
-17.0 |
94.0 |
80.0 |
186.0 |
|
Non-Cash Items |
179.0 |
-26.0 |
75.0 |
34.0 |
130.0 |
|
Accounts Receivable |
-305.0 |
440.0 |
128.0 |
-72.0 |
-40.0 |
|
Inventories |
-219.0 |
292.0 |
118.0 |
-79.0 |
-129.0 |
|
Accounts Payable |
322.0 |
-73.0 |
-208.0 |
27.0 |
185.0 |
|
Taxes Payable |
- |
30.0 |
-31.0 |
-41.0 |
-149.0 |
|
Other Liabilities |
-403.0 |
- |
- |
- |
-47.0 |
|
Other Assets & Liabilities, Net |
- |
56.0 |
-206.0 |
21.0 |
77.0 |
|
Other Operating Cash Flow |
194.0 |
-78.0 |
149.0 |
-128.0 |
-17.0 |
|
Changes in Working Capital |
-411.0 |
667.0 |
-50.0 |
-272.0 |
-120.0 |
|
Cash from Operating Activities |
1,282.0 |
1,408.0 |
1,441.0 |
1,158.0 |
1,431.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
-360.0 |
|
Capital Expenditures |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
-360.0 |
|
Acquisition of Business |
-222.0 |
-10.0 |
-2,807.0 |
-1,433.0 |
-256.0 |
|
Sale of Business |
- |
24.0 |
25.0 |
119.0 |
65.0 |
|
Investment, Net |
-392.0 |
-64.0 |
100.0 |
247.0 |
-418.0 |
|
Other Investing Cash Flow |
-4.0 |
20.0 |
-60.0 |
-35.0 |
-42.0 |
|
Other Investing Cash Flow Items, Total |
-618.0 |
-30.0 |
-2,742.0 |
-1,102.0 |
-651.0 |
|
Cash from Investing Activities |
-1,012.0 |
-225.0 |
-3,190.0 |
-1,456.0 |
-1,011.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-8.0 |
-1.0 |
-1.0 |
35.0 |
28.0 |
|
Financing Cash Flow Items |
-8.0 |
-1.0 |
-1.0 |
35.0 |
28.0 |
|
Cash Dividends Paid - Common |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
-220.0 |
|
Total Cash Dividends Paid |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
-220.0 |
|
Sale/Issuance of
Common |
- |
- |
1,522.0 |
- |
- |
|
Repurchase/Retirement
of Common |
- |
- |
-100.0 |
-340.0 |
-386.0 |
|
Common Stock, Net |
- |
- |
1,422.0 |
-340.0 |
-386.0 |
|
Options Exercised |
157.0 |
27.0 |
47.0 |
141.0 |
108.0 |
|
Issuance (Retirement) of Stock, Net |
157.0 |
27.0 |
1,469.0 |
-199.0 |
-278.0 |
|
Short Term Debt, Net |
-37.0 |
-424.0 |
-5.0 |
62.0 |
-35.0 |
|
Long Term Debt Issued |
55.0 |
558.0 |
1,656.0 |
1,652.0 |
706.0 |
|
Long Term Debt
Reduction |
-65.0 |
-887.0 |
-984.0 |
-979.0 |
-617.0 |
|
Long Term Debt, Net |
-10.0 |
-329.0 |
672.0 |
673.0 |
89.0 |
|
Issuance (Retirement) of Debt, Net |
-47.0 |
-753.0 |
667.0 |
735.0 |
54.0 |
|
Cash from Financing Activities |
-261.0 |
-1,061.0 |
1,815.0 |
320.0 |
-416.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-16.0 |
30.0 |
-20.0 |
6.0 |
- |
|
Net Change in Cash |
-7.0 |
152.0 |
46.0 |
28.0 |
4.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
340.0 |
188.0 |
142.0 |
114.0 |
110.0 |
|
Net Cash - Ending Balance |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Cash Interest Paid |
170.0 |
180.0 |
206.0 |
204.0 |
151.0 |
|
Cash Taxes Paid |
141.0 |
124.0 |
185.0 |
141.0 |
129.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net sales |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
Total Revenue |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
|
|
|
|
|
|
|
Cost of Products Sold |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
8,949.0 |
|
Selling and Administrative Expenses |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
1,939.0 |
|
Research and Development |
425.0 |
395.0 |
417.0 |
335.0 |
315.0 |
|
Total Operating Expense |
12,544.0 |
11,429.0 |
14,121.0 |
11,856.0 |
11,203.0 |
|
|
|
|
|
|
|
|
Net Interest Expense |
- |
- |
- |
-147.0 |
- |
|
Contribution to Eaton Charitable Fund |
- |
- |
- |
- |
0.0 |
|
Net Other Income or Expense |
1.0 |
9.0 |
42.0 |
25.0 |
45.0 |
|
Interest expense-net |
-136.0 |
-150.0 |
-157.0 |
- |
-105.0 |
|
Net Income Before Taxes |
1,036.0 |
303.0 |
1,140.0 |
1,055.0 |
969.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
99.0 |
-82.0 |
73.0 |
82.0 |
72.0 |
|
Net Income After Taxes |
937.0 |
385.0 |
1,067.0 |
973.0 |
897.0 |
|
|
|
|
|
|
|
|
Less net income for noncontrolling inter |
-8.0 |
-2.0 |
-12.0 |
-14.0 |
- |
|
Net Income Before Extra. Items |
929.0 |
383.0 |
1,055.0 |
959.0 |
897.0 |
|
Discontinued Operations |
0.0 |
0.0 |
3.0 |
35.0 |
53.0 |
|
Net Income |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
929.0 |
383.0 |
1,055.0 |
959.0 |
897.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
335.5 |
332.7 |
320.4 |
294.6 |
300.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.77 |
1.15 |
3.29 |
3.26 |
2.99 |
|
Basic EPS Including ExtraOrdinary Item |
2.77 |
1.15 |
3.30 |
3.37 |
3.16 |
|
Diluted Net Income |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
Diluted Weighted Average Shares |
339.5 |
335.8 |
324.6 |
300.6 |
305.8 |
|
Diluted EPS Excluding ExtraOrd Items |
2.74 |
1.14 |
3.25 |
3.19 |
2.93 |
|
Diluted EPS Including ExtraOrd Items |
2.74 |
1.14 |
3.26 |
3.31 |
3.11 |
|
DPS-Common Stock |
1.08 |
1.00 |
1.00 |
0.86 |
0.74 |
|
Gross Dividends - Common Stock |
363.0 |
334.0 |
320.0 |
251.0 |
220.0 |
|
Normalized Income Before Taxes |
1,076.0 |
385.0 |
1,217.0 |
1,119.0 |
969.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
102.8 |
-53.3 |
77.9 |
87.0 |
72.0 |
|
Normalized Income After Taxes |
973.2 |
438.3 |
1,139.1 |
1,032.0 |
897.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
965.2 |
436.3 |
1,127.1 |
1,018.0 |
897.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.88 |
1.31 |
3.52 |
3.46 |
2.99 |
|
Diluted Normalized EPS |
2.84 |
1.30 |
3.47 |
3.39 |
2.93 |
|
Interest Expense |
162.0 |
170.0 |
192.0 |
193.0 |
139.0 |
|
Depreciation |
369.0 |
398.0 |
409.0 |
368.0 |
383.0 |
|
Research & Development Exp |
425.0 |
395.0 |
417.0 |
335.0 |
315.0 |
|
Interest Capitalized |
-8.0 |
-7.0 |
-13.0 |
-14.0 |
-14.0 |
|
Amort of Intangibles |
181.0 |
170.0 |
161.0 |
79.0 |
51.0 |
|
Rental Expense |
172.0 |
177.0 |
173.0 |
133.0 |
123.0 |
|
Current Tax - Federal |
-2.0 |
40.0 |
36.0 |
7.0 |
13.0 |
|
Current Tax - State & Local |
1.0 |
5.0 |
4.0 |
9.0 |
-9.0 |
|
Current Tax - Foreign |
107.0 |
69.0 |
219.0 |
140.0 |
9.0 |
|
Current Tax - Total |
106.0 |
114.0 |
259.0 |
156.0 |
13.0 |
|
Deferred Tax - Federal |
95.0 |
-174.0 |
-17.0 |
-15.0 |
25.0 |
|
Deferred Tax - Local |
-15.0 |
-4.0 |
-42.0 |
-20.0 |
24.0 |
|
Deferrred Tax - Foreign |
-87.0 |
-18.0 |
-127.0 |
-39.0 |
10.0 |
|
Deferred Tax - Total |
-7.0 |
-196.0 |
-186.0 |
-74.0 |
59.0 |
|
Income Tax - Total |
99.0 |
-82.0 |
73.0 |
82.0 |
72.0 |
|
Service Cost - Pension |
119.0 |
110.0 |
137.0 |
147.0 |
142.0 |
|
Interest Cost - Pension |
200.0 |
203.0 |
190.0 |
163.0 |
147.0 |
|
Expected Return on Assets - Pension |
-218.0 |
-189.0 |
-198.0 |
-179.0 |
-166.0 |
|
Other, Net - Pension |
61.0 |
38.0 |
49.0 |
74.0 |
67.0 |
|
Curtailment Losses - Pension |
1.0 |
22.0 |
1.0 |
1.0 |
10.0 |
|
Settlement Losses - Pension |
16.0 |
86.0 |
35.0 |
41.0 |
41.0 |
|
Domestic Pension Plan Expense |
179.0 |
270.0 |
214.0 |
247.0 |
241.0 |
|
Service Cost - Post-Retirement |
16.0 |
15.0 |
15.0 |
15.0 |
17.0 |
|
Interest Cost - Post-Retirement |
46.0 |
49.0 |
49.0 |
47.0 |
45.0 |
|
Other/Net Amortization - Post-Retirement |
10.0 |
1.0 |
11.0 |
11.0 |
11.0 |
|
Curtailment Losses/Gain - P.Retirement |
0.0 |
1.0 |
0.0 |
0.0 |
2.0 |
|
Settlement Losses - P.Retirement |
0.0 |
0.0 |
- |
- |
- |
|
Post-Retirement Plan Expense |
72.0 |
66.0 |
75.0 |
73.0 |
75.0 |
|
Defined Contribution Plans - Pension |
33.0 |
25.0 |
64.0 |
59.0 |
55.0 |
|
Total Pension Expense |
284.0 |
361.0 |
353.0 |
379.0 |
371.0 |
|
Discount Rate - Pension |
6.00% |
6.30% |
6.00% |
5.60% |
5.75% |
|
Expected Rate of Return - Pension |
8.95% |
8.94% |
8.94% |
8.75% |
8.75% |
|
Compensation Rate - Pension |
3.62% |
3.64% |
3.64% |
3.50% |
3.50% |
|
Discount Rate - Post-Retirement |
5.70% |
6.30% |
6.00% |
5.60% |
5.75% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Short-Term Investments |
838.0 |
433.0 |
342.0 |
504.0 |
671.0 |
|
Prepaid expenses and other current asset |
229.0 |
149.0 |
177.0 |
139.0 |
135.0 |
|
Accounts Receivable |
2,290.0 |
1,966.0 |
2,333.0 |
2,231.0 |
1,951.0 |
|
Allowance for doubtful accounts |
-51.0 |
-67.0 |
-38.0 |
-23.0 |
-23.0 |
|
Raw Materials |
651.0 |
608.0 |
683.0 |
674.0 |
570.0 |
|
Work in Process |
229.0 |
222.0 |
285.0 |
384.0 |
321.0 |
|
Finished Goods |
800.0 |
601.0 |
702.0 |
533.0 |
504.0 |
|
Excess of Current Cost over FIFO Cost |
-116.0 |
-105.0 |
-116.0 |
-108.0 |
-102.0 |
|
Deferred income taxes and other current |
303.0 |
377.0 |
239.0 |
291.0 |
267.0 |
|
Total Current Assets |
5,506.0 |
4,524.0 |
4,795.0 |
4,767.0 |
4,408.0 |
|
|
|
|
|
|
|
|
Land and Buildings |
1,494.0 |
1,459.0 |
1,425.0 |
1,175.0 |
1,083.0 |
|
Machinery and Equipment |
4,485.0 |
4,241.0 |
4,142.0 |
4,067.0 |
3,863.0 |
|
Depreciation |
-3,502.0 |
-3,255.0 |
-2,928.0 |
-2,909.0 |
-2,675.0 |
|
Goodwill |
5,454.0 |
5,435.0 |
5,232.0 |
3,982.0 |
3,034.0 |
|
Deferred income taxes and other noncurre |
1,001.0 |
973.0 |
971.0 |
498.0 |
735.0 |
|
Other assets |
542.0 |
464.0 |
500.0 |
293.0 |
- |
|
Intangible Assets |
2,914.0 |
2,973.0 |
2,914.0 |
1,811.0 |
1,179.0 |
|
Amortization |
-642.0 |
-532.0 |
-396.0 |
-254.0 |
-210.0 |
|
Total Assets |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
11,417.0 |
|
|
|
|
|
|
|
|
Short-Term Debt |
72.0 |
113.0 |
812.0 |
825.0 |
490.0 |
|
Current Portion of Long-Term Debt |
4.0 |
5.0 |
269.0 |
160.0 |
322.0 |
|
Accounts Payable |
1,408.0 |
1,057.0 |
1,121.0 |
1,170.0 |
1,050.0 |
|
Accrued Compensation |
465.0 |
256.0 |
297.0 |
355.0 |
305.0 |
|
Other Current Liabilities |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
1,123.0 |
|
Total Current Liabilities |
3,233.0 |
2,689.0 |
3,745.0 |
3,659.0 |
3,290.0 |
|
|
|
|
|
|
|
|
Long-term debt |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
1,774.0 |
|
Total Long Term Debt |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
1,774.0 |
|
|
|
|
|
|
|
|
Deferred income taxes and other noncurre |
487.0 |
550.0 |
543.0 |
224.0 |
- |
|
Postretirement Benefits |
743.0 |
754.0 |
703.0 |
772.0 |
766.0 |
|
Pensions |
1,429.0 |
1,586.0 |
1,650.0 |
681.0 |
942.0 |
|
Noncontrolling interests |
41.0 |
41.0 |
48.0 |
- |
- |
|
Other liabilities |
575.0 |
536.0 |
459.0 |
490.0 |
539.0 |
|
Total Liabilities |
9,890.0 |
9,505.0 |
10,338.0 |
8,258.0 |
7,311.0 |
|
|
|
|
|
|
|
|
Common Shares |
170.0 |
166.0 |
82.0 |
73.0 |
73.0 |
|
Paid-in Capital |
4,093.0 |
3,947.0 |
3,879.0 |
2,290.0 |
2,114.0 |
|
Retained Earnings |
4,455.0 |
3,893.0 |
3,917.0 |
3,257.0 |
2,796.0 |
|
Translation Adjustments |
-1,348.0 |
-1,208.0 |
-1,538.0 |
-423.0 |
-849.0 |
|
Deferred Compensation Plans |
-8.0 |
-21.0 |
-23.0 |
-25.0 |
-28.0 |
|
Total Equity |
7,362.0 |
6,777.0 |
6,317.0 |
5,172.0 |
4,106.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
11,417.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
339.9 |
332.3 |
330.0 |
292.0 |
292.6 |
|
Total Common Shares Outstanding |
339.9 |
332.3 |
330.0 |
292.0 |
292.6 |
|
Accumulated Intangible Amortization |
642.0 |
532.0 |
396.0 |
254.0 |
210.0 |
|
Full-Time Employees |
70,000 |
70,000 |
75,000 |
64,000 |
60,000 |
|
Number of Common Shareholders |
8,113 |
8,452 |
8,548 |
8,501 |
8,868 |
|
LT Debt Maturing Within 1 Year |
4.0 |
5.0 |
269.0 |
160.0 |
322.0 |
|
LT Debt Maturing Within 2 Year |
317.0 |
0.0 |
281.0 |
267.0 |
- |
|
LT Debt Maturing Within 3 Years |
310.0 |
312.0 |
0.0 |
285.0 |
401.0 |
|
LT Debt Maturing Within 4 Year |
262.0 |
307.0 |
312.0 |
1.0 |
- |
|
LT Debt Maturing Within 5 Years |
104.0 |
259.0 |
307.0 |
313.0 |
7.0 |
|
LT Debt Maturing After 5 Years |
2,207.0 |
2,463.0 |
2,284.0 |
1,566.0 |
1,366.0 |
|
Total Long Term Debt, Supplemental |
3,204.0 |
3,346.0 |
3,453.0 |
2,592.0 |
2,096.0 |
|
Operating Lease Within 1 Year |
145.0 |
121.0 |
117.0 |
102.0 |
87.0 |
|
Operating Lease Within 2 Years |
106.0 |
96.0 |
97.0 |
77.0 |
70.0 |
|
Operating Lease Within 2-3 Years |
78.0 |
64.0 |
73.0 |
55.0 |
50.0 |
|
Operating Lease Within 3 Years |
49.0 |
45.0 |
50.0 |
38.0 |
39.0 |
|
Operating Lease Within 4-5 Years |
39.0 |
27.0 |
36.0 |
26.0 |
28.0 |
|
Operating Lease After 5 Years |
59.0 |
47.0 |
54.0 |
34.0 |
49.0 |
|
Total Operating Leases |
476.0 |
400.0 |
427.0 |
332.0 |
323.0 |
|
Projected Benefit Obligation - Pension |
3,918.0 |
3,610.0 |
3,288.0 |
3,092.0 |
3,125.0 |
|
FV of Plan Assets - Pension |
2,509.0 |
2,042.0 |
1,674.0 |
2,403.0 |
2,173.0 |
|
Funded Status - Pension |
-1,409.0 |
-1,568.0 |
-1,614.0 |
-689.0 |
-952.0 |
|
Projected Benefit Obligation - Post-Ret. |
826.0 |
830.0 |
779.0 |
859.0 |
854.0 |
|
Funded Status - Post-Retirement |
-826.0 |
-830.0 |
-779.0 |
-859.0 |
-854.0 |
|
Accumulated Benefit Obligation - Pension |
3,696.0 |
3,404.0 |
3,083.0 |
2,874.0 |
2,899.0 |
|
Accumulated Benefit Obligation - Post-Re |
826.0 |
830.0 |
779.0 |
859.0 |
854.0 |
|
Total Funded Status |
-2,235.0 |
-2,398.0 |
-2,393.0 |
-1,548.0 |
-1,806.0 |
|
Discount Rate - Pension |
5.50% |
6.00% |
6.30% |
6.00% |
5.39% |
|
Compensation Rate - Pension |
3.61% |
3.50% |
3.50% |
3.50% |
3.67% |
|
Discount Rate - Post-Retirement |
5.50% |
6.00% |
6.30% |
6.00% |
5.60% |
|
Non-Current Assets - Pension |
0.0 |
50.0 |
67.0 |
10.0 |
3.0 |
|
Current Liabilities - Pension |
-31.0 |
-32.0 |
-31.0 |
-11.0 |
-10.0 |
|
Non-Current Liabilities - Pension |
-1,429.0 |
-1,586.0 |
-1,650.0 |
-681.0 |
-942.0 |
|
Other Comprehensive Inc./Loss - Pension |
- |
- |
- |
- |
0.0 |
|
Current Liabilities - Post-Retirement |
-83.0 |
-76.0 |
-76.0 |
-82.0 |
-81.0 |
|
Non-Current Liabilities- Post-Retirement |
-743.0 |
-754.0 |
-703.0 |
-772.0 |
-766.0 |
|
AOCI-Actuarial Loss - Pension |
1,453.0 |
1,363.0 |
1,410.0 |
764.0 |
1,051.0 |
|
AOCI-Prior Service Cost - Pension |
0.0 |
7.0 |
3.0 |
3.0 |
23.0 |
|
AOCI-Actuarial Loss - Post-Ret. |
232.0 |
228.0 |
159.0 |
232.0 |
245.0 |
|
AOCI-Prior Service Cost - Post-Ret. |
-11.0 |
-12.0 |
-13.0 |
-6.0 |
-7.0 |
|
Net Assets Recognized on Balance Sheet |
-612.0 |
-812.0 |
-834.0 |
-543.0 |
-484.0 |
|
Equity Securities % - Pension |
- |
- |
70.00% |
80.00% |
80.00% |
|
Debt Securities % - Pension |
- |
- |
24.00% |
18.00% |
17.00% |
|
Other Investments % - Pension |
- |
- |
6.00% |
2.00% |
3.00% |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
937.0 |
385.0 |
1,070.0 |
1,008.0 |
950.0 |
|
Depreciation |
551.0 |
573.0 |
571.0 |
439.0 |
434.0 |
|
Deferred Income Taxes |
26.0 |
-191.0 |
-225.0 |
-51.0 |
37.0 |
|
Pension expense |
179.0 |
- |
- |
- |
- |
|
Contributions to pension plans |
-403.0 |
- |
- |
- |
- |
|
Pension liabilities, net of contribution |
- |
-1.0 |
5.0 |
26.0 |
198.0 |
|
Other Long-Term Liabilities |
- |
-16.0 |
-40.0 |
-25.0 |
-45.0 |
|
Gain on Sale of Businesses |
- |
-9.0 |
-19.0 |
-46.0 |
-56.0 |
|
Other non-cash items in income |
- |
-15.0 |
44.0 |
60.0 |
33.0 |
|
Accounts Receivable |
-305.0 |
440.0 |
128.0 |
-72.0 |
-40.0 |
|
Inventories |
-219.0 |
292.0 |
118.0 |
-79.0 |
-129.0 |
|
Accounts payable |
322.0 |
-73.0 |
-208.0 |
27.0 |
185.0 |
|
Accrued Income and Other Taxes |
- |
30.0 |
-31.0 |
-41.0 |
-149.0 |
|
Other Current Liabilities |
- |
- |
- |
- |
72.0 |
|
Other-net |
194.0 |
-78.0 |
149.0 |
-128.0 |
- |
|
Cash received from termination of intere |
- |
15.0 |
85.0 |
19.0 |
- |
|
Other working capital accounts |
- |
56.0 |
-206.0 |
21.0 |
77.0 |
|
Pension Plans |
- |
- |
- |
- |
-119.0 |
|
Other Operating Cash Flow |
- |
- |
- |
- |
-17.0 |
|
Cash from Operating Activities |
1,282.0 |
1,408.0 |
1,441.0 |
1,158.0 |
1,431.0 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
-360.0 |
|
Acquisitions of Business |
-222.0 |
-10.0 |
-2,807.0 |
-1,433.0 |
-256.0 |
|
Sale of Business |
- |
24.0 |
25.0 |
119.0 |
65.0 |
|
(Purchases) sales of short-term investme |
-392.0 |
-64.0 |
100.0 |
247.0 |
-418.0 |
|
Other Investing Cash Flow |
- |
- |
- |
- |
-42.0 |
|
Other-net |
-4.0 |
20.0 |
-60.0 |
-35.0 |
- |
|
Cash from Investing Activities |
-1,012.0 |
-225.0 |
-3,190.0 |
-1,456.0 |
-1,011.0 |
|
|
|
|
|
|
|
|
Proceeds from Long-Term Debt |
55.0 |
558.0 |
1,656.0 |
1,652.0 |
706.0 |
|
Payments of Long-Term Debt |
-65.0 |
-887.0 |
-984.0 |
-979.0 |
-617.0 |
|
Borrowings with original maturities of l |
-37.0 |
-424.0 |
-5.0 |
62.0 |
-35.0 |
|
Dividends Paid |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
-220.0 |
|
Exercise of Stock Options |
157.0 |
27.0 |
47.0 |
141.0 |
108.0 |
|
Proceeds from issuance of Common Shares |
- |
- |
1,522.0 |
- |
- |
|
Income Tax Benefit from Empl. Stok. Op |
- |
4.0 |
13.0 |
42.0 |
28.0 |
|
Purchase of Common Shares |
- |
- |
-100.0 |
-340.0 |
-386.0 |
|
Other-net |
-8.0 |
-5.0 |
-14.0 |
-7.0 |
0.0 |
|
Cash from Financing Activities |
-261.0 |
-1,061.0 |
1,815.0 |
320.0 |
-416.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-16.0 |
30.0 |
-20.0 |
6.0 |
- |
|
Net Change in Cash |
-7.0 |
152.0 |
46.0 |
28.0 |
4.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
340.0 |
188.0 |
142.0 |
114.0 |
110.0 |
|
Net Cash - Ending Balance |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Cash Interest Paid |
170.0 |
180.0 |
206.0 |
204.0 |
151.0 |
|
Cash Taxes Paid |
141.0 |
124.0 |
185.0 |
141.0 |
129.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
Revenue |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
Total Revenue |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
8,949.0 |
|
Cost of Revenue, Total |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
8,949.0 |
|
Gross Profit |
4,082.0 |
3,091.0 |
4,185.0 |
3,651.0 |
3,283.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
1,939.0 |
|
Total Selling/General/Administrative Expenses |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
1,939.0 |
|
Research & Development |
425.0 |
395.0 |
417.0 |
335.0 |
315.0 |
|
Total Operating Expense |
12,544.0 |
11,429.0 |
14,121.0 |
11,856.0 |
11,203.0 |
|
|
|
|
|
|
|
|
Operating Income |
1,171.0 |
444.0 |
1,255.0 |
1,177.0 |
1,029.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-136.0 |
-150.0 |
-157.0 |
- |
-105.0 |
|
Interest Expense, Net Non-Operating |
-136.0 |
-150.0 |
-157.0 |
- |
-105.0 |
|
Interest Income (Expense) - Net Non-Operating |
- |
- |
- |
-147.0 |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-136.0 |
-150.0 |
-157.0 |
-147.0 |
-105.0 |
|
Other Non-Operating Income (Expense) |
1.0 |
9.0 |
42.0 |
25.0 |
45.0 |
|
Other, Net |
1.0 |
9.0 |
42.0 |
25.0 |
45.0 |
|
Income Before Tax |
1,036.0 |
303.0 |
1,140.0 |
1,055.0 |
969.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
99.0 |
-82.0 |
73.0 |
82.0 |
72.0 |
|
Income After Tax |
937.0 |
385.0 |
1,067.0 |
973.0 |
897.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-8.0 |
-2.0 |
-12.0 |
-14.0 |
- |
|
Net Income Before Extraord Items |
929.0 |
383.0 |
1,055.0 |
959.0 |
897.0 |
|
Discontinued Operations |
0.0 |
0.0 |
3.0 |
35.0 |
53.0 |
|
Total Extraord Items |
0.0 |
0.0 |
3.0 |
35.0 |
53.0 |
|
Net Income |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
929.0 |
383.0 |
1,055.0 |
959.0 |
897.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
335.5 |
332.7 |
320.4 |
294.6 |
300.4 |
|
Basic EPS Excl Extraord Items |
2.77 |
1.15 |
3.29 |
3.26 |
2.99 |
|
Basic/Primary EPS Incl Extraord Items |
2.77 |
1.15 |
3.30 |
3.37 |
3.16 |
|
Diluted Net Income |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
Diluted Weighted Average Shares |
339.5 |
335.8 |
324.6 |
300.6 |
305.8 |
|
Diluted EPS Excl Extraord Items |
2.74 |
1.14 |
3.25 |
3.19 |
2.93 |
|
Diluted EPS Incl Extraord Items |
2.74 |
1.14 |
3.26 |
3.31 |
3.11 |
|
Dividends per Share - Common Stock Primary Issue |
1.08 |
1.00 |
1.00 |
0.86 |
0.74 |
|
Gross Dividends - Common Stock |
363.0 |
334.0 |
320.0 |
251.0 |
220.0 |
|
Interest Expense, Supplemental |
162.0 |
170.0 |
192.0 |
193.0 |
139.0 |
|
Interest Capitalized, Supplemental |
-8.0 |
-7.0 |
-13.0 |
-14.0 |
-14.0 |
|
Depreciation, Supplemental |
369.0 |
398.0 |
409.0 |
368.0 |
383.0 |
|
Total Special Items |
40.0 |
82.0 |
77.0 |
64.0 |
- |
|
Normalized Income Before Tax |
1,076.0 |
385.0 |
1,217.0 |
1,119.0 |
969.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
3.8 |
28.7 |
4.9 |
5.0 |
- |
|
Inc Tax Ex Impact of Sp Items |
102.8 |
-53.3 |
77.9 |
87.0 |
72.0 |
|
Normalized Income After Tax |
973.2 |
438.3 |
1,139.1 |
1,032.0 |
897.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
965.2 |
436.3 |
1,127.1 |
1,018.0 |
897.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.88 |
1.31 |
3.52 |
3.46 |
2.99 |
|
Diluted Normalized EPS |
2.84 |
1.30 |
3.47 |
3.39 |
2.93 |
|
Amort of Intangibles, Supplemental |
181.0 |
170.0 |
161.0 |
79.0 |
51.0 |
|
Rental Expenses |
172.0 |
177.0 |
173.0 |
133.0 |
123.0 |
|
Research & Development Exp, Supplemental |
425.0 |
395.0 |
417.0 |
335.0 |
315.0 |
|
Normalized EBIT |
1,211.0 |
526.0 |
1,332.0 |
1,241.0 |
1,029.0 |
|
Normalized EBITDA |
1,761.0 |
1,094.0 |
1,902.0 |
1,688.0 |
1,463.0 |
|
Current Tax - Domestic |
-2.0 |
40.0 |
36.0 |
7.0 |
13.0 |
|
Current Tax - Foreign |
107.0 |
69.0 |
219.0 |
140.0 |
9.0 |
|
Current Tax - Local |
1.0 |
5.0 |
4.0 |
9.0 |
-9.0 |
|
Current Tax - Total |
106.0 |
114.0 |
259.0 |
156.0 |
13.0 |
|
Deferred Tax - Domestic |
95.0 |
-174.0 |
-17.0 |
-15.0 |
25.0 |
|
Deferred Tax - Foreign |
-87.0 |
-18.0 |
-127.0 |
-39.0 |
10.0 |
|
Deferred Tax - Local |
-15.0 |
-4.0 |
-42.0 |
-20.0 |
24.0 |
|
Deferred Tax - Total |
-7.0 |
-196.0 |
-186.0 |
-74.0 |
59.0 |
|
Income Tax - Total |
99.0 |
-82.0 |
73.0 |
82.0 |
72.0 |
|
Interest Cost - Domestic |
200.0 |
203.0 |
190.0 |
163.0 |
147.0 |
|
Service Cost - Domestic |
119.0 |
110.0 |
137.0 |
147.0 |
142.0 |
|
Expected Return on Assets - Domestic |
-218.0 |
-189.0 |
-198.0 |
-179.0 |
-166.0 |
|
Curtailments & Settlements - Domestic |
17.0 |
108.0 |
36.0 |
42.0 |
51.0 |
|
Other Pension, Net - Domestic |
61.0 |
38.0 |
49.0 |
74.0 |
67.0 |
|
Domestic Pension Plan Expense |
179.0 |
270.0 |
214.0 |
247.0 |
241.0 |
|
Interest Cost - Post-Retirement |
46.0 |
49.0 |
49.0 |
47.0 |
45.0 |
|
Service Cost - Post-Retirement |
16.0 |
15.0 |
15.0 |
15.0 |
17.0 |
|
Curtailments & Settlements - Post-Retir. |
0.0 |
1.0 |
0.0 |
0.0 |
2.0 |
|
Other Post-Retirement, Net |
10.0 |
1.0 |
11.0 |
11.0 |
11.0 |
|
Post-Retirement Plan Expense |
72.0 |
66.0 |
75.0 |
73.0 |
75.0 |
|
Defined Contribution Expense - Domestic |
33.0 |
25.0 |
64.0 |
59.0 |
55.0 |
|
Total Pension Expense |
284.0 |
361.0 |
353.0 |
379.0 |
371.0 |
|
Discount Rate - Domestic |
6.00% |
6.30% |
6.00% |
5.60% |
5.75% |
|
Discount Rate - Post-Retirement |
5.70% |
6.30% |
6.00% |
5.60% |
5.75% |
|
Expected Rate of Return - Domestic |
8.95% |
8.94% |
8.94% |
8.75% |
8.75% |
|
Compensation Rate - Domestic |
3.62% |
3.64% |
3.64% |
3.50% |
3.50% |
|
Total Plan Interest Cost |
246.0 |
252.0 |
239.0 |
210.0 |
192.0 |
|
Total Plan Service Cost |
135.0 |
125.0 |
152.0 |
162.0 |
159.0 |
|
Total Plan Expected Return |
-218.0 |
-189.0 |
-198.0 |
-179.0 |
-166.0 |
|
Total Plan Other Expense |
71.0 |
39.0 |
60.0 |
85.0 |
78.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
3,803.0 |
3,663.0 |
3,571.0 |
3,378.0 |
3,103.0 |
|
Revenue |
3,803.0 |
3,663.0 |
3,571.0 |
3,378.0 |
3,103.0 |
|
Total Revenue |
3,803.0 |
3,663.0 |
3,571.0 |
3,378.0 |
3,103.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,682.0 |
2,565.0 |
2,480.0 |
2,387.0 |
2,201.0 |
|
Cost of Revenue, Total |
2,682.0 |
2,565.0 |
2,480.0 |
2,387.0 |
2,201.0 |
|
Gross Profit |
1,121.0 |
1,098.0 |
1,091.0 |
991.0 |
902.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
665.0 |
644.0 |
651.0 |
604.0 |
587.0 |
|
Total Selling/General/Administrative Expenses |
665.0 |
644.0 |
651.0 |
604.0 |
587.0 |
|
Research & Development |
105.0 |
117.0 |
104.0 |
103.0 |
101.0 |
|
Interest Expense -
Operating |
- |
34.0 |
33.0 |
34.0 |
35.0 |
|
Interest Expense - Net Operating |
- |
34.0 |
33.0 |
34.0 |
35.0 |
|
Interest Expense (Income) - Net Operating |
32.0 |
- |
- |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
32.0 |
34.0 |
33.0 |
34.0 |
35.0 |
|
Other, Net |
-16.0 |
10.0 |
-2.0 |
-1.0 |
-8.0 |
|
Other Operating Expenses, Total |
-16.0 |
10.0 |
-2.0 |
-1.0 |
-8.0 |
|
Total Operating Expense |
3,468.0 |
3,370.0 |
3,266.0 |
3,127.0 |
2,916.0 |
|
|
|
|
|
|
|
|
Operating Income |
335.0 |
293.0 |
305.0 |
251.0 |
187.0 |
|
|
|
|
|
|
|
|
Income Before Tax |
335.0 |
293.0 |
305.0 |
251.0 |
187.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
49.0 |
10.0 |
36.0 |
22.0 |
31.0 |
|
Income After Tax |
286.0 |
283.0 |
269.0 |
229.0 |
156.0 |
|
|
|
|
|
|
|
|
Minority Interest |
1.0 |
-3.0 |
-1.0 |
-3.0 |
-1.0 |
|
Net Income Before Extraord Items |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
Net Income |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
340.1 |
337.8 |
335.2 |
334.8 |
334.2 |
|
Basic EPS Excl Extraord Items |
0.84 |
0.83 |
0.80 |
0.68 |
0.46 |
|
Basic/Primary EPS Incl Extraord Items |
0.84 |
0.83 |
0.80 |
0.68 |
0.46 |
|
Diluted Net Income |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
Diluted Weighted Average Shares |
345.7 |
342.8 |
340.6 |
340.4 |
339.2 |
|
Diluted EPS Excl Extraord Items |
0.83 |
0.82 |
0.79 |
0.66 |
0.46 |
|
Diluted EPS Incl Extraord Items |
0.83 |
0.82 |
0.79 |
0.66 |
0.46 |
|
Dividends per Share - Common Stock Primary Issue |
0.34 |
0.29 |
0.29 |
0.25 |
0.25 |
|
Gross Dividends - Common Stock |
116.0 |
98.0 |
98.0 |
84.0 |
83.0 |
|
Interest Expense, Supplemental |
39.0 |
34.0 |
33.0 |
34.0 |
35.0 |
|
Interest Capitalized, Supplemental |
-4.0 |
- |
- |
- |
- |
|
Depreciation, Supplemental |
91.0 |
91.0 |
90.0 |
93.0 |
96.0 |
|
Total Special Items |
3.0 |
15.0 |
7.0 |
9.0 |
9.0 |
|
Normalized Income Before Tax |
338.0 |
308.0 |
312.0 |
260.0 |
196.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.4 |
0.5 |
0.8 |
0.8 |
1.5 |
|
Inc Tax Ex Impact of Sp Items |
49.4 |
10.5 |
36.8 |
22.8 |
32.5 |
|
Normalized Income After Tax |
288.6 |
297.5 |
275.2 |
237.2 |
163.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
289.6 |
294.5 |
274.2 |
234.2 |
162.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.85 |
0.87 |
0.82 |
0.70 |
0.49 |
|
Diluted Normalized EPS |
0.84 |
0.86 |
0.81 |
0.69 |
0.48 |
|
Amort of Intangibles, Supplemental |
48.0 |
47.0 |
46.0 |
43.0 |
45.0 |
|
Research & Development Exp, Supplemental |
105.0 |
117.0 |
104.0 |
103.0 |
101.0 |
|
Normalized EBIT |
370.0 |
342.0 |
345.0 |
294.0 |
231.0 |
|
Normalized EBITDA |
509.0 |
480.0 |
481.0 |
430.0 |
372.0 |
|
Interest Cost - Domestic |
33.0 |
50.0 |
50.0 |
50.0 |
33.0 |
|
Service Cost - Domestic |
23.0 |
30.0 |
30.0 |
30.0 |
20.0 |
|
Expected Return on Assets - Domestic |
-41.0 |
-55.0 |
-54.0 |
-55.0 |
-39.0 |
|
Curtailments & Settlements - Domestic |
3.0 |
4.0 |
4.0 |
4.0 |
5.0 |
|
Other Pension, Net - Domestic |
19.0 |
16.0 |
15.0 |
15.0 |
13.0 |
|
Domestic Pension Plan Expense |
37.0 |
45.0 |
45.0 |
44.0 |
32.0 |
|
Interest Cost - Foreign |
20.0 |
- |
- |
- |
17.0 |
|
Service Cost - Foreign |
13.0 |
- |
- |
- |
9.0 |
|
Expected Return on Assets - Foreign |
-18.0 |
- |
- |
- |
-15.0 |
|
Curtailments & Settlements - Foreign |
0.0 |
- |
- |
- |
0.0 |
|
Other Pension, Net - Foreign |
3.0 |
- |
- |
- |
2.0 |
|
Foreign Pension Plan Expense |
18.0 |
- |
- |
- |
13.0 |
|
Interest Cost - Post-Retirement |
10.0 |
12.0 |
11.0 |
12.0 |
11.0 |
|
Service Cost - Post-Retirement |
4.0 |
4.0 |
4.0 |
4.0 |
4.0 |
|
Curtailments & Settlements - Post-Retir. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Post-Retirement, Net |
3.0 |
2.0 |
3.0 |
2.0 |
3.0 |
|
Post-Retirement Plan Expense |
17.0 |
18.0 |
18.0 |
18.0 |
18.0 |
|
Total Pension Expense |
72.0 |
63.0 |
63.0 |
62.0 |
63.0 |
|
Total Plan Interest Cost |
63.0 |
62.0 |
61.0 |
62.0 |
61.0 |
|
Total Plan Service Cost |
40.0 |
34.0 |
34.0 |
34.0 |
33.0 |
|
Total Plan Expected Return |
-59.0 |
-55.0 |
-54.0 |
-55.0 |
-54.0 |
|
Total Plan Other Expense |
25.0 |
18.0 |
18.0 |
17.0 |
18.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Short Term Investments |
838.0 |
433.0 |
342.0 |
504.0 |
671.0 |
|
Cash and Short Term Investments |
1,171.0 |
773.0 |
530.0 |
646.0 |
785.0 |
|
Accounts Receivable -
Trade, Gross |
2,290.0 |
1,966.0 |
2,333.0 |
2,231.0 |
1,951.0 |
|
Provision for Doubtful
Accounts |
-51.0 |
-67.0 |
-38.0 |
-23.0 |
-23.0 |
|
Trade Accounts Receivable - Net |
2,239.0 |
1,899.0 |
2,295.0 |
2,208.0 |
1,928.0 |
|
Total Receivables, Net |
2,239.0 |
1,899.0 |
2,295.0 |
2,208.0 |
1,928.0 |
|
Inventories - Finished Goods |
800.0 |
601.0 |
702.0 |
533.0 |
504.0 |
|
Inventories - Work In Progress |
229.0 |
222.0 |
285.0 |
384.0 |
321.0 |
|
Inventories - Raw Materials |
651.0 |
608.0 |
683.0 |
674.0 |
570.0 |
|
LIFO Reserve |
-116.0 |
-105.0 |
-116.0 |
-108.0 |
-102.0 |
|
Total Inventory |
1,564.0 |
1,326.0 |
1,554.0 |
1,483.0 |
1,293.0 |
|
Deferred Income Tax - Current Asset |
303.0 |
377.0 |
239.0 |
291.0 |
267.0 |
|
Other Current Assets |
229.0 |
149.0 |
177.0 |
139.0 |
135.0 |
|
Other Current Assets, Total |
532.0 |
526.0 |
416.0 |
430.0 |
402.0 |
|
Total Current Assets |
5,506.0 |
4,524.0 |
4,795.0 |
4,767.0 |
4,408.0 |
|
|
|
|
|
|
|
|
Land/Improvements |
1,494.0 |
1,459.0 |
1,425.0 |
1,175.0 |
1,083.0 |
|
Machinery/Equipment |
4,485.0 |
4,241.0 |
4,142.0 |
4,067.0 |
3,863.0 |
|
Property/Plant/Equipment - Gross |
5,979.0 |
5,700.0 |
5,567.0 |
5,242.0 |
4,946.0 |
|
Accumulated Depreciation |
-3,502.0 |
-3,255.0 |
-2,928.0 |
-2,909.0 |
-2,675.0 |
|
Property/Plant/Equipment - Net |
2,477.0 |
2,445.0 |
2,639.0 |
2,333.0 |
2,271.0 |
|
Goodwill, Net |
5,454.0 |
5,435.0 |
5,232.0 |
3,982.0 |
3,034.0 |
|
Intangibles - Gross |
2,914.0 |
2,973.0 |
2,914.0 |
1,811.0 |
1,179.0 |
|
Accumulated Intangible Amortization |
-642.0 |
-532.0 |
-396.0 |
-254.0 |
-210.0 |
|
Intangibles, Net |
2,272.0 |
2,441.0 |
2,518.0 |
1,557.0 |
969.0 |
|
Deferred Income Tax - Long Term Asset |
1,001.0 |
973.0 |
971.0 |
498.0 |
735.0 |
|
Other Long Term Assets |
542.0 |
464.0 |
500.0 |
293.0 |
- |
|
Other Long Term Assets, Total |
1,543.0 |
1,437.0 |
1,471.0 |
791.0 |
735.0 |
|
Total Assets |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
11,417.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,408.0 |
1,057.0 |
1,121.0 |
1,170.0 |
1,050.0 |
|
Accrued Expenses |
465.0 |
256.0 |
297.0 |
355.0 |
305.0 |
|
Notes Payable/Short Term Debt |
72.0 |
113.0 |
812.0 |
825.0 |
490.0 |
|
Current Portion - Long Term Debt/Capital Leases |
4.0 |
5.0 |
269.0 |
160.0 |
322.0 |
|
Other Current Liabilities |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
1,123.0 |
|
Other Current liabilities, Total |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
1,123.0 |
|
Total Current Liabilities |
3,233.0 |
2,689.0 |
3,745.0 |
3,659.0 |
3,290.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
1,774.0 |
|
Total Long Term Debt |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
1,774.0 |
|
Total Debt |
3,458.0 |
3,467.0 |
4,271.0 |
3,417.0 |
2,586.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
487.0 |
550.0 |
543.0 |
224.0 |
- |
|
Deferred Income Tax |
487.0 |
550.0 |
543.0 |
224.0 |
- |
|
Minority Interest |
41.0 |
41.0 |
48.0 |
- |
- |
|
Pension Benefits - Underfunded |
2,172.0 |
2,340.0 |
2,353.0 |
1,453.0 |
1,708.0 |
|
Other Long Term Liabilities |
575.0 |
536.0 |
459.0 |
490.0 |
539.0 |
|
Other Liabilities, Total |
2,747.0 |
2,876.0 |
2,812.0 |
1,943.0 |
2,247.0 |
|
Total Liabilities |
9,890.0 |
9,505.0 |
10,338.0 |
8,258.0 |
7,311.0 |
|
|
|
|
|
|
|
|
Common Stock |
170.0 |
166.0 |
82.0 |
73.0 |
73.0 |
|
Common Stock |
170.0 |
166.0 |
82.0 |
73.0 |
73.0 |
|
Additional Paid-In Capital |
4,093.0 |
3,947.0 |
3,879.0 |
2,290.0 |
2,114.0 |
|
Retained Earnings (Accumulated Deficit) |
4,455.0 |
3,893.0 |
3,917.0 |
3,257.0 |
2,796.0 |
|
Translation Adjustment |
-1,348.0 |
-1,208.0 |
-1,538.0 |
-423.0 |
-849.0 |
|
Other Comprehensive Income |
-8.0 |
-21.0 |
-23.0 |
-25.0 |
-28.0 |
|
Other Equity, Total |
-1,356.0 |
-1,229.0 |
-1,561.0 |
-448.0 |
-877.0 |
|
Total Equity |
7,362.0 |
6,777.0 |
6,317.0 |
5,172.0 |
4,106.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
11,417.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
339.9 |
332.3 |
330.0 |
292.0 |
292.6 |
|
Total Common Shares Outstanding |
339.9 |
332.3 |
330.0 |
292.0 |
292.6 |
|
Employees |
70,000 |
70,000 |
75,000 |
64,000 |
60,000 |
|
Number of Common Shareholders |
8,113 |
8,452 |
8,548 |
8,501 |
8,868 |
|
Accumulated Intangible Amort, Suppl. |
642.0 |
532.0 |
396.0 |
254.0 |
210.0 |
|
Total Long Term Debt, Supplemental |
3,204.0 |
3,346.0 |
3,453.0 |
2,592.0 |
2,096.0 |
|
Long Term Debt Maturing within 1 Year |
4.0 |
5.0 |
269.0 |
160.0 |
322.0 |
|
Long Term Debt Maturing in Year 2 |
317.0 |
0.0 |
281.0 |
267.0 |
200.5 |
|
Long Term Debt Maturing in Year 3 |
310.0 |
312.0 |
0.0 |
285.0 |
200.5 |
|
Long Term Debt Maturing in Year 4 |
262.0 |
307.0 |
312.0 |
1.0 |
3.5 |
|
Long Term Debt Maturing in Year 5 |
104.0 |
259.0 |
307.0 |
313.0 |
3.5 |
|
Long Term Debt Maturing in 2-3 Years |
627.0 |
312.0 |
281.0 |
552.0 |
401.0 |
|
Long Term Debt Maturing in 4-5 Years |
366.0 |
566.0 |
619.0 |
314.0 |
7.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2,207.0 |
2,463.0 |
2,284.0 |
1,566.0 |
1,366.0 |
|
Total Operating Leases, Supplemental |
476.0 |
400.0 |
427.0 |
332.0 |
323.0 |
|
Operating Lease Payments Due in Year 1 |
145.0 |
121.0 |
117.0 |
102.0 |
87.0 |
|
Operating Lease Payments Due in Year 2 |
106.0 |
96.0 |
97.0 |
77.0 |
70.0 |
|
Operating Lease Payments Due in Year 3 |
78.0 |
64.0 |
73.0 |
55.0 |
50.0 |
|
Operating Lease Payments Due in Year 4 |
49.0 |
45.0 |
50.0 |
38.0 |
39.0 |
|
Operating Lease Payments Due in Year 5 |
39.0 |
27.0 |
36.0 |
26.0 |
28.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
184.0 |
160.0 |
170.0 |
132.0 |
120.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
88.0 |
72.0 |
86.0 |
64.0 |
67.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
59.0 |
47.0 |
54.0 |
34.0 |
49.0 |
|
Pension Obligation - Domestic |
3,918.0 |
3,610.0 |
3,288.0 |
3,092.0 |
3,125.0 |
|
Post-Retirement Obligation |
826.0 |
830.0 |
779.0 |
859.0 |
854.0 |
|
Plan Assets - Domestic |
2,509.0 |
2,042.0 |
1,674.0 |
2,403.0 |
2,173.0 |
|
Funded Status - Domestic |
-1,409.0 |
-1,568.0 |
-1,614.0 |
-689.0 |
-952.0 |
|
Funded Status - Post-Retirement |
-826.0 |
-830.0 |
-779.0 |
-859.0 |
-854.0 |
|
Accumulated Obligation - Domestic |
3,696.0 |
3,404.0 |
3,083.0 |
2,874.0 |
2,899.0 |
|
Accumulated Obligation - Post-Retirement |
826.0 |
830.0 |
779.0 |
859.0 |
854.0 |
|
Total Funded Status |
-2,235.0 |
-2,398.0 |
-2,393.0 |
-1,548.0 |
-1,806.0 |
|
Discount Rate - Domestic |
5.50% |
6.00% |
6.30% |
6.00% |
5.39% |
|
Discount Rate - Post-Retirement |
5.50% |
6.00% |
6.30% |
6.00% |
5.60% |
|
Compensation Rate - Domestic |
3.61% |
3.50% |
3.50% |
3.50% |
3.67% |
|
Prepaid Benefits - Domestic |
0.0 |
50.0 |
67.0 |
10.0 |
3.0 |
|
Accrued Liabilities - Domestic |
-1,460.0 |
-1,618.0 |
-1,681.0 |
-692.0 |
-952.0 |
|
Accrued Liabilities - Post-Retirement |
-826.0 |
-830.0 |
-779.0 |
-854.0 |
-847.0 |
|
Other Assets, Net - Domestic |
1,453.0 |
1,370.0 |
1,413.0 |
767.0 |
1,074.0 |
|
Other Assets, Net - Post-Retirement |
221.0 |
216.0 |
146.0 |
226.0 |
238.0 |
|
Net Assets Recognized on Balance Sheet |
-612.0 |
-812.0 |
-834.0 |
-543.0 |
-484.0 |
|
Equity % - Domestic |
- |
- |
70.00% |
80.00% |
80.00% |
|
Debt Securities % - Domestic |
- |
- |
24.00% |
18.00% |
17.00% |
|
Other Investments % - Domestic |
- |
- |
6.00% |
2.00% |
3.00% |
|
Total Plan Obligations |
4,744.0 |
4,440.0 |
4,067.0 |
3,951.0 |
3,979.0 |
|
Total Plan Assets |
2,509.0 |
2,042.0 |
1,674.0 |
2,403.0 |
2,173.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash |
201.0 |
333.0 |
395.0 |
249.0 |
151.0 |
|
Short Term Investments |
496.0 |
838.0 |
493.0 |
538.0 |
338.0 |
|
Cash and Short Term Investments |
697.0 |
1,171.0 |
888.0 |
787.0 |
489.0 |
|
Trade Accounts Receivable - Net |
2,466.0 |
2,239.0 |
2,332.0 |
2,126.0 |
2,052.0 |
|
Total Receivables, Net |
2,466.0 |
2,239.0 |
2,332.0 |
2,126.0 |
2,052.0 |
|
Inventories - Finished Goods |
849.0 |
800.0 |
- |
- |
- |
|
Inventories - Work In Progress |
245.0 |
229.0 |
963.0 |
859.0 |
866.0 |
|
Inventories - Raw Materials |
692.0 |
651.0 |
682.0 |
635.0 |
614.0 |
|
LIFO Reserve |
-119.0 |
-116.0 |
-112.0 |
-108.0 |
-106.0 |
|
Total Inventory |
1,667.0 |
1,564.0 |
1,533.0 |
1,386.0 |
1,374.0 |
|
Deferred Income Tax - Current Asset |
- |
303.0 |
600.0 |
563.0 |
565.0 |
|
Other Current Assets |
640.0 |
229.0 |
- |
- |
- |
|
Other Current Assets, Total |
640.0 |
532.0 |
600.0 |
563.0 |
565.0 |
|
Total Current Assets |
5,470.0 |
5,506.0 |
5,353.0 |
4,862.0 |
4,480.0 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
2,523.0 |
2,477.0 |
2,381.0 |
2,270.0 |
2,349.0 |
|
Goodwill, Net |
5,569.0 |
5,454.0 |
5,440.0 |
5,125.0 |
5,304.0 |
|
Intangibles, Net |
2,304.0 |
2,272.0 |
2,360.0 |
2,203.0 |
2,333.0 |
|
Deferred Income Tax - Long Term Asset |
960.0 |
1,001.0 |
1,481.0 |
1,467.0 |
1,381.0 |
|
Other Long Term Assets |
511.0 |
542.0 |
- |
- |
- |
|
Other Long Term Assets, Total |
1,471.0 |
1,543.0 |
1,481.0 |
1,467.0 |
1,381.0 |
|
Total Assets |
17,337.0 |
17,252.0 |
17,015.0 |
15,927.0 |
15,847.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,456.0 |
1,408.0 |
1,353.0 |
1,229.0 |
1,135.0 |
|
Accrued Expenses |
300.0 |
465.0 |
437.0 |
350.0 |
286.0 |
|
Notes Payable/Short Term Debt |
93.0 |
72.0 |
93.0 |
93.0 |
90.0 |
|
Current Portion - Long Term Debt/Capital Leases |
4.0 |
4.0 |
5.0 |
5.0 |
5.0 |
|
Other Current Liabilities |
1,348.0 |
1,284.0 |
1,425.0 |
1,321.0 |
1,254.0 |
|
Other Current liabilities, Total |
1,348.0 |
1,284.0 |
1,425.0 |
1,321.0 |
1,254.0 |
|
Total Current Liabilities |
3,201.0 |
3,233.0 |
3,313.0 |
2,998.0 |
2,770.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,354.0 |
3,382.0 |
3,406.0 |
3,378.0 |
3,347.0 |
|
Total Long Term Debt |
3,354.0 |
3,382.0 |
3,406.0 |
3,378.0 |
3,347.0 |
|
Total Debt |
3,451.0 |
3,458.0 |
3,504.0 |
3,476.0 |
3,442.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
495.0 |
487.0 |
1,036.0 |
971.0 |
994.0 |
|
Deferred Income Tax |
495.0 |
487.0 |
1,036.0 |
971.0 |
994.0 |
|
Minority Interest |
41.0 |
41.0 |
42.0 |
40.0 |
39.0 |
|
Pension Benefits - Underfunded |
1,948.0 |
2,172.0 |
2,011.0 |
1,970.0 |
2,014.0 |
|
Other Long Term Liabilities |
515.0 |
575.0 |
- |
- |
- |
|
Other Liabilities, Total |
2,463.0 |
2,747.0 |
2,011.0 |
1,970.0 |
2,014.0 |
|
Total Liabilities |
9,554.0 |
9,890.0 |
9,808.0 |
9,357.0 |
9,164.0 |
|
|
|
|
|
|
|
|
Other Equity |
7,783.0 |
7,362.0 |
7,207.0 |
6,570.0 |
6,683.0 |
|
Other Equity, Total |
7,783.0 |
7,362.0 |
7,207.0 |
6,570.0 |
6,683.0 |
|
Total Equity |
7,783.0 |
7,362.0 |
7,207.0 |
6,570.0 |
6,683.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
17,337.0 |
17,252.0 |
17,015.0 |
15,927.0 |
15,847.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
341.2 |
339.9 |
336.6 |
335.6 |
335.2 |
|
Total Common Shares Outstanding |
341.2 |
339.9 |
336.6 |
335.6 |
335.2 |
|
Employees |
70,000 |
70,000 |
70,000 |
70,000 |
70,000 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified Normal
|
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
937.0 |
385.0 |
1,070.0 |
1,008.0 |
950.0 |
|
Depreciation |
551.0 |
573.0 |
571.0 |
439.0 |
434.0 |
|
Depreciation/Depletion |
551.0 |
573.0 |
571.0 |
439.0 |
434.0 |
|
Deferred Taxes |
26.0 |
-191.0 |
-225.0 |
-51.0 |
37.0 |
|
Unusual Items |
- |
-9.0 |
-19.0 |
-46.0 |
-56.0 |
|
Other Non-Cash Items |
179.0 |
-17.0 |
94.0 |
80.0 |
186.0 |
|
Non-Cash Items |
179.0 |
-26.0 |
75.0 |
34.0 |
130.0 |
|
Accounts Receivable |
-305.0 |
440.0 |
128.0 |
-72.0 |
-40.0 |
|
Inventories |
-219.0 |
292.0 |
118.0 |
-79.0 |
-129.0 |
|
Accounts Payable |
322.0 |
-73.0 |
-208.0 |
27.0 |
185.0 |
|
Taxes Payable |
- |
30.0 |
-31.0 |
-41.0 |
-149.0 |
|
Other Liabilities |
-403.0 |
- |
- |
- |
-47.0 |
|
Other Assets & Liabilities, Net |
- |
56.0 |
-206.0 |
21.0 |
77.0 |
|
Other Operating Cash Flow |
194.0 |
-78.0 |
149.0 |
-128.0 |
-17.0 |
|
Changes in Working Capital |
-411.0 |
667.0 |
-50.0 |
-272.0 |
-120.0 |
|
Cash from Operating Activities |
1,282.0 |
1,408.0 |
1,441.0 |
1,158.0 |
1,431.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
-360.0 |
|
Capital Expenditures |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
-360.0 |
|
Acquisition of Business |
-222.0 |
-10.0 |
-2,807.0 |
-1,433.0 |
-256.0 |
|
Sale of Business |
- |
24.0 |
25.0 |
119.0 |
65.0 |
|
Investment, Net |
-392.0 |
-64.0 |
100.0 |
247.0 |
-418.0 |
|
Other Investing Cash Flow |
-4.0 |
20.0 |
-60.0 |
-35.0 |
-42.0 |
|
Other Investing Cash Flow Items, Total |
-618.0 |
-30.0 |
-2,742.0 |
-1,102.0 |
-651.0 |
|
Cash from Investing Activities |
-1,012.0 |
-225.0 |
-3,190.0 |
-1,456.0 |
-1,011.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-8.0 |
-1.0 |
-1.0 |
35.0 |
28.0 |
|
Financing Cash Flow Items |
-8.0 |
-1.0 |
-1.0 |
35.0 |
28.0 |
|
Cash Dividends Paid - Common |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
-220.0 |
|
Total Cash Dividends Paid |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
-220.0 |
|
Sale/Issuance of
Common |
- |
- |
1,522.0 |
- |
- |
|
Repurchase/Retirement
of Common |
- |
- |
-100.0 |
-340.0 |
-386.0 |
|
Common Stock, Net |
- |
- |
1,422.0 |
-340.0 |
-386.0 |
|
Options Exercised |
157.0 |
27.0 |
47.0 |
141.0 |
108.0 |
|
Issuance (Retirement) of Stock, Net |
157.0 |
27.0 |
1,469.0 |
-199.0 |
-278.0 |
|
Short Term Debt, Net |
-37.0 |
-424.0 |
-5.0 |
62.0 |
-35.0 |
|
Long Term Debt Issued |
55.0 |
558.0 |
1,656.0 |
1,652.0 |
706.0 |
|
Long Term Debt
Reduction |
-65.0 |
-887.0 |
-984.0 |
-979.0 |
-617.0 |
|
Long Term Debt, Net |
-10.0 |
-329.0 |
672.0 |
673.0 |
89.0 |
|
Issuance (Retirement) of Debt, Net |
-47.0 |
-753.0 |
667.0 |
735.0 |
54.0 |
|
Cash from Financing Activities |
-261.0 |
-1,061.0 |
1,815.0 |
320.0 |
-416.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-16.0 |
30.0 |
-20.0 |
6.0 |
- |
|
Net Change in Cash |
-7.0 |
152.0 |
46.0 |
28.0 |
4.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
340.0 |
188.0 |
142.0 |
114.0 |
110.0 |
|
Net Cash - Ending Balance |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Cash Interest Paid |
170.0 |
180.0 |
206.0 |
204.0 |
151.0 |
|
Cash Taxes Paid |
141.0 |
124.0 |
185.0 |
141.0 |
129.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
286.0 |
937.0 |
654.0 |
385.0 |
156.0 |
|
Depreciation |
139.0 |
551.0 |
413.0 |
277.0 |
141.0 |
|
Depreciation/Depletion |
139.0 |
551.0 |
413.0 |
277.0 |
141.0 |
|
Deferred Taxes |
- |
26.0 |
-11.0 |
- |
- |
|
Other Non-Cash Items |
- |
179.0 |
134.0 |
89.0 |
- |
|
Non-Cash Items |
- |
179.0 |
134.0 |
89.0 |
- |
|
Accounts Receivable |
- |
-305.0 |
- |
- |
- |
|
Inventories |
- |
-219.0 |
- |
- |
- |
|
Accounts Payable |
- |
322.0 |
- |
- |
- |
|
Other Liabilities |
-282.0 |
-403.0 |
-378.0 |
-349.0 |
-326.0 |
|
Other Assets & Liabilities, Net |
-418.0 |
- |
-70.0 |
-121.0 |
-172.0 |
|
Other Operating Cash Flow |
-29.0 |
194.0 |
-15.0 |
26.0 |
39.0 |
|
Changes in Working Capital |
-729.0 |
-411.0 |
-463.0 |
-444.0 |
-459.0 |
|
Cash from Operating Activities |
-304.0 |
1,282.0 |
727.0 |
307.0 |
-162.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-88.0 |
-394.0 |
-207.0 |
-101.0 |
-38.0 |
|
Capital Expenditures |
-88.0 |
-394.0 |
-207.0 |
-101.0 |
-38.0 |
|
Acquisition of Business |
- |
-222.0 |
-172.0 |
- |
- |
|
Investment, Net |
348.0 |
-392.0 |
-47.0 |
-121.0 |
96.0 |
|
Other Investing Cash Flow |
6.0 |
-4.0 |
-6.0 |
6.0 |
8.0 |
|
Other Investing Cash Flow Items, Total |
354.0 |
-618.0 |
-225.0 |
-115.0 |
104.0 |
|
Cash from Investing Activities |
266.0 |
-1,012.0 |
-432.0 |
-216.0 |
66.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
-8.0 |
62.0 |
2.0 |
2.0 |
|
Financing Cash Flow Items |
0.0 |
-8.0 |
62.0 |
2.0 |
2.0 |
|
Cash Dividends Paid - Common |
-116.0 |
-363.0 |
-265.0 |
-168.0 |
-84.0 |
|
Total Cash Dividends Paid |
-116.0 |
-363.0 |
-265.0 |
-168.0 |
-84.0 |
|
Repurchase/Retirement
of Common |
-50.0 |
- |
- |
- |
0.0 |
|
Common Stock, Net |
-50.0 |
- |
- |
- |
0.0 |
|
Options Exercised |
53.0 |
157.0 |
- |
36.0 |
23.0 |
|
Issuance (Retirement) of Stock, Net |
3.0 |
157.0 |
- |
36.0 |
23.0 |
|
Short Term Debt, Net |
19.0 |
-37.0 |
-19.0 |
-48.0 |
-47.0 |
|
Long Term Debt Issued |
5.0 |
55.0 |
55.0 |
55.0 |
25.0 |
|
Long Term Debt
Reduction |
-17.0 |
-65.0 |
-59.0 |
-27.0 |
-1.0 |
|
Long Term Debt, Net |
-12.0 |
-10.0 |
-4.0 |
28.0 |
24.0 |
|
Issuance (Retirement) of Debt, Net |
7.0 |
-47.0 |
-23.0 |
-20.0 |
-23.0 |
|
Cash from Financing Activities |
-106.0 |
-261.0 |
-226.0 |
-150.0 |
-82.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
12.0 |
-16.0 |
-14.0 |
-32.0 |
-11.0 |
|
Net Change in Cash |
-132.0 |
-7.0 |
55.0 |
-91.0 |
-189.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
333.0 |
340.0 |
340.0 |
340.0 |
340.0 |
|
Net Cash - Ending Balance |
201.0 |
333.0 |
395.0 |
249.0 |
151.0 |
|
Cash Interest Paid |
- |
170.0 |
- |
- |
- |
|
Cash Taxes Paid |
- |
141.0 |
- |
- |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net sales |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
Total Revenue |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
12,232.0 |
|
|
|
|
|
|
|
|
Cost of Products Sold |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
8,949.0 |
|
Selling and Administrative Expenses |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
1,939.0 |
|
Research and Development |
425.0 |
395.0 |
417.0 |
335.0 |
315.0 |
|
Total Operating Expense |
12,544.0 |
11,429.0 |
14,121.0 |
11,856.0 |
11,203.0 |
|
|
|
|
|
|
|
|
Net Interest Expense |
- |
- |
- |
-147.0 |
- |
|
Contribution to Eaton Charitable Fund |
- |
- |
- |
- |
0.0 |
|
Net Other Income or Expense |
1.0 |
9.0 |
42.0 |
25.0 |
45.0 |
|
Interest expense-net |
-136.0 |
-150.0 |
-157.0 |
- |
-105.0 |
|
Net Income Before Taxes |
1,036.0 |
303.0 |
1,140.0 |
1,055.0 |
969.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
99.0 |
-82.0 |
73.0 |
82.0 |
72.0 |
|
Net Income After Taxes |
937.0 |
385.0 |
1,067.0 |
973.0 |
897.0 |
|
|
|
|
|
|
|
|
Less net income for noncontrolling inter |
-8.0 |
-2.0 |
-12.0 |
-14.0 |
- |
|
Net Income Before Extra. Items |
929.0 |
383.0 |
1,055.0 |
959.0 |
897.0 |
|
Discontinued Operations |
0.0 |
0.0 |
3.0 |
35.0 |
53.0 |
|
Net Income |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
929.0 |
383.0 |
1,055.0 |
959.0 |
897.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
335.5 |
332.7 |
320.4 |
294.6 |
300.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.77 |
1.15 |
3.29 |
3.26 |
2.99 |
|
Basic EPS Including ExtraOrdinary Item |
2.77 |
1.15 |
3.30 |
3.37 |
3.16 |
|
Diluted Net Income |
929.0 |
383.0 |
1,058.0 |
994.0 |
950.0 |
|
Diluted Weighted Average Shares |
339.5 |
335.8 |
324.6 |
300.6 |
305.8 |
|
Diluted EPS Excluding ExtraOrd Items |
2.74 |
1.14 |
3.25 |
3.19 |
2.93 |
|
Diluted EPS Including ExtraOrd Items |
2.74 |
1.14 |
3.26 |
3.31 |
3.11 |
|
DPS-Common Stock |
1.08 |
1.00 |
1.00 |
0.86 |
0.74 |
|
Gross Dividends - Common Stock |
363.0 |
334.0 |
320.0 |
251.0 |
220.0 |
|
Normalized Income Before Taxes |
1,076.0 |
385.0 |
1,217.0 |
1,119.0 |
969.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
102.8 |
-53.3 |
77.9 |
87.0 |
72.0 |
|
Normalized Income After Taxes |
973.2 |
438.3 |
1,139.1 |
1,032.0 |
897.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
965.2 |
436.3 |
1,127.1 |
1,018.0 |
897.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.88 |
1.31 |
3.52 |
3.46 |
2.99 |
|
Diluted Normalized EPS |
2.84 |
1.30 |
3.47 |
3.39 |
2.93 |
|
Interest Expense |
162.0 |
170.0 |
192.0 |
193.0 |
139.0 |
|
Depreciation |
369.0 |
398.0 |
409.0 |
368.0 |
383.0 |
|
Research & Development Exp |
425.0 |
395.0 |
417.0 |
335.0 |
315.0 |
|
Interest Capitalized |
-8.0 |
-7.0 |
-13.0 |
-14.0 |
-14.0 |
|
Amort of Intangibles |
181.0 |
170.0 |
161.0 |
79.0 |
51.0 |
|
Rental Expense |
172.0 |
177.0 |
173.0 |
133.0 |
123.0 |
|
Current Tax - Federal |
-2.0 |
40.0 |
36.0 |
7.0 |
13.0 |
|
Current Tax - State & Local |
1.0 |
5.0 |
4.0 |
9.0 |
-9.0 |
|
Current Tax - Foreign |
107.0 |
69.0 |
219.0 |
140.0 |
9.0 |
|
Current Tax - Total |
106.0 |
114.0 |
259.0 |
156.0 |
13.0 |
|
Deferred Tax - Federal |
95.0 |
-174.0 |
-17.0 |
-15.0 |
25.0 |
|
Deferred Tax - Local |
-15.0 |
-4.0 |
-42.0 |
-20.0 |
24.0 |
|
Deferrred Tax - Foreign |
-87.0 |
-18.0 |
-127.0 |
-39.0 |
10.0 |
|
Deferred Tax - Total |
-7.0 |
-196.0 |
-186.0 |
-74.0 |
59.0 |
|
Income Tax - Total |
99.0 |
-82.0 |
73.0 |
82.0 |
72.0 |
|
Service Cost - Pension |
119.0 |
110.0 |
137.0 |
147.0 |
142.0 |
|
Interest Cost - Pension |
200.0 |
203.0 |
190.0 |
163.0 |
147.0 |
|
Expected Return on Assets - Pension |
-218.0 |
-189.0 |
-198.0 |
-179.0 |
-166.0 |
|
Other, Net - Pension |
61.0 |
38.0 |
49.0 |
74.0 |
67.0 |
|
Curtailment Losses - Pension |
1.0 |
22.0 |
1.0 |
1.0 |
10.0 |
|
Settlement Losses - Pension |
16.0 |
86.0 |
35.0 |
41.0 |
41.0 |
|
Domestic Pension Plan Expense |
179.0 |
270.0 |
214.0 |
247.0 |
241.0 |
|
Service Cost - Post-Retirement |
16.0 |
15.0 |
15.0 |
15.0 |
17.0 |
|
Interest Cost - Post-Retirement |
46.0 |
49.0 |
49.0 |
47.0 |
45.0 |
|
Other/Net Amortization - Post-Retirement |
10.0 |
1.0 |
11.0 |
11.0 |
11.0 |
|
Curtailment Losses/Gain - P.Retirement |
0.0 |
1.0 |
0.0 |
0.0 |
2.0 |
|
Settlement Losses - P.Retirement |
0.0 |
0.0 |
- |
- |
- |
|
Post-Retirement Plan Expense |
72.0 |
66.0 |
75.0 |
73.0 |
75.0 |
|
Defined Contribution Plans - Pension |
33.0 |
25.0 |
64.0 |
59.0 |
55.0 |
|
Total Pension Expense |
284.0 |
361.0 |
353.0 |
379.0 |
371.0 |
|
Discount Rate - Pension |
6.00% |
6.30% |
6.00% |
5.60% |
5.75% |
|
Expected Rate of Return - Pension |
8.95% |
8.94% |
8.94% |
8.75% |
8.75% |
|
Compensation Rate - Pension |
3.62% |
3.64% |
3.64% |
3.50% |
3.50% |
|
Discount Rate - Post-Retirement |
5.70% |
6.30% |
6.00% |
5.60% |
5.75% |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net sales |
3,803.0 |
3,663.0 |
3,571.0 |
3,378.0 |
3,103.0 |
|
Total Revenue |
3,803.0 |
3,663.0 |
3,571.0 |
3,378.0 |
3,103.0 |
|
|
|
|
|
|
|
|
Cost of products sold |
2,682.0 |
2,565.0 |
2,480.0 |
2,387.0 |
2,201.0 |
|
Selling and administrative expense |
665.0 |
644.0 |
651.0 |
604.0 |
587.0 |
|
Research & development expense |
105.0 |
117.0 |
104.0 |
103.0 |
101.0 |
|
Interest Expense, net |
32.0 |
- |
- |
- |
- |
|
Other Expense |
-16.0 |
10.0 |
-2.0 |
-1.0 |
-8.0 |
|
Interest expense |
- |
34.0 |
33.0 |
34.0 |
35.0 |
|
Total Operating Expense |
3,468.0 |
3,370.0 |
3,266.0 |
3,127.0 |
2,916.0 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
335.0 |
293.0 |
305.0 |
251.0 |
187.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
49.0 |
10.0 |
36.0 |
22.0 |
31.0 |
|
Net Income After Taxes |
286.0 |
283.0 |
269.0 |
229.0 |
156.0 |
|
|
|
|
|
|
|
|
Less net income for noncontrolling inter |
1.0 |
-3.0 |
-1.0 |
-3.0 |
-1.0 |
|
Net Income Before Extra. Items |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
Net Income |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
340.1 |
337.8 |
335.2 |
334.8 |
334.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.84 |
0.83 |
0.80 |
0.68 |
0.46 |
|
Basic EPS Including ExtraOrdinary Item |
0.84 |
0.83 |
0.80 |
0.68 |
0.46 |
|
Diluted Net Income |
287.0 |
280.0 |
268.0 |
226.0 |
155.0 |
|
Diluted Weighted Average Shares |
345.7 |
342.8 |
340.6 |
340.4 |
339.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.83 |
0.82 |
0.79 |
0.66 |
0.46 |
|
Diluted EPS Including ExtraOrd Items |
0.83 |
0.82 |
0.79 |
0.66 |
0.46 |
|
DPS-Common Stock |
0.34 |
0.29 |
0.29 |
0.25 |
0.25 |
|
Gross Dividends - Common Stock |
116.0 |
98.0 |
98.0 |
84.0 |
83.0 |
|
Normalized Income Before Taxes |
338.0 |
308.0 |
312.0 |
260.0 |
196.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
49.4 |
10.5 |
36.8 |
22.8 |
32.5 |
|
Normalized Income After Taxes |
288.6 |
297.5 |
275.2 |
237.2 |
163.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
289.6 |
294.5 |
274.2 |
234.2 |
162.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.85 |
0.87 |
0.82 |
0.70 |
0.49 |
|
Diluted Normalized EPS |
0.84 |
0.86 |
0.80 |
0.69 |
0.48 |
|
Research & Development Exp |
105.0 |
117.0 |
104.0 |
103.0 |
101.0 |
|
Amort of Intangibles |
48.0 |
47.0 |
46.0 |
43.0 |
45.0 |
|
Depreciation |
91.0 |
91.0 |
90.0 |
93.0 |
96.0 |
|
Interest Expense |
39.0 |
34.0 |
33.0 |
34.0 |
35.0 |
|
Interest Capitalized |
-4.0 |
- |
- |
- |
- |
|
Service cost - U.S |
23.0 |
30.0 |
30.0 |
30.0 |
20.0 |
|
Interest cost - U.S |
33.0 |
50.0 |
50.0 |
50.0 |
33.0 |
|
Expected return on plan assets - U.S |
-41.0 |
-55.0 |
-54.0 |
-55.0 |
-39.0 |
|
Amortization - U.S |
19.0 |
16.0 |
15.0 |
15.0 |
13.0 |
|
Curtainment loss-U.S |
- |
1.0 |
- |
0.0 |
- |
|
Settlement loss - U.S |
3.0 |
3.0 |
4.0 |
4.0 |
5.0 |
|
Domestic Pension Plan Expense |
37.0 |
45.0 |
45.0 |
44.0 |
32.0 |
|
Service Cost - Foreign |
13.0 |
- |
- |
- |
9.0 |
|
Interest Cost - Foreign |
20.0 |
- |
- |
- |
17.0 |
|
Expected Return on Assets - Foreign |
-18.0 |
- |
- |
- |
-15.0 |
|
Other Pension, Net - Foreign |
3.0 |
- |
- |
- |
2.0 |
|
Curtailments & Settlements - Foreign |
0.0 |
- |
- |
- |
0.0 |
|
Foreign Pension Plan Expense |
18.0 |
- |
- |
- |
13.0 |
|
Service cost - Post retirement |
4.0 |
4.0 |
4.0 |
4.0 |
4.0 |
|
Interest cost - Post Retirement |
10.0 |
12.0 |
11.0 |
12.0 |
11.0 |
|
Amortization - Post Retirement |
3.0 |
2.0 |
3.0 |
2.0 |
3.0 |
|
Curtailment loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Post-Retirement Plan Expense |
17.0 |
18.0 |
18.0 |
18.0 |
18.0 |
|
Total Pension Expense |
72.0 |
63.0 |
63.0 |
62.0 |
63.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Short-Term Investments |
838.0 |
433.0 |
342.0 |
504.0 |
671.0 |
|
Prepaid expenses and other current asset |
229.0 |
149.0 |
177.0 |
139.0 |
135.0 |
|
Accounts Receivable |
2,290.0 |
1,966.0 |
2,333.0 |
2,231.0 |
1,951.0 |
|
Allowance for doubtful accounts |
-51.0 |
-67.0 |
-38.0 |
-23.0 |
-23.0 |
|
Raw Materials |
651.0 |
608.0 |
683.0 |
674.0 |
570.0 |
|
Work in Process |
229.0 |
222.0 |
285.0 |
384.0 |
321.0 |
|
Finished Goods |
800.0 |
601.0 |
702.0 |
533.0 |
504.0 |
|
Excess of Current Cost over FIFO Cost |
-116.0 |
-105.0 |
-116.0 |
-108.0 |
-102.0 |
|
Deferred income taxes and other current |
303.0 |
377.0 |
239.0 |
291.0 |
267.0 |
|
Total Current Assets |
5,506.0 |
4,524.0 |
4,795.0 |
4,767.0 |
4,408.0 |
|
|
|
|
|
|
|
|
Land and Buildings |
1,494.0 |
1,459.0 |
1,425.0 |
1,175.0 |
1,083.0 |
|
Machinery and Equipment |
4,485.0 |
4,241.0 |
4,142.0 |
4,067.0 |
3,863.0 |
|
Depreciation |
-3,502.0 |
-3,255.0 |
-2,928.0 |
-2,909.0 |
-2,675.0 |
|
Goodwill |
5,454.0 |
5,435.0 |
5,232.0 |
3,982.0 |
3,034.0 |
|
Deferred income taxes and other noncurre |
1,001.0 |
973.0 |
971.0 |
498.0 |
735.0 |
|
Other assets |
542.0 |
464.0 |
500.0 |
293.0 |
- |
|
Intangible Assets |
2,914.0 |
2,973.0 |
2,914.0 |
1,811.0 |
1,179.0 |
|
Amortization |
-642.0 |
-532.0 |
-396.0 |
-254.0 |
-210.0 |
|
Total Assets |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
11,417.0 |
|
|
|
|
|
|
|
|
Short-Term Debt |
72.0 |
113.0 |
812.0 |
825.0 |
490.0 |
|
Current Portion of Long-Term Debt |
4.0 |
5.0 |
269.0 |
160.0 |
322.0 |
|
Accounts Payable |
1,408.0 |
1,057.0 |
1,121.0 |
1,170.0 |
1,050.0 |
|
Accrued Compensation |
465.0 |
256.0 |
297.0 |
355.0 |
305.0 |
|
Other Current Liabilities |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
1,123.0 |
|
Total Current Liabilities |
3,233.0 |
2,689.0 |
3,745.0 |
3,659.0 |
3,290.0 |
|
|
|
|
|
|
|
|
Long-term debt |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
1,774.0 |
|
Total Long Term Debt |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
1,774.0 |
|
|
|
|
|
|
|
|
Deferred income taxes and other noncurre |
487.0 |
550.0 |
543.0 |
224.0 |
- |
|
Postretirement Benefits |
743.0 |
754.0 |
703.0 |
772.0 |
766.0 |
|
Pensions |
1,429.0 |
1,586.0 |
1,650.0 |
681.0 |
942.0 |
|
Noncontrolling interests |
41.0 |
41.0 |
48.0 |
- |
- |
|
Other liabilities |
575.0 |
536.0 |
459.0 |
490.0 |
539.0 |
|
Total Liabilities |
9,890.0 |
9,505.0 |
10,338.0 |
8,258.0 |
7,311.0 |
|
|
|
|
|
|
|
|
Common Shares |
170.0 |
166.0 |
82.0 |
73.0 |
73.0 |
|
Paid-in Capital |
4,093.0 |
3,947.0 |
3,879.0 |
2,290.0 |
2,114.0 |
|
Retained Earnings |
4,455.0 |
3,893.0 |
3,917.0 |
3,257.0 |
2,796.0 |
|
Translation Adjustments |
-1,348.0 |
-1,208.0 |
-1,538.0 |
-423.0 |
-849.0 |
|
Deferred Compensation Plans |
-8.0 |
-21.0 |
-23.0 |
-25.0 |
-28.0 |
|
Total Equity |
7,362.0 |
6,777.0 |
6,317.0 |
5,172.0 |
4,106.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
11,417.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
339.9 |
332.3 |
330.0 |
292.0 |
292.6 |
|
Total Common Shares Outstanding |
339.9 |
332.3 |
330.0 |
292.0 |
292.6 |
|
Accumulated Intangible Amortization |
642.0 |
532.0 |
396.0 |
254.0 |
210.0 |
|
Full-Time Employees |
70,000 |
70,000 |
75,000 |
64,000 |
60,000 |
|
Number of Common Shareholders |
8,113 |
8,452 |
8,548 |
8,501 |
8,868 |
|
LT Debt Maturing Within 1 Year |
4.0 |
5.0 |
269.0 |
160.0 |
322.0 |
|
LT Debt Maturing Within 2 Year |
317.0 |
0.0 |
281.0 |
267.0 |
- |
|
LT Debt Maturing Within 3 Years |
310.0 |
312.0 |
0.0 |
285.0 |
401.0 |
|
LT Debt Maturing Within 4 Year |
262.0 |
307.0 |
312.0 |
1.0 |
- |
|
LT Debt Maturing Within 5 Years |
104.0 |
259.0 |
307.0 |
313.0 |
7.0 |
|
LT Debt Maturing After 5 Years |
2,207.0 |
2,463.0 |
2,284.0 |
1,566.0 |
1,366.0 |
|
Total Long Term Debt, Supplemental |
3,204.0 |
3,346.0 |
3,453.0 |
2,592.0 |
2,096.0 |
|
Operating Lease Within 1 Year |
145.0 |
121.0 |
117.0 |
102.0 |
87.0 |
|
Operating Lease Within 2 Years |
106.0 |
96.0 |
97.0 |
77.0 |
70.0 |
|
Operating Lease Within 2-3 Years |
78.0 |
64.0 |
73.0 |
55.0 |
50.0 |
|
Operating Lease Within 3 Years |
49.0 |
45.0 |
50.0 |
38.0 |
39.0 |
|
Operating Lease Within 4-5 Years |
39.0 |
27.0 |
36.0 |
26.0 |
28.0 |
|
Operating Lease After 5 Years |
59.0 |
47.0 |
54.0 |
34.0 |
49.0 |
|
Total Operating Leases |
476.0 |
400.0 |
427.0 |
332.0 |
323.0 |
|
Projected Benefit Obligation - Pension |
3,918.0 |
3,610.0 |
3,288.0 |
3,092.0 |
3,125.0 |
|
FV of Plan Assets - Pension |
2,509.0 |
2,042.0 |
1,674.0 |
2,403.0 |
2,173.0 |
|
Funded Status - Pension |
-1,409.0 |
-1,568.0 |
-1,614.0 |
-689.0 |
-952.0 |
|
Projected Benefit Obligation - Post-Ret. |
826.0 |
830.0 |
779.0 |
859.0 |
854.0 |
|
Funded Status - Post-Retirement |
-826.0 |
-830.0 |
-779.0 |
-859.0 |
-854.0 |
|
Accumulated Benefit Obligation - Pension |
3,696.0 |
3,404.0 |
3,083.0 |
2,874.0 |
2,899.0 |
|
Accumulated Benefit Obligation - Post-Re |
826.0 |
830.0 |
779.0 |
859.0 |
854.0 |
|
Total Funded Status |
-2,235.0 |
-2,398.0 |
-2,393.0 |
-1,548.0 |
-1,806.0 |
|
Discount Rate - Pension |
5.50% |
6.00% |
6.30% |
6.00% |
5.39% |
|
Compensation Rate - Pension |
3.61% |
3.50% |
3.50% |
3.50% |
3.67% |
|
Discount Rate - Post-Retirement |
5.50% |
6.00% |
6.30% |
6.00% |
5.60% |
|
Non-Current Assets - Pension |
0.0 |
50.0 |
67.0 |
10.0 |
3.0 |
|
Current Liabilities - Pension |
-31.0 |
-32.0 |
-31.0 |
-11.0 |
-10.0 |
|
Non-Current Liabilities - Pension |
-1,429.0 |
-1,586.0 |
-1,650.0 |
-681.0 |
-942.0 |
|
Other Comprehensive Inc./Loss - Pension |
- |
- |
- |
- |
0.0 |
|
Current Liabilities - Post-Retirement |
-83.0 |
-76.0 |
-76.0 |
-82.0 |
-81.0 |
|
Non-Current Liabilities- Post-Retirement |
-743.0 |
-754.0 |
-703.0 |
-772.0 |
-766.0 |
|
AOCI-Actuarial Loss - Pension |
1,453.0 |
1,363.0 |
1,410.0 |
764.0 |
1,051.0 |
|
AOCI-Prior Service Cost - Pension |
0.0 |
7.0 |
3.0 |
3.0 |
23.0 |
|
AOCI-Actuarial Loss - Post-Ret. |
232.0 |
228.0 |
159.0 |
232.0 |
245.0 |
|
AOCI-Prior Service Cost - Post-Ret. |
-11.0 |
-12.0 |
-13.0 |
-6.0 |
-7.0 |
|
Net Assets Recognized on Balance Sheet |
-612.0 |
-812.0 |
-834.0 |
-543.0 |
-484.0 |
|
Equity Securities % - Pension |
- |
- |
70.00% |
80.00% |
80.00% |
|
Debt Securities % - Pension |
- |
- |
24.00% |
18.00% |
17.00% |
|
Other Investments % - Pension |
- |
- |
6.00% |
2.00% |
3.00% |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash |
201.0 |
333.0 |
395.0 |
249.0 |
151.0 |
|
Short Term Investments |
496.0 |
838.0 |
493.0 |
538.0 |
338.0 |
|
Accounts Receivable |
2,466.0 |
2,239.0 |
2,332.0 |
2,126.0 |
2,052.0 |
|
Raw Materials |
692.0 |
651.0 |
682.0 |
635.0 |
614.0 |
|
Work-in-process & finished goods |
245.0 |
229.0 |
963.0 |
859.0 |
866.0 |
|
Finished goods |
849.0 |
800.0 |
- |
- |
- |
|
Excess of FIFO Over LIFO Costs |
-119.0 |
-116.0 |
-112.0 |
-108.0 |
-106.0 |
|
Other current assets |
640.0 |
- |
- |
- |
- |
|
Deferred income taxes and other current |
- |
303.0 |
600.0 |
563.0 |
565.0 |
|
Prepaid expenses and other current asset |
- |
229.0 |
- |
- |
- |
|
Total Current Assets |
5,470.0 |
5,506.0 |
5,353.0 |
4,862.0 |
4,480.0 |
|
|
|
|
|
|
|
|
Property, plant and equipment-net |
2,523.0 |
2,477.0 |
2,381.0 |
2,270.0 |
2,349.0 |
|
Goodwill |
5,569.0 |
5,454.0 |
5,440.0 |
5,125.0 |
5,304.0 |
|
Other Intangibles Assets |
2,304.0 |
2,272.0 |
2,360.0 |
2,203.0 |
2,333.0 |
|
Other assets |
511.0 |
542.0 |
- |
- |
- |
|
Deferred income taxes and other noncurre |
960.0 |
1,001.0 |
1,481.0 |
1,467.0 |
1,381.0 |
|
Total Assets |
17,337.0 |
17,252.0 |
17,015.0 |
15,927.0 |
15,847.0 |
|
|
|
|
|
|
|
|
Short Term Debt |
93.0 |
72.0 |
93.0 |
93.0 |
90.0 |
|
Current Portion ofLong Term Debt |
4.0 |
4.0 |
5.0 |
5.0 |
5.0 |
|
Accounts Payable |
1,456.0 |
1,408.0 |
1,353.0 |
1,229.0 |
1,135.0 |
|
Accrued Compensation |
300.0 |
465.0 |
437.0 |
350.0 |
286.0 |
|
Other Liabilities |
1,348.0 |
1,284.0 |
1,425.0 |
1,321.0 |
1,254.0 |
|
Total Current Liabilities |
3,201.0 |
3,233.0 |
3,313.0 |
2,998.0 |
2,770.0 |
|
|
|
|
|
|
|
|
Long-term debt |
3,354.0 |
3,382.0 |
3,406.0 |
3,378.0 |
3,347.0 |
|
Total Long Term Debt |
3,354.0 |
3,382.0 |
3,406.0 |
3,378.0 |
3,347.0 |
|
|
|
|
|
|
|
|
Pension Liabilities |
1,207.0 |
1,429.0 |
1,263.0 |
1,217.0 |
1,255.0 |
|
Deferred income taxes and other long-ter |
495.0 |
487.0 |
1,036.0 |
971.0 |
994.0 |
|
Postretirement Benefits & Other Pensions |
741.0 |
743.0 |
748.0 |
753.0 |
759.0 |
|
Noncontrolling interests |
41.0 |
41.0 |
42.0 |
40.0 |
39.0 |
|
other long-term |
515.0 |
575.0 |
- |
- |
- |
|
Total Liabilities |
9,554.0 |
9,890.0 |
9,808.0 |
9,357.0 |
9,164.0 |
|
|
|
|
|
|
|
|
Eaton shareholders' equity |
7,783.0 |
7,362.0 |
7,207.0 |
6,570.0 |
6,683.0 |
|
Total Equity |
7,783.0 |
7,362.0 |
7,207.0 |
6,570.0 |
6,683.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
17,337.0 |
17,252.0 |
17,015.0 |
15,927.0 |
15,847.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
341.2 |
339.9 |
336.6 |
335.6 |
335.2 |
|
Total Common Shares Outstanding |
341.2 |
339.9 |
336.6 |
335.6 |
335.2 |
|
Full-Time Employees |
70,000 |
70,000 |
70,000 |
70,000 |
70,000 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
937.0 |
385.0 |
1,070.0 |
1,008.0 |
950.0 |
|
Depreciation |
551.0 |
573.0 |
571.0 |
439.0 |
434.0 |
|
Deferred Income Taxes |
26.0 |
-191.0 |
-225.0 |
-51.0 |
37.0 |
|
Pension expense |
179.0 |
- |
- |
- |
- |
|
Contributions to pension plans |
-403.0 |
- |
- |
- |
- |
|
Pension liabilities, net of contribution |
- |
-1.0 |
5.0 |
26.0 |
198.0 |
|
Other Long-Term Liabilities |
- |
-16.0 |
-40.0 |
-25.0 |
-45.0 |
|
Gain on Sale of Businesses |
- |
-9.0 |
-19.0 |
-46.0 |
-56.0 |
|
Other non-cash items in income |
- |
-15.0 |
44.0 |
60.0 |
33.0 |
|
Accounts Receivable |
-305.0 |
440.0 |
128.0 |
-72.0 |
-40.0 |
|
Inventories |
-219.0 |
292.0 |
118.0 |
-79.0 |
-129.0 |
|
Accounts payable |
322.0 |
-73.0 |
-208.0 |
27.0 |
185.0 |
|
Accrued Income and Other Taxes |
- |
30.0 |
-31.0 |
-41.0 |
-149.0 |
|
Other Current Liabilities |
- |
- |
- |
- |
72.0 |
|
Other-net |
194.0 |
-78.0 |
149.0 |
-128.0 |
- |
|
Cash received from termination of intere |
- |
15.0 |
85.0 |
19.0 |
- |
|
Other working capital accounts |
- |
56.0 |
-206.0 |
21.0 |
77.0 |
|
Pension Plans |
- |
- |
- |
- |
-119.0 |
|
Other Operating Cash Flow |
- |
- |
- |
- |
-17.0 |
|
Cash from Operating Activities |
1,282.0 |
1,408.0 |
1,441.0 |
1,158.0 |
1,431.0 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
-360.0 |
|
Acquisitions of Business |
-222.0 |
-10.0 |
-2,807.0 |
-1,433.0 |
-256.0 |
|
Sale of Business |
- |
24.0 |
25.0 |
119.0 |
65.0 |
|
(Purchases) sales of short-term investme |
-392.0 |
-64.0 |
100.0 |
247.0 |
-418.0 |
|
Other Investing Cash Flow |
- |
- |
- |
- |
-42.0 |
|
Other-net |
-4.0 |
20.0 |
-60.0 |
-35.0 |
- |
|
Cash from Investing Activities |
-1,012.0 |
-225.0 |
-3,190.0 |
-1,456.0 |
-1,011.0 |
|
|
|
|
|
|
|
|
Proceeds from Long-Term Debt |
55.0 |
558.0 |
1,656.0 |
1,652.0 |
706.0 |
|
Payments of Long-Term Debt |
-65.0 |
-887.0 |
-984.0 |
-979.0 |
-617.0 |
|
Borrowings with original maturities of l |
-37.0 |
-424.0 |
-5.0 |
62.0 |
-35.0 |
|
Dividends Paid |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
-220.0 |
|
Exercise of Stock Options |
157.0 |
27.0 |
47.0 |
141.0 |
108.0 |
|
Proceeds from issuance of Common Shares |
- |
- |
1,522.0 |
- |
- |
|
Income Tax Benefit from Empl. Stok. Op |
- |
4.0 |
13.0 |
42.0 |
28.0 |
|
Purchase of Common Shares |
- |
- |
-100.0 |
-340.0 |
-386.0 |
|
Other-net |
-8.0 |
-5.0 |
-14.0 |
-7.0 |
0.0 |
|
Cash from Financing Activities |
-261.0 |
-1,061.0 |
1,815.0 |
320.0 |
-416.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-16.0 |
30.0 |
-20.0 |
6.0 |
- |
|
Net Change in Cash |
-7.0 |
152.0 |
46.0 |
28.0 |
4.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
340.0 |
188.0 |
142.0 |
114.0 |
110.0 |
|
Net Cash - Ending Balance |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Cash Interest Paid |
170.0 |
180.0 |
206.0 |
204.0 |
151.0 |
|
Cash Taxes Paid |
141.0 |
124.0 |
185.0 |
141.0 |
129.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income |
286.0 |
937.0 |
654.0 |
385.0 |
156.0 |
|
Depreciation |
139.0 |
551.0 |
413.0 |
277.0 |
141.0 |
|
Pension expense |
- |
179.0 |
134.0 |
89.0 |
- |
|
Contributions to pension plans |
-282.0 |
-403.0 |
-378.0 |
-349.0 |
-326.0 |
|
Changes in working capital excluding ac |
-418.0 |
- |
-70.0 |
-121.0 |
-172.0 |
|
Other-net |
-29.0 |
- |
-15.0 |
26.0 |
39.0 |
|
Deferred income taxes |
- |
26.0 |
-11.0 |
- |
- |
|
Accounts Receivable |
- |
-305.0 |
- |
- |
- |
|
Accounts payable |
- |
322.0 |
- |
- |
- |
|
Inventories |
- |
-219.0 |
- |
- |
- |
|
Other net |
- |
194.0 |
- |
- |
- |
|
Cash from Operating Activities |
-304.0 |
1,282.0 |
727.0 |
307.0 |
-162.0 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-88.0 |
-394.0 |
-207.0 |
-101.0 |
-38.0 |
|
Acquisitions |
- |
-222.0 |
-172.0 |
- |
- |
|
(Purchases) sales of short-term investme |
348.0 |
-392.0 |
-47.0 |
-121.0 |
96.0 |
|
Other-net |
6.0 |
-4.0 |
-6.0 |
6.0 |
8.0 |
|
Cash from Investing Activities |
266.0 |
-1,012.0 |
-432.0 |
-216.0 |
66.0 |
|
|
|
|
|
|
|
|
LT Borrowings |
5.0 |
55.0 |
55.0 |
55.0 |
25.0 |
|
Repay.- LT Debt |
-17.0 |
-65.0 |
-59.0 |
-27.0 |
-1.0 |
|
Short Term Debt |
19.0 |
-37.0 |
-19.0 |
-48.0 |
-47.0 |
|
Dividends Paid |
-116.0 |
-363.0 |
-265.0 |
-168.0 |
-84.0 |
|
Stock Options |
53.0 |
157.0 |
- |
36.0 |
23.0 |
|
Income Tax Benefit from Options |
0.0 |
- |
- |
- |
2.0 |
|
Repurchase of shares |
-50.0 |
- |
- |
- |
0.0 |
|
Other-net |
- |
-8.0 |
62.0 |
2.0 |
- |
|
Cash from Financing Activities |
-106.0 |
-261.0 |
-226.0 |
-150.0 |
-82.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
12.0 |
-16.0 |
-14.0 |
-32.0 |
-11.0 |
|
Net Change in Cash |
-132.0 |
-7.0 |
55.0 |
-91.0 |
-189.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
333.0 |
340.0 |
340.0 |
340.0 |
340.0 |
|
Net Cash - Ending Balance |
201.0 |
333.0 |
395.0 |
249.0 |
151.0 |
|
Cash Interest Paid |
- |
170.0 |
- |
- |
- |
|
Cash Taxes Paid |
- |
141.0 |
- |
- |
- |
|
|
Financials in: As Reported (mil)
|
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Financials in: As Reported (mil)
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Financials in: As Reported (mil)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.