MIRA
INFORM REPORT
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Report Date : |
02.07.2012 |
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Tel. No.: |
631 843 4300 |
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Fax No.: |
631 843 4309 |
IDENTIFICATION DETAILS
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Name : |
SARA LEE CORP |
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Registered Office : |
3500 Lacey Road |
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Country : |
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Financials (as on) : |
02.07.2011 |
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Year of Establishment : |
1939 |
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Legal Form : |
Public Parent |
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Line of Business : |
Production of meat and poultry meat products |
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No. of Employees : |
21,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
Sara Lee Corp.
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Business Description
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Sara Lee Corporation is a global manufacturer and marketer of
brand-name products for consumers globally focused primarily on the meats,
bakery, beverage and household products categories. Its major brands include
Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Senseo and its
namesake, Sara Lee. It has five segments: North American Retail, North
American Fresh Bakery, North American Foodservice, International Beverage and
International Bakery. In May 2011, it acquired Aidells Sausage. In October
2011, Ralcorp Holdings, Inc. acquired North American private brand
refrigerated dough business of it. In November 2011, it sold North American
Fresh Bakery business. In December 2011, Grupo Bimbo SAB de CV acquired Sara
Lee’s business. In January 2012, The J.M. Smucker Company acquired the
North American foodservice coffee and hot beverage business of Sara Lee Corporation.
In January 2012, it acquired Tea Forte. In April 2012, it acquired
Expresso.Coffee. For the fiscal year ended 2 April 2011, Sara Lee
Corporation's revenues increased 4% to $8.68B. Net income decreased 72% to
$338.0M. Revenues reflect an increase in income from North American retail
segment and a rise in income from international beverage segment. Net income
was offset by higher selling, general & administrative expense, an
increase in net charges for exit activities, asset & business dispositions. |
Industry
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Industry |
Food Processing |
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ANZSIC 2006: |
1111 - Meat Processing |
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NACE 2002: |
1513 - Production of meat and poultry meat
products |
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NAICS 2002: |
311612 - Meat Processed from Carcasses |
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UK SIC 2003: |
15139 - Other meat and poultry meat
processing |
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US SIC 1987: |
2013 - Sausages and Other Prepared Meat
Products |
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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
Corporate Overview
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Sara Lee Corp. 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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Any reduction in revenues and operating cash flows could hinder the
company’s ability to repay interest and principal, resulting in default.
Hence, such huge debt increases the financial burden on the company, limiting
the availability of cash for its growth.Focus on the Growing Coffee
MarketSara Lee Corp plans to acquire Café Damasco, a coffee business based
in the southern region of Brazil. The acquisition of Café Damasco will
create a stronger foothold for Sara Lee in the Brazilian territory, given
Damasco's strong market position in Brazil which is the number one coffee
producing country in the world and the second-largest coffee consuming
country. In the Europe, the company launched its new L’OR Espresso capsules
in France. These capsules would be sold through more than 2,000 hypermarkets
and supermarkets from the most important retailers in the country, such as
Auchan, Carrefour, Cora and Leclerc. |
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The company needs to dedicate a significant
portion of its cash flow from operations to service interest and principal
payments. Any reduction in revenues and operating cash flows could hinder the
company’s ability to repay interest and principal, resulting in default.
Hence, such huge debt increases the financial burden on the company, limiting
the availability of cash for its growth.Focus on the Growing Coffee MarketSara
Lee Corp plans to acquire Café Damasco, a coffee business based in the
southern region of Brazil. The acquisition of Café Damasco will create a
stronger foothold for Sara Lee in the Brazilian territory, given Damasco's
strong market position in Brazil which is the number one coffee producing
country in the world and the second-largest coffee consuming country. In the
Europe, the company launched its new L’OR Espresso capsules in France. |
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Marketing |
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In the Europe, the company launched its new L’OR Espresso capsules
in France. These capsules would be sold through more than 2,000 hypermarkets
and supermarkets from the most important retailers in the country, such as
Auchan, Carrefour, Cora and Leclerc. Further diversifying its geographical
presence, the company plans to enter into the lucrative Indian market. Coffee
consumption in India is witnessing an upward trend with better branding of
coffee among the youth by various domestic and international coffee chains in
recent years. According to estimates of Coffee Board of India, domestic
coffee consumption is expected to be above 100,000 tonne in 2010-11, up by
close to 6 per cent from 94,400 tonnes in 2008-09. |
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Overview
Sara Lee is a global manufacturer and marketer of branded consumer
products. These products include meats, baking, beverage and household
products. The company’s wide business operations and extensive brand
offerings are its strengths. Furthermore, product innovations and growing
coffee industry could ensure a strong future. However, its customer concentration
and debt obligations are areas of concern for the company. A highly competitive
market and evolving consumer preferences could also affect the company’s
growth.
Strengths
Industry Recognitions
The company has been honored with several industry accolades and
recognition across various business categories. Sara Lee has received several
awards and recognitions for operational excellence, service and reliability. In
2011, the company received several awards from The American Meat Institute
(AMI) for all of its meat plants, for their exemplary safety and management of
environmental matters. During 2010, it was ranked sixth out of 150 companies in
Forbes magazine’s "America's Most Reputable Companies" ranking.
Besides, Sara Lee has been ranked 27th on corporate registers’ of 100 Best
Corporate Citizens List in 2011, a rise of 57 spots from the previous year. In
addition, the company for its second consecutive year was ranked 152nd out of
500 companies in Newsweek 2010 Green Rankings, as well as fifth in the Food and
Beverage sector. Such achievements and recognition add to the strength of the
company and enhances the brand image of Sara Lee.
Increasing Margins and Returns
The company reported 39% increase in total net margin in 2010 as
compared to that in 2009. The revenue growth resulted in increased gross
margin, which increased 37.99% in 2010 as compared to 35.32% during 2009. Revenue
growth and increased gross margin was complimented by its controlled costs. The
company’s operating cost as percentage of sales declined to 92.63% in 2010
from 96.71% in 2009. In addition, the company also reported increased returns
in 2010 as compared to those in previous years. The company's return on equity
(ROE) was 34.03% at the end of fiscal year 2010, as compared to 17.88% in 2009.
Its return on capital employed was 13% in fiscal year ended 2010, as compared
to 5.45% in 2009. Also, its return on assets, return on fixed assets, and
return on working capital were 5.73%, 15.82% and 73.14%, respectively in 2010
as compared to 3.87%, 6.41% and 36.38% in 2009. Increasing profitability ratios
indicate the company’s sturdy performance and its ability to deliver returns
expected by its shareholders. The decreased cost and increased returns led to
overall growth of its operating margins. The company’s operating margin
increased 7.37% in 2010 from 3.29% in 2009. The company net profit margin also
grew in 2010. Its net profit margin increased to 4.69% in 2010 from 3.35% in
2009. Increasing margins due decreased operating cost reflect strong
operational efficiency of the company.
Wide Business Operations
Sara Lee has a wide range of businesses, which helps the company to
cater to the diverse needs of its consumer base and generate higher revenues.
The company is principally engaged in the manufacturing and marketing of
consumer products across the globe. The product portfolio of the company
comprises meats, bakery products, beverage and household care and body care
products. The company operates through six business segments namely, North
American Retail Meats; North American Fresh Bakery; North American Foodservice;
International Beverage; International Bakery; and Household and Body Care.
During the fiscal year ended June 2010, the company generated 26% of its total
revenue from North American Retail Meats; 19.6% from North American Fresh
Bakery; 17.3% from North American Foodservice; 29.75% from International
Beverage; 7.25% from International Bakery. Thus a broad business portfolio
helps the company diversify the business risks associated with a particular
market.
Strong Brand Equity
Strong brand equity offers the company an advantage while attracting and
serving a diverse customer base. The company has a strong portfolio of big and
growing brands that compete in large consumer markets across the world. Sara
Lee is the owner of approximately 25,000 active trademark registrations and
applications in countries around the world. The top ten brands offered by the
company include Sara Lee, Hillshire Farm, Jimmy Dean, Senseo, Douwe Egberts,
Ambi Pur, Bimbo, Ball Park, Kiwi and Sanex. Sara Lee brand is the number one
fresh bakery and frozen sweet goods brand in the US. Sara Lee is also a leader
in many important European and Asian household and body care categories with
brands such as Ambi Pur air fresheners, Sanex body care products and Kiwi shoe
care products. Ball Park is the American number-one hot dog brand. Thus strong
brand portfolio offers the company an edge while luring customers from its
competitors as well as maintain consumer loyalty.
Weaknesses
Revenue Concentration: US Market
Sara Lee, although has global operations substantially generates major
part of its revenue from the US market, which makes the company vulnerable to
the local market conditions. In the fiscal 2010, the company generated 62.7% of
the total revenues from the US, 5.6% from Spain, 4.7% from France, 9.3% from
the Netherlands and 17.7% from other regions. The revenue concentration in the
US region and the economic condition has affected the company’s financial
position to a great extent. Besides, the revenue from the US market was down by
3.53% to $6,769m in 2010, as compared to $7,017m in 2009. Thus the company’s
dependence has affected its balance sheet and its growth engine.
Overdependence on Few Customers
Over dependence on few larger customers could affect Sara Lee’s
operations during any disruption in the business of its customers. Its largest
customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately
$1.6 billion of consolidated net sales. Out of the total sales made by Wal-Mart
stores in fiscal 2010, the North American Retail Meat business generated $998m
while $508m sales were generated by North American Fresh Bakery business. As
the retail grocery trade continues to consolidate and mass marketers become
larger, the company’s large retail customers may seek to use their position
to improve their profitability through improved efficiency, lower pricing and
increased promotional programs. If the company is unable to use the scale,
marketing expertise, product innovation and category leadership positions to
respond, the profitability or volume growth could be negatively affected. The
loss of any large customer for an extended length of time could negatively
impact the sales and profits of the company.
Substantial Debt Obligations
The company reported highly leveraged capital structure, which may
affect its expansion and growth plans. Up to the end of fiscal 2010, the
company reported a total debt obligation of $2,781m consisting of a total
long-term debt component of $2,718m. In addition, the company reported a
substantially high debt to equity ratio of 187.02% and a debt to capital ratio
of 45.49% in fiscal year ended June 2010. The company incurred this debt to
meet its working capital and capital expenditure needs. Besides in March 2010,
the company entered into two year financing arrangement for €300m at 2.25%
that replaced previous Euribor financing held by the company. Sara Lee’s
total remaining long term debt of $2,734m is due to be repaid as follows: $16m
in 2011, $1,545m in 2012, $532m in 2013, $26m in 2014, $74m in 2015 and $541m
thereafter. If it fails to comply with any of the debt service requirements,
the debt could become due and payable prior to its scheduled maturity. The
company needs to dedicate a significant portion of its cash flow from
operations to service interest and principal payments. Any reduction in
revenues and operating cash flows could hinder the company’s ability to repay
interest and principal, resulting in default. Hence, such huge debt increases
the financial burden on the company, limiting the availability of cash for its
growth.
Opportunities
Focus on the Growing Coffee Market
Sara Lee Corp plans to acquire Café Damasco, a coffee business based in
the southern region of Brazil. The acquisition of Café Damasco will create a
stronger foothold for Sara Lee in the Brazilian territory, given Damasco's
strong market position in Brazil which is the number one coffee producing
country in the world and the second-largest coffee consuming country. In the
Europe, the company launched its new L’OR Espresso capsules in France. These
capsules would be sold through more than 2,000 hypermarkets and supermarkets
from the most important retailers in the country, such as Auchan, Carrefour,
Cora and Leclerc. Further diversifying its geographical presence, the company
plans to enter into the lucrative Indian market. Coffee consumption in India is
witnessing an upward trend with better branding of coffee among the youth by
various domestic and international coffee chains in recent years. According to
estimates of Coffee Board of India, domestic coffee consumption is expected to
be above 100,000 tonne in 2010-11, up by close to 6 per cent from 94,400 tonnes
in 2008-09. With Sara Lee chalking down a robust coffee procurement plan till
2015, these expansion strategies will be in line with company’s focus on
strengthening its presence in the beverage industry.
Product Innovations
Product innovations help companies create a competitive advantage and
builds brand equity. Innovation continues to be a cornerstone of Sara Lee’s
corporate strategy with significant efforts focused against consumer demands
for products that are convenient and healthy. In August 2010 Jimmy Dean
introduced Jimmy D’s Breakfasts, convenient new breakfast solutions to help
moms ensure their kids start the day right. In March 2010, it has launched new
espresso capsule compatible with nespresso coffee appliances. In February 2009,
the company and Clorox announced a partnership to launch in six Latin American
countries new air freshener products under Clorox's Poett and Mistolin brands.
In the early 2009, the company launched the New Jimmy Dean Breakfast Entrees,
which are croissants or scrambled eggs combined with sides of potatoes and
fruit in a convenient microwaveable tray.
Focus on Core Business
Sara Lee aims to become one of the leading food and beverage companies
and as a result, it intends to divest its international Household and body care
business. In June 2010, the company concluded the sale of its 51% stake in its
Godrej Sara Lee joint venture to Godrej Consumer Products Ltd. for EUR 185
million. In July 2010, the company completed the sale of its air care business
to The Procter & Gamble Company for EUR 320 million. Furthermore, it aims
to close the sale of its global body care and European detergents businesses to
Unilever and insecticides business to SC Johnson by the end of 2010. Such
initiatives will enable the company to further enhance its competitive
position.
Threats
Volatility in Prices of Raw Materials
The raw materials for Sara Lee include beef, pork, coffee, wheat, corn,
corn syrup, soybean and corn oils, butter, sugar and energy. The prices of
commodities in use are subject to volatility due to factors like commodity
market fluctuations, the availability of supply, weather, currency
fluctuations, trade agreements among producing and consuming nations, consumer
demand and changes in governmental agricultural programs. It has experienced
significant increases in the prices of commodities and other inputs in fiscal
2009 and, although commodity prices moderated in fiscal 2010, it is expected to
experience significant price inflation and volatility in the prices of these
commodities and other inputs in fiscal 2011. Commodity price increases directly
impacts business by increasing the costs of raw materials used to make products
and the costs to manufacture, package and ship products.
Government Regulations
The company should comply with all such stringent governmental
regulations, failure of which may expose the company to new liabilities or may
hamper its existing operations, which could result in decline in its
profitability. The company, being a producer and marketer of food products, is
subjected to various regulations by federal governmental agencies, including
the Food and Drug Administration, the Department of Agriculture, the Federal
Trade Commission, the Environmental Protection Agency and the Department of
Commerce, as well as various state agencies, with respect to production processes,
product quality, packaging, labeling, storage and distribution. The company is
also subjected to certain health and safety regulations, including those issued
under the Occupational Safety and Health Act. Sara Lee buys livestock, meat and
poultry products and processed food ingredients from numerous sources based on
factors such as price, quality and availability. Many of these products and
processed food ingredients are subject to governmental agricultural programs.
These programs have substantial effects on prices and supplies and are subject
to U.S. Congressional and administrative review.
Changing Consumer Preferences
Consumers’ preferences have been evolving. In this scenario, the
company's business depends on its ability to identify dietary habits and taste
preferences of consumers and to offer products, which match their preferences.
At the same time, regular introduction of new products and product extensions
involve considerable development and marketing expenditures. If its products
fail to meet consumers’ preference, its return on investment will suffer.
Intense Competition
The company could be impacted due to the growing competition in the
market. The food industry is highly competitive and evolving. With the entry of
more new players in this market, the current level of competition is expected
to further intensify in the near future, which may result in price reductions.
The company competes with a broad range of food products which are manufactured
and distributed by companies with a substantially greater financial, marketing
and distribution resource. The company competes with Cargill, Unilever, Kraft
Foods, Inc., Frito-Lay, ConAgra Foods, Inc., Smithfield Foods Inc and Tyson
Foods, Inc. If the company is not able to maintain the product quality and
consumer loyalty, this intense competition may reduce the sales volume of the
company, thereby hampering its market position.
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Credit Report as
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Corporate Structure News
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Downers Grove, IL |
United States |
Food Processing |
8,681.0 |
21,000 |
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Asset/product line recently purchased by Unilever N.V..See corporate
structure news on Sara Lee Corp. for details |
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Subsidiary |
Tlalnepantla, Estado de México |
Mexico |
Apparel and Accessories |
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2,000 |
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Subsidiary |
Rueil-Malmaison |
France |
Apparel and Accessories |
502.5 |
1,786 |
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Subsidiary |
Moscow |
Russian Federation |
Apparel and Accessories |
4.9 |
83 |
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Subsidiary |
São Domingos De Rana, Cascais |
Portugal |
Apparel and Accessories |
16.4 |
27 |
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Subsidiary |
Utrecht |
Netherlands |
Food Processing |
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1,700 |
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Subsidiary |
Utrecht |
Netherlands |
Food Processing |
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Subsidiary |
Jacobs |
South Africa |
Food Processing |
159.0 |
1,500 |
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Unit |
New London, WI |
United States |
Food Processing |
497.7 |
1,186 |
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Subsidiary |
Pymble, NSW |
Australia |
Food Processing |
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1,000 |
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Subsidiary |
Pymble, NSW |
Australia |
Food Processing |
290.3 |
900 |
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Division |
Pymble, NSW |
Australia |
Miscellaneous Financial Services |
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665 |
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Subsidiary |
Pymble, NSW |
Australia |
Food Processing |
|
500 |
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Facility |
Pymble , NSW |
Australia |
Food Processing |
251.0 |
1,000 |
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Subsidiary |
Manukau City |
New Zealand |
Retail (Grocery) |
1.4 |
17 |
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Subsidiary |
Pymble, NSW |
Australia |
Food Processing |
304.5 |
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Subsidiary |
Manukau, Auckland |
New Zealand |
Food Processing |
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Subsidiary |
Barcelona |
Spain |
Food Processing |
81.9 |
971 |
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Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Apparel and Accessories |
648.5 |
860 |
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Branch |
Newbern, TN |
United States |
Food Processing |
442.4 |
800 |
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Subsidiary |
Pymble, NSW |
Australia |
Personal and Household Products |
304.5 |
799 |
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Subsidiary |
Pinetown |
South Africa |
Miscellaneous Capital Goods |
79.0 |
750 |
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Subsidiary |
Pu Dong, Shanghai |
China |
Miscellaneous Capital Goods |
74.0 |
700 |
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Branch |
Storm Lake, IA |
United States |
Food Processing |
151.0 |
640 |
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Subsidiary |
Barcelona |
Spain |
Food Processing |
373.2 |
615 |
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Subsidiary |
Azuqueca De Henares, Guadalajara |
Spain |
Food Processing |
60.4 |
83 |
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Subsidiary |
Valladolid |
Spain |
Food Processing |
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Subsidiary |
Utrecht |
Netherlands |
Food Processing |
4,574.9 |
600 |
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Subsidiary |
Grimbergen |
Belgium |
Food Processing |
457.1 |
495 |
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Subsidiary |
Grimbergen |
Belgium |
Real Estate Operations |
1.8 |
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Subsidiary |
Prague |
Czech Republic |
Food Processing |
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250 |
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Subsidiary |
Middelfart |
Denmark |
Personal and Household Products |
126.9 |
200 |
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Subsidiary |
Grimbergen |
Belgium |
Food Processing |
50.0 |
101 |
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Subsidiary |
Villepinte |
France |
Food Processing |
20.0 |
34 |
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Subsidiary |
Grimbergen |
Belgium |
Furniture and Fixtures |
18.7 |
8 |
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Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Retail (Catalog and Mail Order) |
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1 |
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Subsidiary |
Budapest |
Hungary |
Food Processing |
125.0 |
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Subsidiary |
Utrecht |
Netherlands |
Food Processing |
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Subsidiary |
Utrecht, Utrecht |
Netherlands |
Retail (Grocery) |
|
412 |
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Subsidiary |
Joure |
Netherlands |
Food Processing |
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295 |
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Subsidiary |
Utrecht, Utrecht |
Netherlands |
Miscellaneous Capital Goods |
|
86 |
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Subsidiary |
Utrecht |
Netherlands |
Food Processing |
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Unit |
Saint Joseph, MO |
United States |
Food Processing |
276.5 |
600 |
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Subsidiary |
Chicago Ridge, IL |
United States |
Food Processing |
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500 |
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Subsidiary |
Slough |
United Kingdom |
Commercial Banks |
|
437 |
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Subsidiary |
Maidenhead |
United Kingdom |
Business Services |
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Subsidiary |
London |
United Kingdom |
Personal and Household Products |
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Subsidiary |
London |
United Kingdom |
Nonclassifiable Industries |
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UK Branch/Trading address |
Nottingham |
United Kingdom |
Business Services |
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Subsidiary |
Maidenhead |
United Kingdom |
Business Services |
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Subsidiary |
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United Kingdom |
Nonclassifiable Industries |
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Subsidiary |
Maidenhead |
United Kingdom |
Business Services |
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Subsidiary |
Maidenhead |
United Kingdom |
Investment Services |
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Subsidiary |
Maidenhead |
United Kingdom |
Business Services |
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Subsidiary |
Maidenhead |
United Kingdom |
Business Services |
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Branch |
Alexandria, KY |
United States |
Food Processing |
221.2 |
400 |
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Unit |
Haltom City, TX |
United States |
Food Processing |
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400 |
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Subsidiary |
Mataro, Barcelona |
Spain |
Apparel and Accessories |
72.1 |
377 |
||
|
Subsidiary |
Saint-Niklaas |
Belgium |
Apparel and Accessories |
|
3 |
||
|
Division |
Downers Grove, IL |
United States |
Food Processing |
2,200.0 |
300 |
||
|
Unit |
Neenah, WI |
United States |
Food Processing |
|
150 |
||
|
Branch |
New Orleans, LA |
United States |
Business Services |
60.8 |
72 |
||
|
Subsidiary |
Mississauga, ON |
Canada |
Food Processing |
|
60 |
||
|
Subsidiary |
Commerce City, CO |
United States |
Food Processing |
68.7 |
300 |
||
|
Subsidiary |
Roissy CDG |
France |
Personal and Household Products |
253.7 |
254 |
||
|
Subsidiary |
Khet Suanluang, Bangkok |
Thailand |
Food Processing |
24.0 |
240 |
||
|
Subsidiary |
Shannon, MS |
United States |
Food Processing |
|
225 |
||
|
Subsidiary |
Lievin |
France |
Food Processing |
14.9 |
224 |
||
|
Subsidiary |
Barcelona |
Spain |
Food Processing |
213.1 |
217 |
||
|
Subsidiary |
Barcelona |
Spain |
Business Services |
51.9 |
169 |
||
|
Subsidiary |
Muntinlupa |
Philippines |
Food Processing |
30.0 |
200 |
||
|
Subsidiary |
Manila |
Philippines |
Biotechnology and Drugs |
1.0 |
500 |
||
|
Subsidiary |
Rio de Janeiro |
Brazil |
Apparel and Accessories |
|
200 |
||
|
Unit |
San Lorenzo, CA |
United States |
Food Processing |
|
175 |
||
|
Unit |
Roseville, MN |
United States |
Food Processing |
|
150 |
||
|
Subsidiary |
Barcelona |
Spain |
Miscellaneous Financial Services |
88.2 |
135 |
||
|
Subsidiary |
Barcelona |
Spain |
Personal and Household Products |
|
|
||
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Food Processing |
1.0 |
120 |
||
|
Subsidiary |
Singapore |
Singapore |
Food Processing |
12.0 |
100 |
||
|
Subsidiary |
Cilandak, Jakarta Selatan |
Indonesia |
Miscellaneous Capital Goods |
9.0 |
100 |
||
|
Subsidiary |
Köln |
Germany |
Personal and Household Products |
1.0 |
100 |
||
|
Subsidiary |
Killarney, Kerry |
Ireland |
Apparel and Accessories |
|
98 |
||
|
Subsidiary |
Lievin |
France |
Food Processing |
180.3 |
74 |
||
|
Subsidiary |
Athens |
Greece |
Food Processing |
29.3 |
70 |
||
|
Subsidiary |
Bruxelles |
Belgium |
Apparel and Accessories |
26.6 |
48 |
||
|
Branch |
Mason, OH |
United States |
Food Processing |
52.3 |
46 |
||
|
Subsidiary |
Linz |
Austria |
Business Services |
|
35 |
||
|
Subsidiary |
San Leandro, CA |
United States |
Food Processing |
34.1 |
30 |
||
|
Recently acquired (previously owned by Aidells Sausage Co).See corporate
structure news on Sara Lee Corp. for details |
|||||||
|
Subsidiary |
New York, NY |
United States |
Personal Services |
2.9 |
30 |
||
|
Branch |
Scottsdale, AZ |
United States |
Food Processing |
21.1 |
25 |
||
|
Subsidiary |
Lupfig |
Switzerland |
Personal and Household Products |
|
22 |
||
|
Subsidiary |
Wien |
Austria |
Personal and Household Products |
12.5 |
20 |
||
|
Branch |
Eden Prairie, MN |
United States |
Food Processing |
8.1 |
20 |
||
|
Branch |
Red Wing, MN |
United States |
Food Processing |
7.6 |
9 |
||
|
Branch |
Livermore, CA |
United States |
Business Services |
0.4 |
3 |
||
|
Subsidiary |
Slough |
United Kingdom |
Retail (Grocery) |
|
3 |
||
|
Subsidiary |
Milano, Milano |
Italy |
Chemical Manufacturing |
70.8 |
1 |
||
|
Subsidiary |
Barcelona |
Spain |
Food Processing |
450.0 |
|
||
|
Subsidiary |
Grassobbio, BG |
Italy |
Apparel and Accessories |
350.0 |
|
||
|
Subsidiary |
Grassobbio |
Italy |
Apparel and Accessories |
125.0 |
|
||
|
Subsidiary |
Downers Grove, IL |
United States |
Food Processing |
|
|
||
|
Branch |
Tolleson, AZ |
United States |
Food Processing |
32.4 |
80 |
||
|
Branch |
Bentonville, AR |
United States |
Food Processing |
73.9 |
65 |
||
|
Branch |
Florence, AL |
United States |
Food Processing |
5.0 |
9 |
||
|
Branch |
Quincy, IL |
United States |
Fish and Livestock |
5.5 |
4 |
||
|
Branch |
Washington, IA |
United States |
Fish and Livestock |
1.4 |
1 |
||
|
Holding |
Downers Grove, IL |
United States |
Miscellaneous Financial Services |
|
|
||
|
Subsidiary |
Utrecht |
Netherlands |
Food Processing |
6,057.9 |
24,000 |
||
|
Subsidiary |
Villepinte |
France |
Food Processing |
639.1 |
374 |
||
|
Subsidiary |
Budapest |
Hungary |
Food Processing |
154.8 |
350 |
||
|
Subsidiary |
Poznan |
Poland |
Food Processing |
|
278 |
||
|
Subsidiary |
Margonin |
Poland |
Retail (Grocery) |
|
80 |
||
|
Subsidiary |
Kolding |
Denmark |
Food Processing |
|
200 |
||
|
Subsidiary |
Middelfart |
Denmark |
Food Processing |
161.9 |
195 |
||
|
Subsidiary |
Mainz, Rheinland-Pfalz |
Germany |
Food Processing |
1.0 |
190 |
||
|
Subsidiary |
Cologne |
Germany |
Food Processing |
9.6 |
1 |
||
|
Subsidiary |
Cologne |
Germany |
Food Processing |
|
|
||
|
Subsidiary |
Praha |
Czech Republic |
Food Processing |
61.1 |
165 |
||
|
Subsidiary |
Bergen |
Norway |
Food Processing |
112.5 |
150 |
||
|
Subsidiary |
Bergen |
Norway |
Food Processing |
103.2 |
112 |
||
|
Subsidiary |
Nesttun, Hordaland |
Norway |
Beverages (Non-Alcoholic) |
13.6 |
15 |
||
|
Subsidiary |
Nesttun |
Norway |
Real Estate Operations |
|
15 |
||
|
Subsidiary |
Nesttun, Hordaland |
Norway |
|
16.2 |
8 |
||
|
Subsidiary |
Grimbergen |
Belgium |
Personal and Household Products |
39.1 |
40 |
||
|
Subsidiary |
Vienna |
Austria |
Food Processing |
|
40 |
||
|
Subsidiary |
Slough |
United Kingdom |
Food Processing |
19.9 |
36 |
||
|
Subsidiary |
Slough |
United Kingdom |
Food Processing |
73.5 |
21 |
||
|
Subsidiary |
Slough |
United Kingdom |
Business Services |
|
|
||
|
Subsidiary |
Zug |
Switzerland |
Food Processing |
|
32 |
||
|
Subsidiary |
Riga |
Latvia |
Food Processing |
|
4 |
||
|
Subsidiary |
Utrecht |
Netherlands |
Food Processing |
|
|
||
|
Subsidiary |
Utrecht |
Netherlands |
Food Processing |
|
|
||
|
Subsidiary |
Grimbergen |
Belgium |
Food Processing |
|
|
||
|
Subsidiary |
Petaling Jaya, Selangor |
Malaysia |
Personal and Household Products |
84.2 |
350 |
||
|
Subsidiary |
Johor |
Malaysia |
Biotechnology and Drugs |
16.6 |
93 |
||
|
Subsidiary |
Wanchai |
Hong Kong |
Food Processing |
|
|
||
|
Subsidiary |
Concord, MA |
United States |
Food Processing |
|
|
||
|
Subsidiary |
Maidenhead |
United Kingdom |
Commercial Banks |
|
|
||
|
Subsidiary |
Barueri , São Paulo |
Brazil |
Food Processing |
|
|
||
|
Executives Report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Sara Lee Corp.
|
|
|
|
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
Revenue |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
Total Revenue |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
5,868.0 |
5,356.0 |
5,614.0 |
7,008.0 |
7,370.0 |
|
Cost of Revenue, Total |
5,868.0 |
5,356.0 |
5,614.0 |
7,008.0 |
7,370.0 |
|
Gross Profit |
2,813.0 |
2,983.0 |
2,752.0 |
3,941.0 |
4,613.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,658.0 |
1,794.0 |
1,745.0 |
2,847.0 |
3,905.0 |
|
Advertising Expense |
323.0 |
340.0 |
279.0 |
353.0 |
- |
|
Total Selling/General/Administrative Expenses |
1,981.0 |
2,134.0 |
2,024.0 |
3,200.0 |
3,905.0 |
|
Amortization of Intangibles |
22.0 |
21.0 |
21.0 |
48.0 |
- |
|
Depreciation/Amortization |
22.0 |
21.0 |
21.0 |
48.0 |
- |
|
Interest Expense -
Operating |
- |
- |
- |
185.0 |
261.0 |
|
Interest Expense - Net Operating |
- |
- |
- |
185.0 |
261.0 |
|
Interest Income -
Operating |
- |
- |
- |
-80.0 |
-128.0 |
|
Investment Income -
Operating |
-1.0 |
5.0 |
7.0 |
-16.0 |
- |
|
Interest/Investment Income - Operating |
-1.0 |
5.0 |
7.0 |
-96.0 |
-128.0 |
|
Interest Expense (Income) - Net Operating Total |
-1.0 |
5.0 |
7.0 |
89.0 |
133.0 |
|
Impairment-Assets Held for Use |
21.0 |
28.0 |
314.0 |
851.0 |
172.0 |
|
Other Unusual Expense (Income) |
218.0 |
-26.0 |
-32.0 |
-91.0 |
-26.0 |
|
Unusual Expense (Income) |
239.0 |
2.0 |
282.0 |
760.0 |
146.0 |
|
Total Operating Expense |
8,109.0 |
7,518.0 |
7,948.0 |
11,105.0 |
11,554.0 |
|
|
|
|
|
|
|
|
Operating Income |
572.0 |
821.0 |
418.0 |
-156.0 |
429.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-117.0 |
-138.0 |
-161.0 |
- |
- |
|
Interest Expense, Net Non-Operating |
-117.0 |
-138.0 |
-161.0 |
- |
- |
|
Interest Income -
Non-Operating |
32.0 |
23.0 |
41.0 |
- |
- |
|
Interest/Investment Income - Non-Operating |
32.0 |
23.0 |
41.0 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-85.0 |
-115.0 |
-120.0 |
- |
- |
|
Income Before Tax |
487.0 |
706.0 |
298.0 |
-156.0 |
429.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
149.0 |
124.0 |
114.0 |
120.0 |
-11.0 |
|
Income After Tax |
338.0 |
582.0 |
184.0 |
-276.0 |
440.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
-4.0 |
- |
|
Net Income Before Extraord Items |
338.0 |
582.0 |
184.0 |
-280.0 |
440.0 |
|
Discontinued Operations |
949.0 |
-76.0 |
180.0 |
201.0 |
64.0 |
|
Total Extraord Items |
949.0 |
-76.0 |
180.0 |
201.0 |
64.0 |
|
Net Income |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
338.0 |
582.0 |
184.0 |
-280.0 |
440.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
621.0 |
688.0 |
701.0 |
715.0 |
741.0 |
|
Basic EPS Excl Extraord Items |
0.54 |
0.85 |
0.26 |
-0.39 |
0.59 |
|
Basic/Primary EPS Incl Extraord Items |
2.07 |
0.74 |
0.52 |
-0.11 |
0.68 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
Diluted Weighted Average Shares |
625.0 |
691.0 |
703.0 |
715.0 |
743.0 |
|
Diluted EPS Excl Extraord Items |
0.54 |
0.84 |
0.26 |
-0.39 |
0.59 |
|
Diluted EPS Incl Extraord Items |
2.06 |
0.73 |
0.52 |
-0.11 |
0.68 |
|
Dividends per Share - Common Stock Primary Issue |
0.46 |
0.44 |
0.44 |
0.42 |
0.50 |
|
Gross Dividends - Common Stock |
275.0 |
299.0 |
306.0 |
298.0 |
298.0 |
|
Interest Expense, Supplemental |
117.0 |
138.0 |
161.0 |
185.0 |
261.0 |
|
Interest Capitalized, Supplemental |
- |
- |
- |
- |
-20.0 |
|
Depreciation, Supplemental |
267.0 |
280.0 |
274.0 |
295.0 |
295.0 |
|
Total Special Items |
237.0 |
2.0 |
282.0 |
762.0 |
146.0 |
|
Normalized Income Before Tax |
724.0 |
708.0 |
580.0 |
606.0 |
575.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
46.0 |
35.0 |
31.0 |
266.7 |
51.1 |
|
Inc Tax Ex Impact of Sp Items |
195.0 |
159.0 |
145.0 |
386.7 |
40.1 |
|
Normalized Income After Tax |
529.0 |
549.0 |
435.0 |
219.3 |
534.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
529.0 |
549.0 |
435.0 |
215.3 |
534.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.85 |
0.80 |
0.62 |
0.30 |
0.72 |
|
Diluted Normalized EPS |
0.85 |
0.79 |
0.62 |
0.30 |
0.72 |
|
Amort of Intangibles, Supplemental |
84.0 |
94.0 |
114.0 |
122.0 |
112.0 |
|
Rental Expenses |
77.0 |
87.0 |
92.0 |
128.0 |
130.0 |
|
Advertising Expense, Supplemental |
199.0 |
202.0 |
152.0 |
177.0 |
158.0 |
|
Normalized EBIT |
808.0 |
828.0 |
707.0 |
695.0 |
708.0 |
|
Normalized EBITDA |
1,159.0 |
1,202.0 |
1,095.0 |
1,112.0 |
1,115.0 |
|
Current Tax - Domestic |
13.0 |
-229.0 |
42.0 |
282.0 |
18.0 |
|
Current Tax - Foreign |
92.0 |
176.0 |
130.0 |
98.0 |
123.0 |
|
Current Tax - Local |
5.0 |
4.0 |
4.0 |
-10.0 |
-4.0 |
|
Current Tax - Total |
110.0 |
-49.0 |
176.0 |
370.0 |
137.0 |
|
Deferred Tax - Domestic |
-23.0 |
204.0 |
-48.0 |
-237.0 |
-144.0 |
|
Deferred Tax - Foreign |
64.0 |
-33.0 |
-13.0 |
-25.0 |
4.0 |
|
Deferred Tax - Local |
-2.0 |
2.0 |
0.0 |
12.0 |
-8.0 |
|
Deferred Tax - Total |
39.0 |
173.0 |
-61.0 |
-250.0 |
-148.0 |
|
Income Tax - Total |
149.0 |
124.0 |
115.0 |
120.0 |
-11.0 |
|
Interest Cost - Domestic |
73.0 |
74.0 |
69.0 |
267.0 |
253.0 |
|
Service Cost - Domestic |
7.0 |
17.0 |
21.0 |
81.0 |
97.0 |
|
Prior Service Cost - Domestic |
1.0 |
-2.0 |
0.0 |
8.0 |
8.0 |
|
Expected Return on Assets - Domestic |
-80.0 |
-65.0 |
-66.0 |
-293.0 |
-279.0 |
|
Actuarial Gains and Losses - Domestic |
12.0 |
33.0 |
-1.0 |
34.0 |
62.0 |
|
Domestic Pension Plan Expense |
13.0 |
57.0 |
23.0 |
97.0 |
141.0 |
|
Interest Cost - Foreign |
161.0 |
166.0 |
166.0 |
- |
- |
|
Service Cost - Foreign |
32.0 |
31.0 |
30.0 |
- |
- |
|
Prior Service Cost - Foreign |
5.0 |
7.0 |
8.0 |
- |
- |
|
Expected Return on Assets - Foreign |
-198.0 |
-176.0 |
-180.0 |
- |
- |
|
Actuarial Gains and Losses - Foreign |
23.0 |
14.0 |
12.0 |
- |
- |
|
Foreign Pension Plan Expense |
23.0 |
42.0 |
36.0 |
- |
- |
|
Interest Cost - Post-Retirement |
5.0 |
-13.0 |
8.0 |
16.0 |
13.0 |
|
Service Cost - Post-Retirement |
2.0 |
6.0 |
3.0 |
8.0 |
8.0 |
|
Curtailments & Settlements - Post-Retir. |
- |
- |
- |
0.0 |
-2.0 |
|
Other Post-Retirement, Net |
-13.0 |
-13.0 |
-11.0 |
-18.0 |
-22.0 |
|
Post-Retirement Plan Expense |
-6.0 |
-20.0 |
0.0 |
6.0 |
-3.0 |
|
Defined Contribution Expense - Domestic |
37.0 |
35.0 |
34.0 |
91.0 |
85.0 |
|
Total Pension Expense |
67.0 |
114.0 |
93.0 |
194.0 |
223.0 |
|
Discount Rate - Domestic |
5.40% |
6.50% |
6.70% |
5.40% |
5.10% |
|
Discount Rate - Foreign |
5.20% |
6.40% |
6.10% |
- |
- |
|
Discount Rate - Post-Retirement |
5.10% |
6.30% |
6.40% |
5.70% |
5.50% |
|
Expected Rate of Return - Domestic |
7.30% |
7.60% |
7.50% |
6.70% |
6.80% |
|
Expected Rate of Return - Foreign |
6.70% |
6.60% |
6.70% |
- |
- |
|
Compensation Rate - Domestic |
- |
3.50% |
3.80% |
3.80% |
3.90% |
|
Compensation Rate - Foreign |
3.30% |
3.30% |
3.30% |
- |
- |
|
Total Plan Interest Cost |
239.0 |
227.0 |
243.0 |
283.0 |
266.0 |
|
Total Plan Service Cost |
41.0 |
54.0 |
54.0 |
89.0 |
105.0 |
|
Total Plan Expected Return |
-278.0 |
-241.0 |
-246.0 |
-293.0 |
-279.0 |
|
Total Plan Other Expense |
-13.0 |
-13.0 |
-11.0 |
-18.0 |
-22.0 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal
|
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
2,066.0 |
955.0 |
951.0 |
1,284.0 |
2,517.0 |
|
Cash and Short Term Investments |
2,066.0 |
955.0 |
951.0 |
1,284.0 |
2,517.0 |
|
Accounts Receivable -
Trade, Gross |
970.0 |
1,097.0 |
1,344.0 |
1,582.0 |
1,359.0 |
|
Provision for Doubtful
Accounts |
-41.0 |
-62.0 |
-72.0 |
-91.0 |
-82.0 |
|
Trade Accounts Receivable - Net |
929.0 |
1,035.0 |
1,272.0 |
1,491.0 |
1,277.0 |
|
Total Receivables, Net |
929.0 |
1,035.0 |
1,272.0 |
1,491.0 |
1,277.0 |
|
Inventories - Finished Goods |
485.0 |
386.0 |
443.0 |
775.0 |
712.0 |
|
Inventories - Work In Progress |
36.0 |
31.0 |
32.0 |
43.0 |
34.0 |
|
Inventories - Raw Materials |
455.0 |
278.0 |
291.0 |
402.0 |
294.0 |
|
Total Inventory |
976.0 |
695.0 |
766.0 |
1,220.0 |
1,040.0 |
|
Deferred Income Tax - Current Asset |
54.0 |
241.0 |
213.0 |
111.0 |
33.0 |
|
Discontinued Operations - Current Asset |
285.0 |
491.0 |
378.0 |
- |
64.0 |
|
Other Current Assets |
274.0 |
363.0 |
250.0 |
361.0 |
277.0 |
|
Other Current Assets, Total |
613.0 |
1,095.0 |
841.0 |
472.0 |
374.0 |
|
Total Current Assets |
4,584.0 |
3,780.0 |
3,830.0 |
4,467.0 |
5,208.0 |
|
|
|
|
|
|
|
|
Buildings |
1,274.0 |
1,180.0 |
1,365.0 |
1,506.0 |
1,402.0 |
|
Land/Improvements |
66.0 |
56.0 |
94.0 |
122.0 |
107.0 |
|
Machinery/Equipment |
2,645.0 |
2,407.0 |
3,334.0 |
3,631.0 |
3,498.0 |
|
Construction in
Progress |
119.0 |
185.0 |
183.0 |
185.0 |
223.0 |
|
Property/Plant/Equipment - Gross |
4,104.0 |
3,828.0 |
4,976.0 |
5,444.0 |
5,230.0 |
|
Accumulated Depreciation |
-2,456.0 |
-2,230.0 |
-2,776.0 |
-2,925.0 |
-2,837.0 |
|
Property/Plant/Equipment - Net |
1,648.0 |
1,598.0 |
2,200.0 |
2,519.0 |
2,393.0 |
|
Goodwill, Net |
811.0 |
719.0 |
1,295.0 |
2,223.0 |
2,698.0 |
|
Intangibles - Gross |
794.0 |
617.0 |
1,050.0 |
1,825.0 |
- |
|
Accumulated Intangible Amortization |
-528.0 |
-430.0 |
-518.0 |
-804.0 |
- |
|
Intangibles, Net |
322.0 |
241.0 |
587.0 |
1,021.0 |
1,002.0 |
|
Deferred Income Tax - Long Term Asset |
256.0 |
225.0 |
298.0 |
295.0 |
137.0 |
|
Discontinued Operations - Long Term Asset |
- |
- |
- |
- |
121.0 |
|
Other Long Term Assets |
1,912.0 |
2,273.0 |
1,209.0 |
305.0 |
196.0 |
|
Other Long Term Assets, Total |
2,168.0 |
2,498.0 |
1,507.0 |
600.0 |
454.0 |
|
Total Assets |
9,533.0 |
8,836.0 |
9,419.0 |
10,830.0 |
11,755.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
954.0 |
896.0 |
1,004.0 |
1,258.0 |
1,127.0 |
|
Accrued Expenses |
1,681.0 |
1,171.0 |
1,467.0 |
1,673.0 |
1,674.0 |
|
Notes Payable/Short Term Debt |
238.0 |
47.0 |
20.0 |
280.0 |
23.0 |
|
Current Portion - Long Term Debt/Capital Leases |
473.0 |
2.0 |
46.0 |
568.0 |
1,427.0 |
|
Income Taxes Payable |
469.0 |
8.0 |
22.0 |
3.0 |
89.0 |
|
Discontinued Operations - Current Liability |
- |
- |
- |
- |
48.0 |
|
Other Current Liabilities |
307.0 |
460.0 |
287.0 |
17.0 |
0.0 |
|
Other Current liabilities, Total |
776.0 |
468.0 |
309.0 |
20.0 |
137.0 |
|
Total Current Liabilities |
4,122.0 |
2,584.0 |
2,846.0 |
3,799.0 |
4,388.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,936.0 |
2,627.0 |
2,738.0 |
2,340.0 |
2,770.0 |
|
Total Long Term Debt |
1,936.0 |
2,627.0 |
2,738.0 |
2,340.0 |
2,770.0 |
|
Total Debt |
2,647.0 |
2,676.0 |
2,804.0 |
3,188.0 |
4,220.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
184.0 |
492.0 |
106.0 |
177.0 |
128.0 |
|
Deferred Income Tax |
184.0 |
492.0 |
106.0 |
177.0 |
128.0 |
|
Minority Interest |
29.0 |
28.0 |
34.0 |
19.0 |
14.0 |
|
Pension Benefits - Underfunded |
218.0 |
449.0 |
595.0 |
405.0 |
662.0 |
|
Other Long Term Liabilities |
1,099.0 |
1,169.0 |
1,064.0 |
1,279.0 |
1,250.0 |
|
Other Liabilities, Total |
1,317.0 |
1,618.0 |
1,659.0 |
1,684.0 |
1,912.0 |
|
Total Liabilities |
7,588.0 |
7,349.0 |
7,383.0 |
8,019.0 |
9,212.0 |
|
|
|
|
|
|
|
|
Common Stock |
6.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Common Stock |
6.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Additional Paid-In Capital |
39.0 |
17.0 |
17.0 |
7.0 |
0.0 |
|
Retained Earnings (Accumulated Deficit) |
2,233.0 |
2,472.0 |
2,721.0 |
2,760.0 |
3,413.0 |
|
Unrealized Gain (Loss) |
6.0 |
-1.0 |
-11.0 |
21.0 |
- |
|
Translation Adjustment |
228.0 |
-104.0 |
-22.0 |
539.0 |
- |
|
Minimum Pension Liability Adjustment |
-490.0 |
-807.0 |
-572.0 |
-411.0 |
- |
|
Other Comprehensive Income |
-77.0 |
-97.0 |
-104.0 |
-112.0 |
-877.0 |
|
Other Equity, Total |
-339.0 |
-1,008.0 |
-698.0 |
16.0 |
-877.0 |
|
Total Equity |
1,945.0 |
1,487.0 |
2,036.0 |
2,811.0 |
2,543.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
9,533.0 |
8,836.0 |
9,419.0 |
10,830.0 |
11,755.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
587.1 |
662.1 |
695.7 |
706.4 |
724.4 |
|
Total Common Shares Outstanding |
587.1 |
662.1 |
695.7 |
706.4 |
724.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
21,000 |
21,000 |
22,000 |
24,000 |
25,000 |
|
Number of Common Shareholders |
59,926 |
64,300 |
67,091 |
70,000 |
76,000 |
|
Accumulated Intangible Amort, Suppl. |
528.0 |
430.0 |
518.0 |
804.0 |
664.0 |
|
Total Long Term Debt, Supplemental |
2,409.0 |
- |
- |
2,908.0 |
- |
|
Long Term Debt Maturing within 1 Year |
236.5 |
- |
- |
568.0 |
- |
|
Long Term Debt Maturing in Year 2 |
236.5 |
- |
- |
52.0 |
- |
|
Long Term Debt Maturing in Year 3 |
521.0 |
- |
- |
20.0 |
- |
|
Long Term Debt Maturing in Year 4 |
20.0 |
- |
- |
1,128.0 |
- |
|
Long Term Debt Maturing in Year 5 |
77.0 |
- |
- |
517.0 |
- |
|
Long Term Debt Maturing in Year 6 |
405.0 |
- |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
757.5 |
- |
- |
72.0 |
- |
|
Long Term Debt Maturing in 4-5 Years |
97.0 |
- |
- |
1,645.0 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
1,318.0 |
- |
- |
623.0 |
- |
|
Interest Costs |
0.0 |
- |
- |
- |
- |
|
Total Capital Leases, Supplemental |
3.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 1 |
1.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
1.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
1.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
2.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
- |
- |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
- |
- |
- |
- |
|
Total Operating Leases, Supplemental |
243.0 |
297.0 |
- |
406.0 |
- |
|
Operating Lease Payments Due in Year 1 |
58.0 |
80.0 |
- |
116.0 |
- |
|
Operating Lease Payments Due in Year 2 |
43.0 |
57.0 |
- |
76.0 |
- |
|
Operating Lease Payments Due in Year 3 |
31.0 |
42.0 |
- |
53.0 |
- |
|
Operating Lease Payments Due in Year 4 |
25.0 |
28.0 |
- |
33.0 |
- |
|
Operating Lease Payments Due in Year 5 |
17.0 |
21.0 |
- |
26.0 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
74.0 |
99.0 |
- |
129.0 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
42.0 |
49.0 |
- |
59.0 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
69.0 |
69.0 |
- |
102.0 |
- |
|
Pension Obligation - Domestic |
1,370.0 |
1,372.0 |
4,218.0 |
4,744.0 |
4,926.0 |
|
Pension Obligation - Foreign |
3,113.0 |
2,963.0 |
- |
- |
- |
|
Post-Retirement Obligation |
93.0 |
104.0 |
164.0 |
252.0 |
279.0 |
|
Plan Assets - Domestic |
1,249.0 |
1,127.0 |
3,752.0 |
4,423.0 |
4,346.0 |
|
Plan Assets - Foreign |
3,272.0 |
2,760.0 |
- |
- |
- |
|
Plan Assets - Post-Retirement |
1.0 |
0.0 |
0.0 |
1.0 |
1.0 |
|
Funded Status - Domestic |
-121.0 |
-245.0 |
-466.0 |
-321.0 |
-580.0 |
|
Funded Status - Foreign |
159.0 |
-203.0 |
- |
- |
- |
|
Funded Status - Post-Retirement |
-92.0 |
-104.0 |
-164.0 |
-251.0 |
-278.0 |
|
Accumulated Obligation - Domestic |
1,370.0 |
1,372.0 |
4,089.0 |
4,543.0 |
4,716.0 |
|
Accumulated Obligation - Foreign |
3,049.0 |
2,875.0 |
- |
- |
- |
|
Accumulated Obligation - Post-Retirement |
-92.0 |
-104.0 |
164.0 |
252.0 |
279.0 |
|
Total Funded Status |
-54.0 |
-552.0 |
-630.0 |
-572.0 |
-858.0 |
|
Discount Rate - Domestic |
5.60% |
5.40% |
6.50% |
6.30% |
5.10% |
|
Discount Rate - Foreign |
5.60% |
5.20% |
6.40% |
- |
- |
|
Discount Rate - Post-Retirement |
5.30% |
5.10% |
6.30% |
6.40% |
5.70% |
|
Compensation Rate - Domestic |
- |
- |
3.50% |
3.70% |
3.80% |
|
Compensation Rate - Foreign |
3.10% |
3.30% |
3.30% |
- |
- |
|
Intangible Assets - Foreign |
778.0 |
731.0 |
- |
- |
- |
|
Accrued Liabilities - Foreign |
-99.0 |
-210.0 |
- |
- |
- |
|
Accrued Liabilities - Post-Retirement |
-92.0 |
-104.0 |
-164.0 |
-251.0 |
-278.0 |
|
Other Assets, Net - Domestic |
101.0 |
112.0 |
491.0 |
342.0 |
250.0 |
|
Other Assets, Net - Post-Retirement |
-114.0 |
-111.0 |
-179.0 |
-139.0 |
-111.0 |
|
Net Assets Recognized on Balance Sheet |
574.0 |
418.0 |
148.0 |
-48.0 |
-139.0 |
|
Equity % - Domestic |
3.00% |
4.00% |
24.00% |
40.00% |
43.00% |
|
Equity % - Foreign |
25.00% |
22.00% |
- |
- |
- |
|
Debt Securities % - Domestic |
89.00% |
84.00% |
63.00% |
46.00% |
32.00% |
|
Debt Securities % - Foreign |
66.00% |
69.00% |
- |
- |
- |
|
Real Estate % - Domestic |
2.00% |
2.00% |
3.00% |
2.00% |
3.00% |
|
Real Estate % - Foreign |
2.00% |
3.00% |
- |
- |
- |
|
Other Investments % - Domestic |
6.00% |
10.00% |
10.00% |
12.00% |
22.00% |
|
Other Investments % - Foreign |
7.00% |
6.00% |
- |
- |
- |
|
Total Plan Obligations |
4,576.0 |
4,439.0 |
4,382.0 |
4,996.0 |
5,205.0 |
|
Total Plan Assets |
4,522.0 |
3,887.0 |
3,752.0 |
4,424.0 |
4,347.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
Period Length |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1,296.0 |
527.0 |
380.0 |
-64.0 |
504.0 |
|
Depreciation |
302.0 |
368.0 |
383.0 |
403.0 |
420.0 |
|
Depreciation/Depletion |
302.0 |
368.0 |
383.0 |
403.0 |
420.0 |
|
Amortization of Intangibles |
84.0 |
94.0 |
114.0 |
122.0 |
119.0 |
|
Amortization |
84.0 |
94.0 |
114.0 |
122.0 |
119.0 |
|
Deferred Taxes |
187.0 |
527.0 |
-83.0 |
-267.0 |
-138.0 |
|
Discontinued Operations |
0.0 |
8.0 |
-6.0 |
14.0 |
14.0 |
|
Unusual Items |
-1,229.0 |
-110.0 |
315.0 |
876.0 |
143.0 |
|
Other Non-Cash Items |
-100.0 |
-349.0 |
-328.0 |
-132.0 |
-29.0 |
|
Non-Cash Items |
-1,329.0 |
-451.0 |
-19.0 |
758.0 |
128.0 |
|
Accounts Receivable |
105.0 |
55.0 |
23.0 |
-92.0 |
18.0 |
|
Inventories |
-202.0 |
52.0 |
90.0 |
-117.0 |
-106.0 |
|
Other Assets |
-43.0 |
45.0 |
16.0 |
-36.0 |
-50.0 |
|
Accounts Payable |
62.0 |
43.0 |
-126.0 |
38.0 |
93.0 |
|
Accrued Expenses |
-170.0 |
-26.0 |
83.0 |
-143.0 |
-270.0 |
|
Taxes Payable |
155.0 |
-274.0 |
33.0 |
18.0 |
-212.0 |
|
Changes in Working Capital |
-93.0 |
-105.0 |
119.0 |
-332.0 |
-527.0 |
|
Cash from Operating Activities |
447.0 |
960.0 |
894.0 |
620.0 |
506.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-337.0 |
-373.0 |
-357.0 |
-454.0 |
-529.0 |
|
Purchase/Acquisition of Intangibles |
-18.0 |
-12.0 |
-22.0 |
-61.0 |
-102.0 |
|
Capital Expenditures |
-355.0 |
-385.0 |
-379.0 |
-515.0 |
-631.0 |
|
Acquisition of Business |
-119.0 |
0.0 |
-10.0 |
0.0 |
0.0 |
|
Sale of Business |
2,305.0 |
204.0 |
53.0 |
55.0 |
346.0 |
|
Sale of Fixed Assets |
14.0 |
22.0 |
38.0 |
38.0 |
70.0 |
|
Sale/Maturity of Investment |
- |
- |
- |
- |
647.0 |
|
Purchase of Investments |
- |
- |
- |
- |
-647.0 |
|
Other Investing Cash Flow |
284.0 |
107.0 |
12.0 |
226.0 |
783.0 |
|
Other Investing Cash Flow Items, Total |
2,484.0 |
333.0 |
93.0 |
319.0 |
1,199.0 |
|
Cash from Investing Activities |
2,129.0 |
-52.0 |
-286.0 |
-196.0 |
568.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
- |
- |
-650.0 |
|
Financing Cash Flow Items |
- |
- |
- |
- |
-650.0 |
|
Cash Dividends Paid - Common |
-285.0 |
-308.0 |
-302.0 |
-296.0 |
-374.0 |
|
Total Cash Dividends Paid |
-285.0 |
-308.0 |
-302.0 |
-296.0 |
-374.0 |
|
Sale/Issuance of
Common |
52.0 |
13.0 |
1.0 |
5.0 |
38.0 |
|
Repurchase/Retirement
of Common |
-1,313.0 |
-500.0 |
-103.0 |
-315.0 |
-686.0 |
|
Common Stock, Net |
-1,261.0 |
-487.0 |
-102.0 |
-310.0 |
-648.0 |
|
Issuance (Retirement) of Stock, Net |
-1,261.0 |
-487.0 |
-102.0 |
-310.0 |
-648.0 |
|
Short Term Debt, Net |
172.0 |
20.0 |
-261.0 |
251.0 |
-1,720.0 |
|
Long Term Debt Issued |
1,054.0 |
466.0 |
439.0 |
0.0 |
2,895.0 |
|
Long Term Debt
Reduction |
-1,431.0 |
-492.0 |
-541.0 |
-1,456.0 |
-416.0 |
|
Long Term Debt, Net |
-377.0 |
-26.0 |
-102.0 |
-1,456.0 |
2,479.0 |
|
Issuance (Retirement) of Debt, Net |
-205.0 |
-6.0 |
-363.0 |
-1,205.0 |
759.0 |
|
Cash from Financing Activities |
-1,751.0 |
-801.0 |
-767.0 |
-1,811.0 |
-913.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
286.0 |
-103.0 |
-172.0 |
165.0 |
128.0 |
|
Net Change in Cash |
1,111.0 |
4.0 |
-331.0 |
-1,222.0 |
289.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
955.0 |
951.0 |
1,282.0 |
2,504.0 |
2,227.0 |
|
Net Cash - Ending Balance |
2,066.0 |
955.0 |
951.0 |
1,282.0 |
2,517.0 |
|
Cash Interest Paid |
123.0 |
131.0 |
156.0 |
247.0 |
270.0 |
|
Cash Taxes Paid |
325.0 |
305.0 |
218.0 |
337.0 |
378.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
Total Revenue |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
|
|
|
|
|
|
|
Cost of Sales |
5,868.0 |
5,356.0 |
5,614.0 |
7,008.0 |
7,370.0 |
|
Selling, general and administrative expe |
1,658.0 |
1,794.0 |
1,745.0 |
2,847.0 |
3,905.0 |
|
Significant Items |
58.0 |
23.0 |
20.0 |
- |
- |
|
Media advertising and promotion |
323.0 |
340.0 |
279.0 |
353.0 |
- |
|
Amortization of identifiable intangibles |
22.0 |
21.0 |
21.0 |
48.0 |
- |
|
Mark-to-market derivative (gains)/losses |
-1.0 |
5.0 |
7.0 |
-16.0 |
- |
|
Net charges for exit activities, asset a |
105.0 |
84.0 |
98.0 |
39.0 |
94.0 |
|
Impairment Charges |
21.0 |
28.0 |
314.0 |
851.0 |
172.0 |
|
Contingent Sale Proceeds |
0.0 |
-133.0 |
-150.0 |
-130.0 |
-120.0 |
|
Interest expense |
- |
- |
- |
185.0 |
261.0 |
|
Debt extinguishment costs |
55.0 |
0.0 |
0.0 |
- |
- |
|
Interest Income |
- |
- |
- |
-80.0 |
-128.0 |
|
Total Operating Expense |
8,109.0 |
7,518.0 |
7,948.0 |
11,105.0 |
11,554.0 |
|
|
|
|
|
|
|
|
Interest expense |
-117.0 |
-138.0 |
-161.0 |
- |
- |
|
Interest income |
32.0 |
23.0 |
41.0 |
- |
- |
|
Net Income Before Taxes |
487.0 |
706.0 |
298.0 |
-156.0 |
429.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
149.0 |
124.0 |
114.0 |
120.0 |
-11.0 |
|
Net Income After Taxes |
338.0 |
582.0 |
184.0 |
-276.0 |
440.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
-4.0 |
- |
|
Net Income Before Extra. Items |
338.0 |
582.0 |
184.0 |
-280.0 |
440.0 |
|
Income (loss) from discontinued operatio |
222.0 |
-139.0 |
196.0 |
236.0 |
48.0 |
|
Gain on sale of discontinued operations, |
736.0 |
84.0 |
0.0 |
-24.0 |
16.0 |
|
Minority Interest |
-9.0 |
-21.0 |
-16.0 |
-11.0 |
- |
|
Net Income |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
338.0 |
582.0 |
184.0 |
-280.0 |
440.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
621.0 |
688.0 |
701.0 |
715.0 |
741.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.54 |
0.85 |
0.26 |
-0.39 |
0.59 |
|
Basic EPS Including ExtraOrdinary Item |
2.07 |
0.74 |
0.52 |
-0.11 |
0.68 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
Diluted Weighted Average Shares |
625.0 |
691.0 |
703.0 |
715.0 |
743.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.54 |
0.84 |
0.26 |
-0.39 |
0.59 |
|
Diluted EPS Including ExtraOrd Items |
2.06 |
0.73 |
0.52 |
-0.11 |
0.68 |
|
DPS-Common Stock |
0.46 |
0.44 |
0.44 |
0.42 |
0.50 |
|
Gross Dividends - Common Stock |
275.0 |
299.0 |
306.0 |
298.0 |
298.0 |
|
Normalized Income Before Taxes |
724.0 |
708.0 |
580.0 |
606.0 |
575.0 |
|
|
|
|
|
|
|
|
Income tax benefit |
46.0 |
35.0 |
31.0 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
195.0 |
159.0 |
145.0 |
386.7 |
40.1 |
|
Normalized Income After Taxes |
529.0 |
549.0 |
435.0 |
219.3 |
534.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
529.0 |
549.0 |
435.0 |
215.3 |
534.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.85 |
0.80 |
0.62 |
0.30 |
0.72 |
|
Diluted Normalized EPS |
0.85 |
0.79 |
0.62 |
0.30 |
0.72 |
|
Depreciation |
267.0 |
280.0 |
274.0 |
295.0 |
295.0 |
|
Amort of Intangibles |
84.0 |
94.0 |
114.0 |
122.0 |
112.0 |
|
Interest Capitalized |
- |
- |
- |
- |
-20.0 |
|
Interest Expense |
117.0 |
138.0 |
161.0 |
185.0 |
261.0 |
|
Advertising Expense |
199.0 |
202.0 |
152.0 |
177.0 |
158.0 |
|
Rental Expense |
77.0 |
87.0 |
92.0 |
128.0 |
130.0 |
|
Current U.S. Income Tax |
13.0 |
-229.0 |
42.0 |
282.0 |
18.0 |
|
Current Foreign Income Tax |
92.0 |
176.0 |
130.0 |
98.0 |
123.0 |
|
Current State Income Tax |
5.0 |
4.0 |
4.0 |
-10.0 |
-4.0 |
|
Current Tax - Total |
110.0 |
-49.0 |
176.0 |
370.0 |
137.0 |
|
Deferred U.S. Income Tax |
-23.0 |
204.0 |
-48.0 |
-237.0 |
-144.0 |
|
Deferred Foreign Income Tax |
64.0 |
-33.0 |
-13.0 |
-25.0 |
4.0 |
|
Deferred State Income Tax |
-2.0 |
2.0 |
0.0 |
12.0 |
-8.0 |
|
Deferred Tax - Total |
39.0 |
173.0 |
-61.0 |
-250.0 |
-148.0 |
|
Income Tax - Total |
149.0 |
124.0 |
115.0 |
120.0 |
-11.0 |
|
Service Cost - Pension |
7.0 |
17.0 |
21.0 |
81.0 |
97.0 |
|
Interest Cost - Pension |
73.0 |
74.0 |
69.0 |
267.0 |
253.0 |
|
Expected Return on Assets - Pension |
-80.0 |
-65.0 |
-66.0 |
-293.0 |
-279.0 |
|
Amort. of Prior Service Cost - Pension |
1.0 |
-2.0 |
0.0 |
8.0 |
8.0 |
|
Actuarial Gain/Loss - Pension |
12.0 |
33.0 |
-1.0 |
34.0 |
62.0 |
|
Domestic Pension Plan Expense |
13.0 |
57.0 |
23.0 |
97.0 |
141.0 |
|
Service cost - International |
32.0 |
31.0 |
30.0 |
- |
- |
|
Interest cost - International |
161.0 |
166.0 |
166.0 |
- |
- |
|
Expected return on assets - Internationa |
-198.0 |
-176.0 |
-180.0 |
- |
- |
|
Amortization of prior service cost - Int |
5.0 |
7.0 |
8.0 |
- |
- |
|
Net actuarial loss - International |
23.0 |
14.0 |
12.0 |
- |
- |
|
Foreign Pension Plan Expense |
23.0 |
42.0 |
36.0 |
- |
- |
|
Service Cost - Post-Retirement |
2.0 |
6.0 |
3.0 |
8.0 |
8.0 |
|
Interest Cost - Post-Retirement |
5.0 |
-13.0 |
8.0 |
16.0 |
13.0 |
|
Net Amortization & Deferral - Post-Ret. |
-13.0 |
-13.0 |
-11.0 |
-18.0 |
-22.0 |
|
Curtailments - Post-Retirement |
- |
- |
- |
0.0 |
-2.0 |
|
Post-Retirement Plan Expense |
-6.0 |
-20.0 |
0.0 |
6.0 |
-3.0 |
|
Defined Contribution Plan - Pension |
34.0 |
31.0 |
29.0 |
43.0 |
38.0 |
|
Multi-employer Plan |
3.0 |
4.0 |
5.0 |
48.0 |
47.0 |
|
Total Pension Expense |
67.0 |
114.0 |
93.0 |
194.0 |
223.0 |
|
Discount Rate - Pension |
5.40% |
6.50% |
6.70% |
5.40% |
5.10% |
|
Expected Rate of Return - Pension |
7.30% |
7.60% |
7.50% |
6.70% |
6.80% |
|
Compensation Rate - Pension |
- |
3.50% |
3.80% |
3.80% |
3.90% |
|
Discount Rate - Foreign |
5.20% |
6.40% |
6.10% |
- |
- |
|
Expected Rate of Return - Foreign |
6.70% |
6.60% |
6.70% |
- |
- |
|
Compensation Rate - Foreign |
3.30% |
3.30% |
3.30% |
- |
- |
|
Discount Rate - Post-Retirement |
5.10% |
6.30% |
6.40% |
5.70% |
5.50% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and equivalents |
2,066.0 |
955.0 |
951.0 |
1,284.0 |
2,517.0 |
|
Rcvbl., Gross |
970.0 |
1,097.0 |
1,344.0 |
1,582.0 |
1,359.0 |
|
Doubtful Account |
-41.0 |
-62.0 |
-72.0 |
-91.0 |
-82.0 |
|
Finished Goods |
485.0 |
386.0 |
443.0 |
775.0 |
712.0 |
|
Work in Process |
36.0 |
31.0 |
32.0 |
43.0 |
34.0 |
|
Materials/Suppl. |
455.0 |
278.0 |
291.0 |
402.0 |
294.0 |
|
Current Deferred Income Taxes |
54.0 |
241.0 |
213.0 |
111.0 |
33.0 |
|
Other |
274.0 |
363.0 |
250.0 |
361.0 |
277.0 |
|
Assets of Dis. Operations held for Sale |
285.0 |
491.0 |
378.0 |
- |
64.0 |
|
Total Current Assets |
4,584.0 |
3,780.0 |
3,830.0 |
4,467.0 |
5,208.0 |
|
|
|
|
|
|
|
|
Other |
- |
- |
- |
233.0 |
194.0 |
|
Deferred income taxes |
256.0 |
225.0 |
298.0 |
295.0 |
137.0 |
|
Land |
66.0 |
56.0 |
94.0 |
122.0 |
107.0 |
|
Build./Improv. |
1,274.0 |
1,180.0 |
1,365.0 |
1,506.0 |
1,402.0 |
|
Mach./Equip. |
2,645.0 |
2,407.0 |
3,334.0 |
3,631.0 |
3,498.0 |
|
Const. In Prog. |
119.0 |
185.0 |
183.0 |
185.0 |
223.0 |
|
Depreciation |
-2,456.0 |
-2,230.0 |
-2,776.0 |
-2,925.0 |
-2,837.0 |
|
Trademarks |
- |
- |
- |
- |
1,002.0 |
|
Intangible, gross |
794.0 |
617.0 |
1,050.0 |
1,825.0 |
- |
|
Accumulated Amortization |
-528.0 |
-430.0 |
-518.0 |
-804.0 |
- |
|
Trademarks and brand names |
56.0 |
54.0 |
55.0 |
- |
- |
|
Assets of Discontinued Operations |
- |
- |
- |
- |
121.0 |
|
Other noncurrent assets |
521.0 |
150.0 |
245.0 |
- |
- |
|
Assets held for sale |
- |
- |
- |
72.0 |
2.0 |
|
Noncurrent assets held for sale |
1,391.0 |
2,123.0 |
964.0 |
- |
- |
|
Goodwill |
811.0 |
719.0 |
1,295.0 |
2,223.0 |
2,698.0 |
|
Total Assets |
9,533.0 |
8,836.0 |
9,419.0 |
10,830.0 |
11,755.0 |
|
|
|
|
|
|
|
|
Notes Payable |
238.0 |
47.0 |
20.0 |
280.0 |
23.0 |
|
Accounts Payable |
954.0 |
896.0 |
1,004.0 |
1,258.0 |
1,127.0 |
|
Payroll and Employee Benefits |
356.0 |
352.0 |
642.0 |
726.0 |
635.0 |
|
Advertising and Promotion |
289.0 |
339.0 |
287.0 |
440.0 |
389.0 |
|
Taxes Other than Payroll and Income |
- |
- |
- |
- |
60.0 |
|
Income taxes payable and current deferre |
469.0 |
8.0 |
22.0 |
3.0 |
89.0 |
|
Other accrued liabilities |
1,036.0 |
480.0 |
538.0 |
507.0 |
590.0 |
|
Current maturities of long-term debt |
473.0 |
2.0 |
46.0 |
568.0 |
1,427.0 |
|
Liabilities of Discontinued Operations |
- |
- |
- |
- |
48.0 |
|
Liabilities held for sale |
307.0 |
460.0 |
287.0 |
17.0 |
0.0 |
|
Total Current Liabilities |
4,122.0 |
2,584.0 |
2,846.0 |
3,799.0 |
4,388.0 |
|
|
|
|
|
|
|
|
Long-term debt |
1,936.0 |
2,627.0 |
2,738.0 |
2,340.0 |
2,770.0 |
|
Total Long Term Debt |
1,936.0 |
2,627.0 |
2,738.0 |
2,340.0 |
2,770.0 |
|
|
|
|
|
|
|
|
Deferred income taxes |
184.0 |
492.0 |
106.0 |
177.0 |
128.0 |
|
Pension obligation |
218.0 |
449.0 |
595.0 |
405.0 |
662.0 |
|
Other liabilities |
826.0 |
757.0 |
1,051.0 |
1,279.0 |
1,157.0 |
|
Noncurrent liabilities held for sale |
273.0 |
412.0 |
13.0 |
- |
93.0 |
|
Noncontrolling interest |
29.0 |
28.0 |
34.0 |
19.0 |
14.0 |
|
Total Liabilities |
7,588.0 |
7,349.0 |
7,383.0 |
8,019.0 |
9,212.0 |
|
|
|
|
|
|
|
|
Common Stock |
6.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Capital surplus |
39.0 |
17.0 |
17.0 |
7.0 |
0.0 |
|
Retained Erngs. |
2,233.0 |
2,472.0 |
2,721.0 |
2,760.0 |
3,413.0 |
|
Unearned Stock |
-77.0 |
-97.0 |
-104.0 |
-112.0 |
-123.0 |
|
Cumm. Translation Adjustments |
228.0 |
-104.0 |
-22.0 |
539.0 |
- |
|
Net Unrealized Gain/Loss |
6.0 |
-1.0 |
-11.0 |
21.0 |
- |
|
Pension/Post-retirement Liability |
-490.0 |
-807.0 |
-572.0 |
-411.0 |
- |
|
Comp. Income |
- |
- |
- |
- |
-754.0 |
|
Total Equity |
1,945.0 |
1,487.0 |
2,036.0 |
2,811.0 |
2,543.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
9,533.0 |
8,836.0 |
9,419.0 |
10,830.0 |
11,755.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
587.1 |
662.1 |
695.7 |
706.4 |
724.4 |
|
Total Common Shares Outstanding |
587.1 |
662.1 |
695.7 |
706.4 |
724.4 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Accumulated Amortization of Intangible |
528.0 |
430.0 |
518.0 |
804.0 |
664.0 |
|
Full-Time Employees |
21,000 |
21,000 |
22,000 |
24,000 |
25,000 |
|
Number of Common Shareholders |
59,926 |
64,300 |
67,091 |
70,000 |
76,000 |
|
Long Term Debt Due within 1 Year |
- |
- |
- |
568.0 |
- |
|
Long Term Debt Due within 2 Years |
473.0 |
- |
- |
52.0 |
- |
|
Long Term Debt Due within 3 Years |
521.0 |
- |
- |
20.0 |
- |
|
Long Term Debt Due within 4 Years |
20.0 |
- |
- |
1,128.0 |
- |
|
Long Term Debt Due within 5 Years |
77.0 |
- |
- |
517.0 |
- |
|
Long Term Debt Maturing in Year 6 |
405.0 |
- |
- |
- |
- |
|
Long Term Debt Due After 5 Years |
913.0 |
- |
- |
623.0 |
- |
|
Total Long Term Debt, Supplemental |
2,409.0 |
- |
- |
2,908.0 |
- |
|
Capital Leases due within 1 Year |
1.0 |
- |
- |
- |
- |
|
Capital Leases due within 2 Years |
1.0 |
- |
- |
- |
- |
|
Capital Leases due within 3 Years |
1.0 |
- |
- |
- |
- |
|
Capital Leases due within 4 Years |
0.0 |
- |
- |
- |
- |
|
Capital Leases due within 5 Years |
0.0 |
- |
- |
- |
- |
|
Capital Lease Due After 5 Year |
0.0 |
- |
- |
- |
- |
|
Less: Interest |
0.0 |
- |
- |
- |
- |
|
Total Capital Leases |
3.0 |
- |
- |
- |
- |
|
Operating Leases due within 1 Year |
58.0 |
80.0 |
- |
116.0 |
- |
|
Operating Leases due within 2 Years |
43.0 |
57.0 |
- |
76.0 |
- |
|
Operating Leases due within 3 Years |
31.0 |
42.0 |
- |
53.0 |
- |
|
Operating Leases due within 4 Years |
25.0 |
28.0 |
- |
33.0 |
- |
|
Operating Leases due within 5 Years |
17.0 |
21.0 |
- |
26.0 |
- |
|
Operating Lease Due After 5 Year |
69.0 |
69.0 |
- |
102.0 |
- |
|
Total Operating Leases |
243.0 |
297.0 |
- |
406.0 |
- |
|
Projected Benefit Obligation - Pension |
1,370.0 |
1,372.0 |
4,218.0 |
4,744.0 |
4,926.0 |
|
FV of Plan Assets - Pension |
1,249.0 |
1,127.0 |
3,752.0 |
4,423.0 |
4,346.0 |
|
Funded Status - Pension |
-121.0 |
-245.0 |
-466.0 |
-321.0 |
-580.0 |
|
Projected Benefit Obligation - Internati |
3,113.0 |
2,963.0 |
- |
- |
- |
|
FV of Plan Assets - International |
3,272.0 |
2,760.0 |
- |
- |
- |
|
Funded Status - International |
159.0 |
-203.0 |
- |
- |
- |
|
Accumulated Benefit Obligation - Pension |
1,370.0 |
1,372.0 |
4,089.0 |
4,543.0 |
4,716.0 |
|
Plan Assets - International |
3,049.0 |
2,875.0 |
- |
- |
- |
|
Projected Benefit Obligation - Post-Ret. |
93.0 |
104.0 |
164.0 |
252.0 |
279.0 |
|
FV of Plan Assets - Post-Retirement |
1.0 |
0.0 |
0.0 |
1.0 |
1.0 |
|
Funded Status - Post-Retirement |
-92.0 |
-104.0 |
-164.0 |
-251.0 |
-278.0 |
|
Accumulated Benefit Obligation - Post-Re |
-92.0 |
-104.0 |
164.0 |
252.0 |
279.0 |
|
Total Funded Status |
-54.0 |
-552.0 |
-630.0 |
-572.0 |
-858.0 |
|
Discount Rate - Pension |
5.60% |
5.40% |
6.50% |
6.30% |
5.10% |
|
Compensation Rate - Pension |
- |
- |
3.50% |
3.70% |
3.80% |
|
Discount Rate - Foreign |
5.60% |
5.20% |
6.40% |
- |
- |
|
Compensation Rate - Foreign |
3.10% |
3.30% |
3.30% |
- |
- |
|
Discount Rate - Post-Retirement |
5.30% |
5.10% |
6.30% |
6.40% |
5.70% |
|
Non Current Asset - Pension |
7.0 |
0.0 |
133.0 |
93.0 |
84.0 |
|
Accrued Benefit Liability - Pension |
-6.0 |
-5.0 |
-4.0 |
-9.0 |
-2.0 |
|
Pension Obligations |
-122.0 |
-240.0 |
-595.0 |
-405.0 |
-662.0 |
|
Non Current Asset - International |
258.0 |
7.0 |
- |
- |
- |
|
Accrued Benefit Liability - Internationa |
-3.0 |
-1.0 |
- |
- |
- |
|
Pension Obligations |
-96.0 |
-209.0 |
- |
- |
- |
|
Other Comprensive Inc./Loss - Pension |
- |
- |
- |
- |
0.0 |
|
AOCI-Prior Service Cost - Pension |
7.0 |
4.0 |
74.0 |
93.0 |
84.0 |
|
AOCI-Net Actuarial Loss - Pension |
215.0 |
353.0 |
883.0 |
570.0 |
746.0 |
|
AOCI-Prior Service Cost - International |
20.0 |
45.0 |
- |
- |
- |
|
AOCI-Net Actuarial Loss - International |
500.0 |
679.0 |
- |
- |
- |
|
Accrued Liabilities - Post-Retirement |
-7.0 |
-9.0 |
-12.0 |
-17.0 |
-18.0 |
|
Other Liabilities - Post-Retirement |
-85.0 |
-95.0 |
-152.0 |
-234.0 |
-260.0 |
|
AOCI-Prior Service Cost - Post-Ret. |
-137.0 |
-157.0 |
-197.0 |
-167.0 |
-186.0 |
|
AOCI-Net Actuarial Loss - Post-Ret. |
26.0 |
51.0 |
25.0 |
37.0 |
86.0 |
|
AOCI-Transition Obligation - Post-Ret. |
-3.0 |
-5.0 |
-7.0 |
-9.0 |
-11.0 |
|
Net Assets Recognized on Balance Sheet |
574.0 |
418.0 |
148.0 |
-48.0 |
-139.0 |
|
Equity Securities % - Pension |
3.00% |
4.00% |
24.00% |
40.00% |
43.00% |
|
Debt Securities % - Pension |
89.00% |
84.00% |
63.00% |
46.00% |
32.00% |
|
Real Estate % - Pension |
2.00% |
2.00% |
3.00% |
2.00% |
3.00% |
|
Cash and Other % - Pension |
6.00% |
10.00% |
10.00% |
12.00% |
22.00% |
|
Equity % - Foreign |
25.00% |
22.00% |
- |
- |
- |
|
Debt Securities % - Foreign |
66.00% |
69.00% |
- |
- |
- |
|
Real Estate % - Foreign |
2.00% |
3.00% |
- |
- |
- |
|
Other Investments % - Foreign |
7.00% |
6.00% |
- |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
Period Length |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
1,296.0 |
527.0 |
380.0 |
-64.0 |
504.0 |
|
Depreciation |
302.0 |
368.0 |
383.0 |
403.0 |
420.0 |
|
Cash Received from Contingent Sale |
0.0 |
-133.0 |
-150.0 |
-130.0 |
-120.0 |
|
Amortization Intang. |
84.0 |
94.0 |
114.0 |
122.0 |
119.0 |
|
Impairment |
21.0 |
28.0 |
314.0 |
851.0 |
172.0 |
|
Unusual Items |
-1,305.0 |
-138.0 |
1.0 |
25.0 |
-29.0 |
|
Debt extinguishment costs |
55.0 |
0.0 |
0.0 |
- |
- |
|
Pension payments net of expense |
-80.0 |
-211.0 |
-232.0 |
-68.0 |
- |
|
Deferred Income Tax |
187.0 |
527.0 |
-83.0 |
-267.0 |
-138.0 |
|
Non-Cash Charges |
-20.0 |
-5.0 |
54.0 |
66.0 |
91.0 |
|
Accounts Receivable |
105.0 |
55.0 |
23.0 |
-92.0 |
18.0 |
|
Inventories |
-202.0 |
52.0 |
90.0 |
-117.0 |
-106.0 |
|
Other current assets |
-43.0 |
45.0 |
16.0 |
-36.0 |
-50.0 |
|
Accounts payable |
62.0 |
43.0 |
-126.0 |
38.0 |
93.0 |
|
Accrued liabilities |
-170.0 |
-26.0 |
83.0 |
-143.0 |
-270.0 |
|
Accrued Taxes |
155.0 |
-274.0 |
33.0 |
18.0 |
-212.0 |
|
Add: Cash balance of discontinued operat |
0.0 |
8.0 |
2.0 |
- |
- |
|
Cash-Disc. Ops. |
0.0 |
0.0 |
-8.0 |
14.0 |
14.0 |
|
Cash from Operating Activities |
447.0 |
960.0 |
894.0 |
620.0 |
506.0 |
|
|
|
|
|
|
|
|
Purchases of Software & Other Intangibe |
-18.0 |
-12.0 |
-22.0 |
-61.0 |
-102.0 |
|
Capital Expenditure |
-337.0 |
-373.0 |
-357.0 |
-454.0 |
-529.0 |
|
Acq. of Business |
-119.0 |
0.0 |
-10.0 |
0.0 |
0.0 |
|
Deposit on business disposition |
203.0 |
0.0 |
0.0 |
- |
- |
|
Disposition of Bus. |
2,305.0 |
204.0 |
53.0 |
55.0 |
346.0 |
|
Cash Received from Contingent Sale |
0.0 |
133.0 |
150.0 |
130.0 |
120.0 |
|
Cash Received from Notes Receivable |
- |
- |
- |
- |
688.0 |
|
Sales of Assets |
14.0 |
22.0 |
38.0 |
38.0 |
70.0 |
|
Cash Received - Maturing ST Investment |
- |
- |
- |
- |
647.0 |
|
Cash used to Invest in ST Investment |
- |
- |
- |
- |
-647.0 |
|
Cash used in Derivative Transactions |
81.0 |
-26.0 |
-138.0 |
96.0 |
-25.0 |
|
Cash from Investing Activities |
2,129.0 |
-52.0 |
-286.0 |
-196.0 |
568.0 |
|
|
|
|
|
|
|
|
Issuances of common stock |
52.0 |
13.0 |
1.0 |
5.0 |
38.0 |
|
Purch. Common Stock |
-1,313.0 |
-500.0 |
-103.0 |
-315.0 |
-686.0 |
|
Borrowings of other debt |
1,054.0 |
466.0 |
439.0 |
0.0 |
2,895.0 |
|
Repay. LT Debt |
-1,431.0 |
-492.0 |
-541.0 |
-1,456.0 |
-416.0 |
|
Cash transferred to Hanesbrands Inc in s |
- |
- |
- |
- |
-650.0 |
|
ST Borrowings |
172.0 |
20.0 |
-261.0 |
251.0 |
-1,720.0 |
|
Dividend Paid |
-285.0 |
-308.0 |
-302.0 |
-296.0 |
-374.0 |
|
Cash from Financing Activities |
-1,751.0 |
-801.0 |
-767.0 |
-1,811.0 |
-913.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
286.0 |
-103.0 |
-172.0 |
165.0 |
128.0 |
|
Net Change in Cash |
1,111.0 |
4.0 |
-331.0 |
-1,222.0 |
289.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
955.0 |
951.0 |
1,282.0 |
2,504.0 |
2,227.0 |
|
Net Cash - Ending Balance |
2,066.0 |
955.0 |
951.0 |
1,282.0 |
2,517.0 |
|
Cash Interest Paid |
123.0 |
131.0 |
156.0 |
247.0 |
270.0 |
|
Cash Taxes Paid |
325.0 |
305.0 |
218.0 |
337.0 |
378.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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Financials in: USD (mil) |
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Except for share items (millions) and per
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
Revenue |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
Total Revenue |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
5,868.0 |
5,356.0 |
5,614.0 |
7,008.0 |
7,370.0 |
|
Cost of Revenue, Total |
5,868.0 |
5,356.0 |
5,614.0 |
7,008.0 |
7,370.0 |
|
Gross Profit |
2,813.0 |
2,983.0 |
2,752.0 |
3,941.0 |
4,613.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,658.0 |
1,794.0 |
1,745.0 |
2,847.0 |
3,905.0 |
|
Advertising Expense |
323.0 |
340.0 |
279.0 |
353.0 |
- |
|
Total Selling/General/Administrative Expenses |
1,981.0 |
2,134.0 |
2,024.0 |
3,200.0 |
3,905.0 |
|
Amortization of Intangibles |
22.0 |
21.0 |
21.0 |
48.0 |
- |
|
Depreciation/Amortization |
22.0 |
21.0 |
21.0 |
48.0 |
- |
|
Interest Expense -
Operating |
- |
- |
- |
185.0 |
261.0 |
|
Interest Expense - Net Operating |
- |
- |
- |
185.0 |
261.0 |
|
Interest Income -
Operating |
- |
- |
- |
-80.0 |
-128.0 |
|
Investment Income -
Operating |
-1.0 |
5.0 |
7.0 |
-16.0 |
- |
|
Interest/Investment Income - Operating |
-1.0 |
5.0 |
7.0 |
-96.0 |
-128.0 |
|
Interest Expense (Income) - Net Operating Total |
-1.0 |
5.0 |
7.0 |
89.0 |
133.0 |
|
Impairment-Assets Held for Use |
21.0 |
28.0 |
314.0 |
851.0 |
172.0 |
|
Other Unusual Expense (Income) |
218.0 |
-26.0 |
-32.0 |
-91.0 |
-26.0 |
|
Unusual Expense (Income) |
239.0 |
2.0 |
282.0 |
760.0 |
146.0 |
|
Total Operating Expense |
8,109.0 |
7,518.0 |
7,948.0 |
11,105.0 |
11,554.0 |
|
|
|
|
|
|
|
|
Operating Income |
572.0 |
821.0 |
418.0 |
-156.0 |
429.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-117.0 |
-138.0 |
-161.0 |
- |
- |
|
Interest Expense, Net Non-Operating |
-117.0 |
-138.0 |
-161.0 |
- |
- |
|
Interest Income -
Non-Operating |
32.0 |
23.0 |
41.0 |
- |
- |
|
Interest/Investment Income - Non-Operating |
32.0 |
23.0 |
41.0 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-85.0 |
-115.0 |
-120.0 |
- |
- |
|
Income Before Tax |
487.0 |
706.0 |
298.0 |
-156.0 |
429.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
149.0 |
124.0 |
114.0 |
120.0 |
-11.0 |
|
Income After Tax |
338.0 |
582.0 |
184.0 |
-276.0 |
440.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
-4.0 |
- |
|
Net Income Before Extraord Items |
338.0 |
582.0 |
184.0 |
-280.0 |
440.0 |
|
Discontinued Operations |
949.0 |
-76.0 |
180.0 |
201.0 |
64.0 |
|
Total Extraord Items |
949.0 |
-76.0 |
180.0 |
201.0 |
64.0 |
|
Net Income |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
338.0 |
582.0 |
184.0 |
-280.0 |
440.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
621.0 |
688.0 |
701.0 |
715.0 |
741.0 |
|
Basic EPS Excl Extraord Items |
0.54 |
0.85 |
0.26 |
-0.39 |
0.59 |
|
Basic/Primary EPS Incl Extraord Items |
2.07 |
0.74 |
0.52 |
-0.11 |
0.68 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
Diluted Weighted Average Shares |
625.0 |
691.0 |
703.0 |
715.0 |
743.0 |
|
Diluted EPS Excl Extraord Items |
0.54 |
0.84 |
0.26 |
-0.39 |
0.59 |
|
Diluted EPS Incl Extraord Items |
2.06 |
0.73 |
0.52 |
-0.11 |
0.68 |
|
Dividends per Share - Common Stock Primary Issue |
0.46 |
0.44 |
0.44 |
0.42 |
0.50 |
|
Gross Dividends - Common Stock |
275.0 |
299.0 |
306.0 |
298.0 |
298.0 |
|
Interest Expense, Supplemental |
117.0 |
138.0 |
161.0 |
185.0 |
261.0 |
|
Interest Capitalized, Supplemental |
- |
- |
- |
- |
-20.0 |
|
Depreciation, Supplemental |
267.0 |
280.0 |
274.0 |
295.0 |
295.0 |
|
Total Special Items |
237.0 |
2.0 |
282.0 |
762.0 |
146.0 |
|
Normalized Income Before Tax |
724.0 |
708.0 |
580.0 |
606.0 |
575.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
46.0 |
35.0 |
31.0 |
266.7 |
51.1 |
|
Inc Tax Ex Impact of Sp Items |
195.0 |
159.0 |
145.0 |
386.7 |
40.1 |
|
Normalized Income After Tax |
529.0 |
549.0 |
435.0 |
219.3 |
534.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
529.0 |
549.0 |
435.0 |
215.3 |
534.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.85 |
0.80 |
0.62 |
0.30 |
0.72 |
|
Diluted Normalized EPS |
0.85 |
0.79 |
0.62 |
0.30 |
0.72 |
|
Amort of Intangibles, Supplemental |
84.0 |
94.0 |
114.0 |
122.0 |
112.0 |
|
Rental Expenses |
77.0 |
87.0 |
92.0 |
128.0 |
130.0 |
|
Advertising Expense, Supplemental |
199.0 |
202.0 |
152.0 |
177.0 |
158.0 |
|
Normalized EBIT |
808.0 |
828.0 |
707.0 |
695.0 |
708.0 |
|
Normalized EBITDA |
1,159.0 |
1,202.0 |
1,095.0 |
1,112.0 |
1,115.0 |
|
Current Tax - Domestic |
13.0 |
-229.0 |
42.0 |
282.0 |
18.0 |
|
Current Tax - Foreign |
92.0 |
176.0 |
130.0 |
98.0 |
123.0 |
|
Current Tax - Local |
5.0 |
4.0 |
4.0 |
-10.0 |
-4.0 |
|
Current Tax - Total |
110.0 |
-49.0 |
176.0 |
370.0 |
137.0 |
|
Deferred Tax - Domestic |
-23.0 |
204.0 |
-48.0 |
-237.0 |
-144.0 |
|
Deferred Tax - Foreign |
64.0 |
-33.0 |
-13.0 |
-25.0 |
4.0 |
|
Deferred Tax - Local |
-2.0 |
2.0 |
0.0 |
12.0 |
-8.0 |
|
Deferred Tax - Total |
39.0 |
173.0 |
-61.0 |
-250.0 |
-148.0 |
|
Income Tax - Total |
149.0 |
124.0 |
115.0 |
120.0 |
-11.0 |
|
Interest Cost - Domestic |
73.0 |
74.0 |
69.0 |
267.0 |
253.0 |
|
Service Cost - Domestic |
7.0 |
17.0 |
21.0 |
81.0 |
97.0 |
|
Prior Service Cost - Domestic |
1.0 |
-2.0 |
0.0 |
8.0 |
8.0 |
|
Expected Return on Assets - Domestic |
-80.0 |
-65.0 |
-66.0 |
-293.0 |
-279.0 |
|
Actuarial Gains and Losses - Domestic |
12.0 |
33.0 |
-1.0 |
34.0 |
62.0 |
|
Domestic Pension Plan Expense |
13.0 |
57.0 |
23.0 |
97.0 |
141.0 |
|
Interest Cost - Foreign |
161.0 |
166.0 |
166.0 |
- |
- |
|
Service Cost - Foreign |
32.0 |
31.0 |
30.0 |
- |
- |
|
Prior Service Cost - Foreign |
5.0 |
7.0 |
8.0 |
- |
- |
|
Expected Return on Assets - Foreign |
-198.0 |
-176.0 |
-180.0 |
- |
- |
|
Actuarial Gains and Losses - Foreign |
23.0 |
14.0 |
12.0 |
- |
- |
|
Foreign Pension Plan Expense |
23.0 |
42.0 |
36.0 |
- |
- |
|
Interest Cost - Post-Retirement |
5.0 |
-13.0 |
8.0 |
16.0 |
13.0 |
|
Service Cost - Post-Retirement |
2.0 |
6.0 |
3.0 |
8.0 |
8.0 |
|
Curtailments & Settlements - Post-Retir. |
- |
- |
- |
0.0 |
-2.0 |
|
Other Post-Retirement, Net |
-13.0 |
-13.0 |
-11.0 |
-18.0 |
-22.0 |
|
Post-Retirement Plan Expense |
-6.0 |
-20.0 |
0.0 |
6.0 |
-3.0 |
|
Defined Contribution Expense - Domestic |
37.0 |
35.0 |
34.0 |
91.0 |
85.0 |
|
Total Pension Expense |
67.0 |
114.0 |
93.0 |
194.0 |
223.0 |
|
Discount Rate - Domestic |
5.40% |
6.50% |
6.70% |
5.40% |
5.10% |
|
Discount Rate - Foreign |
5.20% |
6.40% |
6.10% |
- |
- |
|
Discount Rate - Post-Retirement |
5.10% |
6.30% |
6.40% |
5.70% |
5.50% |
|
Expected Rate of Return - Domestic |
7.30% |
7.60% |
7.50% |
6.70% |
6.80% |
|
Expected Rate of Return - Foreign |
6.70% |
6.60% |
6.70% |
- |
- |
|
Compensation Rate - Domestic |
- |
3.50% |
3.80% |
3.80% |
3.90% |
|
Compensation Rate - Foreign |
3.30% |
3.30% |
3.30% |
- |
- |
|
Total Plan Interest Cost |
239.0 |
227.0 |
243.0 |
283.0 |
266.0 |
|
Total Plan Service Cost |
41.0 |
54.0 |
54.0 |
89.0 |
105.0 |
|
Total Plan Expected Return |
-278.0 |
-241.0 |
-246.0 |
-293.0 |
-279.0 |
|
Total Plan Other Expense |
-13.0 |
-13.0 |
-11.0 |
-18.0 |
-22.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
Period Length |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
1,899.0 |
2,081.0 |
1,943.0 |
2,297.0 |
1,860.0 |
|
Revenue |
1,899.0 |
2,081.0 |
1,943.0 |
2,297.0 |
1,860.0 |
|
Total Revenue |
1,899.0 |
2,081.0 |
1,943.0 |
2,297.0 |
1,860.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,312.0 |
1,385.0 |
1,327.0 |
1,603.0 |
1,226.0 |
|
Cost of Revenue, Total |
1,312.0 |
1,385.0 |
1,327.0 |
1,603.0 |
1,226.0 |
|
Gross Profit |
587.0 |
696.0 |
616.0 |
694.0 |
634.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
386.0 |
404.0 |
360.0 |
503.0 |
361.0 |
|
Advertising Expense |
69.0 |
93.0 |
90.0 |
- |
73.0 |
|
Total Selling/General/Administrative Expenses |
455.0 |
497.0 |
450.0 |
503.0 |
434.0 |
|
Amortization of Intangibles |
4.0 |
3.0 |
3.0 |
- |
4.0 |
|
Depreciation/Amortization |
4.0 |
3.0 |
3.0 |
- |
4.0 |
|
Investment Income -
Operating |
-1.0 |
-3.0 |
2.0 |
- |
-2.0 |
|
Interest/Investment Income - Operating |
-1.0 |
-3.0 |
2.0 |
- |
-2.0 |
|
Interest Expense (Income) - Net Operating Total |
-1.0 |
-3.0 |
2.0 |
- |
-2.0 |
|
Impairment-Assets Held for Use |
0.0 |
14.0 |
18.0 |
21.0 |
0.0 |
|
Other Unusual Expense (Income) |
63.0 |
84.0 |
32.0 |
94.0 |
4.0 |
|
Unusual Expense (Income) |
63.0 |
98.0 |
50.0 |
115.0 |
4.0 |
|
Total Operating Expense |
1,833.0 |
1,980.0 |
1,832.0 |
2,221.0 |
1,666.0 |
|
|
|
|
|
|
|
|
Operating Income |
66.0 |
101.0 |
111.0 |
76.0 |
194.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-29.0 |
-29.0 |
-30.0 |
-30.0 |
-25.0 |
|
Interest Expense, Net Non-Operating |
-29.0 |
-29.0 |
-30.0 |
-30.0 |
-25.0 |
|
Interest Income -
Non-Operating |
11.0 |
11.0 |
9.0 |
10.0 |
9.0 |
|
Interest/Investment Income - Non-Operating |
11.0 |
11.0 |
9.0 |
10.0 |
9.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-18.0 |
-18.0 |
-21.0 |
-20.0 |
-16.0 |
|
Income Before Tax |
48.0 |
83.0 |
90.0 |
56.0 |
178.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
10.0 |
50.0 |
124.0 |
8.0 |
54.0 |
|
Income After Tax |
38.0 |
33.0 |
-34.0 |
48.0 |
124.0 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
38.0 |
33.0 |
-34.0 |
48.0 |
124.0 |
|
Discontinued Operations |
-40.0 |
435.0 |
-183.0 |
63.0 |
29.0 |
|
Total Extraord Items |
-40.0 |
435.0 |
-183.0 |
63.0 |
29.0 |
|
Net Income |
-2.0 |
468.0 |
-217.0 |
111.0 |
153.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
38.0 |
33.0 |
-34.0 |
48.0 |
124.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-2.0 |
468.0 |
-217.0 |
111.0 |
153.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
593.0 |
592.0 |
591.0 |
588.0 |
605.0 |
|
Basic EPS Excl Extraord Items |
0.06 |
0.06 |
-0.06 |
0.08 |
0.21 |
|
Basic/Primary EPS Incl Extraord Items |
0.00 |
0.79 |
-0.37 |
0.19 |
0.25 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
-2.0 |
468.0 |
-217.0 |
111.0 |
153.0 |
|
Diluted Weighted Average Shares |
597.0 |
595.0 |
591.0 |
592.0 |
609.0 |
|
Diluted EPS Excl Extraord Items |
0.06 |
0.06 |
-0.06 |
0.08 |
0.20 |
|
Diluted EPS Incl Extraord Items |
0.00 |
0.79 |
-0.37 |
0.19 |
0.25 |
|
Dividends per Share - Common Stock Primary Issue |
0.12 |
0.12 |
0.00 |
0.23 |
0.12 |
|
Gross Dividends - Common Stock |
69.0 |
69.0 |
0.0 |
133.0 |
73.0 |
|
Interest Expense, Supplemental |
29.0 |
29.0 |
30.0 |
30.0 |
25.0 |
|
Depreciation, Supplemental |
75.0 |
61.0 |
61.0 |
- |
70.0 |
|
Total Special Items |
129.0 |
98.0 |
50.0 |
115.0 |
17.0 |
|
Normalized Income Before Tax |
177.0 |
181.0 |
140.0 |
171.0 |
195.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
26.9 |
34.3 |
17.5 |
16.4 |
5.2 |
|
Inc Tax Ex Impact of Sp Items |
36.9 |
84.3 |
141.5 |
24.4 |
59.2 |
|
Normalized Income After Tax |
140.1 |
96.7 |
-1.5 |
146.6 |
135.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
140.1 |
96.7 |
-1.5 |
146.6 |
135.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.24 |
0.16 |
0.00 |
0.25 |
0.22 |
|
Diluted Normalized EPS |
0.23 |
0.16 |
0.00 |
0.25 |
0.22 |
|
Amort of Intangibles, Supplemental |
15.0 |
8.0 |
12.0 |
- |
20.0 |
|
Advertising Expense, Supplemental |
69.0 |
93.0 |
90.0 |
- |
73.0 |
|
Normalized EBIT |
194.0 |
196.0 |
163.0 |
191.0 |
209.0 |
|
Normalized EBITDA |
284.0 |
265.0 |
236.0 |
191.0 |
299.0 |
|
Interest Cost - Domestic |
18.0 |
18.0 |
19.0 |
- |
18.0 |
|
Service Cost - Domestic |
3.0 |
2.0 |
2.0 |
- |
2.0 |
|
Prior Service Cost - Domestic |
1.0 |
0.0 |
0.0 |
- |
1.0 |
|
Expected Return on Assets - Domestic |
-23.0 |
-21.0 |
-20.0 |
- |
-21.0 |
|
Actuarial Gains and Losses - Domestic |
0.0 |
1.0 |
1.0 |
- |
3.0 |
|
Domestic Pension Plan Expense |
-1.0 |
0.0 |
2.0 |
- |
3.0 |
|
Interest Cost - Foreign |
55.0 |
41.0 |
42.0 |
- |
54.0 |
|
Service Cost - Foreign |
7.0 |
6.0 |
7.0 |
- |
6.0 |
|
Prior Service Cost - Foreign |
1.0 |
1.0 |
1.0 |
- |
1.0 |
|
Expected Return on Assets - Foreign |
-64.0 |
-54.0 |
-56.0 |
- |
-61.0 |
|
Actuarial Gains and Losses - Foreign |
2.0 |
2.0 |
2.0 |
- |
10.0 |
|
Foreign Pension Plan Expense |
1.0 |
-4.0 |
-4.0 |
- |
10.0 |
|
Interest Cost - Post-Retirement |
1.0 |
1.0 |
1.0 |
- |
1.0 |
|
Service Cost - Post-Retirement |
1.0 |
1.0 |
0.0 |
- |
0.0 |
|
Prior Service Cost - Post-Retirement |
- |
-3.0 |
-3.0 |
- |
- |
|
Other Post-Retirement, Net |
-4.0 |
- |
- |
- |
-4.0 |
|
Post-Retirement Plan Expense |
-2.0 |
-1.0 |
-2.0 |
- |
-3.0 |
|
Total Pension Expense |
-2.0 |
-5.0 |
-4.0 |
- |
10.0 |
|
Total Plan Interest Cost |
74.0 |
60.0 |
62.0 |
- |
73.0 |
|
Total Plan Service Cost |
11.0 |
9.0 |
9.0 |
- |
8.0 |
|
Total Plan Expected Return |
-87.0 |
-75.0 |
-76.0 |
- |
-82.0 |
|
Total Plan Other Expense |
-4.0 |
- |
- |
- |
-4.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
2,066.0 |
955.0 |
951.0 |
1,284.0 |
2,517.0 |
|
Cash and Short Term Investments |
2,066.0 |
955.0 |
951.0 |
1,284.0 |
2,517.0 |
|
Accounts Receivable -
Trade, Gross |
970.0 |
1,097.0 |
1,344.0 |
1,582.0 |
1,359.0 |
|
Provision for Doubtful
Accounts |
-41.0 |
-62.0 |
-72.0 |
-91.0 |
-82.0 |
|
Trade Accounts Receivable - Net |
929.0 |
1,035.0 |
1,272.0 |
1,491.0 |
1,277.0 |
|
Total Receivables, Net |
929.0 |
1,035.0 |
1,272.0 |
1,491.0 |
1,277.0 |
|
Inventories - Finished Goods |
485.0 |
386.0 |
443.0 |
775.0 |
712.0 |
|
Inventories - Work In Progress |
36.0 |
31.0 |
32.0 |
43.0 |
34.0 |
|
Inventories - Raw Materials |
455.0 |
278.0 |
291.0 |
402.0 |
294.0 |
|
Total Inventory |
976.0 |
695.0 |
766.0 |
1,220.0 |
1,040.0 |
|
Deferred Income Tax - Current Asset |
54.0 |
241.0 |
213.0 |
111.0 |
33.0 |
|
Discontinued Operations - Current Asset |
285.0 |
491.0 |
378.0 |
- |
64.0 |
|
Other Current Assets |
274.0 |
363.0 |
250.0 |
361.0 |
277.0 |
|
Other Current Assets, Total |
613.0 |
1,095.0 |
841.0 |
472.0 |
374.0 |
|
Total Current Assets |
4,584.0 |
3,780.0 |
3,830.0 |
4,467.0 |
5,208.0 |
|
|
|
|
|
|
|
|
Buildings |
1,274.0 |
1,180.0 |
1,365.0 |
1,506.0 |
1,402.0 |
|
Land/Improvements |
66.0 |
56.0 |
94.0 |
122.0 |
107.0 |
|
Machinery/Equipment |
2,645.0 |
2,407.0 |
3,334.0 |
3,631.0 |
3,498.0 |
|
Construction in
Progress |
119.0 |
185.0 |
183.0 |
185.0 |
223.0 |
|
Property/Plant/Equipment - Gross |
4,104.0 |
3,828.0 |
4,976.0 |
5,444.0 |
5,230.0 |
|
Accumulated Depreciation |
-2,456.0 |
-2,230.0 |
-2,776.0 |
-2,925.0 |
-2,837.0 |
|
Property/Plant/Equipment - Net |
1,648.0 |
1,598.0 |
2,200.0 |
2,519.0 |
2,393.0 |
|
Goodwill, Net |
811.0 |
719.0 |
1,295.0 |
2,223.0 |
2,698.0 |
|
Intangibles - Gross |
794.0 |
617.0 |
1,050.0 |
1,825.0 |
- |
|
Accumulated Intangible Amortization |
-528.0 |
-430.0 |
-518.0 |
-804.0 |
- |
|
Intangibles, Net |
322.0 |
241.0 |
587.0 |
1,021.0 |
1,002.0 |
|
Deferred Income Tax - Long Term Asset |
256.0 |
225.0 |
298.0 |
295.0 |
137.0 |
|
Discontinued Operations - Long Term Asset |
- |
- |
- |
- |
121.0 |
|
Other Long Term Assets |
1,912.0 |
2,273.0 |
1,209.0 |
305.0 |
196.0 |
|
Other Long Term Assets, Total |
2,168.0 |
2,498.0 |
1,507.0 |
600.0 |
454.0 |
|
Total Assets |
9,533.0 |
8,836.0 |
9,419.0 |
10,830.0 |
11,755.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
954.0 |
896.0 |
1,004.0 |
1,258.0 |
1,127.0 |
|
Accrued Expenses |
1,681.0 |
1,171.0 |
1,467.0 |
1,673.0 |
1,674.0 |
|
Notes Payable/Short Term Debt |
238.0 |
47.0 |
20.0 |
280.0 |
23.0 |
|
Current Portion - Long Term Debt/Capital Leases |
473.0 |
2.0 |
46.0 |
568.0 |
1,427.0 |
|
Income Taxes Payable |
469.0 |
8.0 |
22.0 |
3.0 |
89.0 |
|
Discontinued Operations - Current Liability |
- |
- |
- |
- |
48.0 |
|
Other Current Liabilities |
307.0 |
460.0 |
287.0 |
17.0 |
0.0 |
|
Other Current liabilities, Total |
776.0 |
468.0 |
309.0 |
20.0 |
137.0 |
|
Total Current Liabilities |
4,122.0 |
2,584.0 |
2,846.0 |
3,799.0 |
4,388.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,936.0 |
2,627.0 |
2,738.0 |
2,340.0 |
2,770.0 |
|
Total Long Term Debt |
1,936.0 |
2,627.0 |
2,738.0 |
2,340.0 |
2,770.0 |
|
Total Debt |
2,647.0 |
2,676.0 |
2,804.0 |
3,188.0 |
4,220.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
184.0 |
492.0 |
106.0 |
177.0 |
128.0 |
|
Deferred Income Tax |
184.0 |
492.0 |
106.0 |
177.0 |
128.0 |
|
Minority Interest |
29.0 |
28.0 |
34.0 |
19.0 |
14.0 |
|
Pension Benefits - Underfunded |
218.0 |
449.0 |
595.0 |
405.0 |
662.0 |
|
Other Long Term Liabilities |
1,099.0 |
1,169.0 |
1,064.0 |
1,279.0 |
1,250.0 |
|
Other Liabilities, Total |
1,317.0 |
1,618.0 |
1,659.0 |
1,684.0 |
1,912.0 |
|
Total Liabilities |
7,588.0 |
7,349.0 |
7,383.0 |
8,019.0 |
9,212.0 |
|
|
|
|
|
|
|
|
Common Stock |
6.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Common Stock |
6.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Additional Paid-In Capital |
39.0 |
17.0 |
17.0 |
7.0 |
0.0 |
|
Retained Earnings (Accumulated Deficit) |
2,233.0 |
2,472.0 |
2,721.0 |
2,760.0 |
3,413.0 |
|
Unrealized Gain (Loss) |
6.0 |
-1.0 |
-11.0 |
21.0 |
- |
|
Translation Adjustment |
228.0 |
-104.0 |
-22.0 |
539.0 |
- |
|
Minimum Pension Liability Adjustment |
-490.0 |
-807.0 |
-572.0 |
-411.0 |
- |
|
Other Comprehensive Income |
-77.0 |
-97.0 |
-104.0 |
-112.0 |
-877.0 |
|
Other Equity, Total |
-339.0 |
-1,008.0 |
-698.0 |
16.0 |
-877.0 |
|
Total Equity |
1,945.0 |
1,487.0 |
2,036.0 |
2,811.0 |
2,543.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
9,533.0 |
8,836.0 |
9,419.0 |
10,830.0 |
11,755.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
587.1 |
662.1 |
695.7 |
706.4 |
724.4 |
|
Total Common Shares Outstanding |
587.1 |
662.1 |
695.7 |
706.4 |
724.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
21,000 |
21,000 |
22,000 |
24,000 |
25,000 |
|
Number of Common Shareholders |
59,926 |
64,300 |
67,091 |
70,000 |
76,000 |
|
Accumulated Intangible Amort, Suppl. |
528.0 |
430.0 |
518.0 |
804.0 |
664.0 |
|
Total Long Term Debt, Supplemental |
2,409.0 |
- |
- |
2,908.0 |
- |
|
Long Term Debt Maturing within 1 Year |
236.5 |
- |
- |
568.0 |
- |
|
Long Term Debt Maturing in Year 2 |
236.5 |
- |
- |
52.0 |
- |
|
Long Term Debt Maturing in Year 3 |
521.0 |
- |
- |
20.0 |
- |
|
Long Term Debt Maturing in Year 4 |
20.0 |
- |
- |
1,128.0 |
- |
|
Long Term Debt Maturing in Year 5 |
77.0 |
- |
- |
517.0 |
- |
|
Long Term Debt Maturing in Year 6 |
405.0 |
- |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
757.5 |
- |
- |
72.0 |
- |
|
Long Term Debt Maturing in 4-5 Years |
97.0 |
- |
- |
1,645.0 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
1,318.0 |
- |
- |
623.0 |
- |
|
Interest Costs |
0.0 |
- |
- |
- |
- |
|
Total Capital Leases, Supplemental |
3.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 1 |
1.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
1.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
1.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
2.0 |
- |
- |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
- |
- |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
- |
- |
- |
- |
|
Total Operating Leases, Supplemental |
243.0 |
297.0 |
- |
406.0 |
- |
|
Operating Lease Payments Due in Year 1 |
58.0 |
80.0 |
- |
116.0 |
- |
|
Operating Lease Payments Due in Year 2 |
43.0 |
57.0 |
- |
76.0 |
- |
|
Operating Lease Payments Due in Year 3 |
31.0 |
42.0 |
- |
53.0 |
- |
|
Operating Lease Payments Due in Year 4 |
25.0 |
28.0 |
- |
33.0 |
- |
|
Operating Lease Payments Due in Year 5 |
17.0 |
21.0 |
- |
26.0 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
74.0 |
99.0 |
- |
129.0 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
42.0 |
49.0 |
- |
59.0 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
69.0 |
69.0 |
- |
102.0 |
- |
|
Pension Obligation - Domestic |
1,370.0 |
1,372.0 |
4,218.0 |
4,744.0 |
4,926.0 |
|
Pension Obligation - Foreign |
3,113.0 |
2,963.0 |
- |
- |
- |
|
Post-Retirement Obligation |
93.0 |
104.0 |
164.0 |
252.0 |
279.0 |
|
Plan Assets - Domestic |
1,249.0 |
1,127.0 |
3,752.0 |
4,423.0 |
4,346.0 |
|
Plan Assets - Foreign |
3,272.0 |
2,760.0 |
- |
- |
- |
|
Plan Assets - Post-Retirement |
1.0 |
0.0 |
0.0 |
1.0 |
1.0 |
|
Funded Status - Domestic |
-121.0 |
-245.0 |
-466.0 |
-321.0 |
-580.0 |
|
Funded Status - Foreign |
159.0 |
-203.0 |
- |
- |
- |
|
Funded Status - Post-Retirement |
-92.0 |
-104.0 |
-164.0 |
-251.0 |
-278.0 |
|
Accumulated Obligation - Domestic |
1,370.0 |
1,372.0 |
4,089.0 |
4,543.0 |
4,716.0 |
|
Accumulated Obligation - Foreign |
3,049.0 |
2,875.0 |
- |
- |
- |
|
Accumulated Obligation - Post-Retirement |
-92.0 |
-104.0 |
164.0 |
252.0 |
279.0 |
|
Total Funded Status |
-54.0 |
-552.0 |
-630.0 |
-572.0 |
-858.0 |
|
Discount Rate - Domestic |
5.60% |
5.40% |
6.50% |
6.30% |
5.10% |
|
Discount Rate - Foreign |
5.60% |
5.20% |
6.40% |
- |
- |
|
Discount Rate - Post-Retirement |
5.30% |
5.10% |
6.30% |
6.40% |
5.70% |
|
Compensation Rate - Domestic |
- |
- |
3.50% |
3.70% |
3.80% |
|
Compensation Rate - Foreign |
3.10% |
3.30% |
3.30% |
- |
- |
|
Intangible Assets - Foreign |
778.0 |
731.0 |
- |
- |
- |
|
Accrued Liabilities - Foreign |
-99.0 |
-210.0 |
- |
- |
- |
|
Accrued Liabilities - Post-Retirement |
-92.0 |
-104.0 |
-164.0 |
-251.0 |
-278.0 |
|
Other Assets, Net - Domestic |
101.0 |
112.0 |
491.0 |
342.0 |
250.0 |
|
Other Assets, Net - Post-Retirement |
-114.0 |
-111.0 |
-179.0 |
-139.0 |
-111.0 |
|
Net Assets Recognized on Balance Sheet |
574.0 |
418.0 |
148.0 |
-48.0 |
-139.0 |
|
Equity % - Domestic |
3.00% |
4.00% |
24.00% |
40.00% |
43.00% |
|
Equity % - Foreign |
25.00% |
22.00% |
- |
- |
- |
|
Debt Securities % - Domestic |
89.00% |
84.00% |
63.00% |
46.00% |
32.00% |
|
Debt Securities % - Foreign |
66.00% |
69.00% |
- |
- |
- |
|
Real Estate % - Domestic |
2.00% |
2.00% |
3.00% |
2.00% |
3.00% |
|
Real Estate % - Foreign |
2.00% |
3.00% |
- |
- |
- |
|
Other Investments % - Domestic |
6.00% |
10.00% |
10.00% |
12.00% |
22.00% |
|
Other Investments % - Foreign |
7.00% |
6.00% |
- |
- |
- |
|
Total Plan Obligations |
4,576.0 |
4,439.0 |
4,382.0 |
4,996.0 |
5,205.0 |
|
Total Plan Assets |
4,522.0 |
3,887.0 |
3,752.0 |
4,424.0 |
4,347.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
2,655.0 |
2,751.0 |
1,685.0 |
2,066.0 |
2,132.0 |
|
Cash and Short Term Investments |
2,655.0 |
2,751.0 |
1,685.0 |
2,066.0 |
2,132.0 |
|
Trade Accounts Receivable - Net |
734.0 |
760.0 |
766.0 |
828.0 |
925.0 |
|
Total Receivables, Net |
734.0 |
760.0 |
766.0 |
828.0 |
925.0 |
|
Inventories - Finished Goods |
435.0 |
428.0 |
474.0 |
423.0 |
504.0 |
|
Inventories - Work In Progress |
34.0 |
31.0 |
38.0 |
36.0 |
32.0 |
|
Inventories - Raw Materials |
438.0 |
458.0 |
513.0 |
425.0 |
505.0 |
|
Total Inventory |
907.0 |
917.0 |
1,025.0 |
884.0 |
1,041.0 |
|
Deferred Income Tax - Current Asset |
35.0 |
26.0 |
43.0 |
42.0 |
75.0 |
|
Other Current Assets |
329.0 |
803.0 |
1,360.0 |
764.0 |
622.0 |
|
Other Current Assets, Total |
364.0 |
829.0 |
1,403.0 |
806.0 |
697.0 |
|
Total Current Assets |
4,660.0 |
5,257.0 |
4,879.0 |
4,584.0 |
4,795.0 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Gross |
3,420.0 |
3,327.0 |
3,349.0 |
3,437.0 |
4,249.0 |
|
Accumulated Depreciation |
-2,120.0 |
-2,036.0 |
-2,028.0 |
-2,057.0 |
-2,519.0 |
|
Property/Plant/Equipment - Net |
1,300.0 |
1,291.0 |
1,321.0 |
1,380.0 |
1,730.0 |
|
Goodwill, Net |
599.0 |
592.0 |
597.0 |
624.0 |
1,019.0 |
|
Intangibles, Net |
400.0 |
247.0 |
258.0 |
282.0 |
272.0 |
|
Pension Benefits - Overfunded |
427.0 |
354.0 |
- |
265.0 |
- |
|
Deferred Income Tax - Long Term Asset |
139.0 |
145.0 |
185.0 |
260.0 |
345.0 |
|
Other Long Term Assets |
249.0 |
300.0 |
1,812.0 |
2,138.0 |
1,451.0 |
|
Other Long Term Assets, Total |
815.0 |
799.0 |
1,997.0 |
2,663.0 |
1,796.0 |
|
Total Assets |
7,774.0 |
8,186.0 |
9,052.0 |
9,533.0 |
9,612.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
693.0 |
728.0 |
740.0 |
875.0 |
856.0 |
|
Accrued Expenses |
1,061.0 |
1,176.0 |
1,299.0 |
1,576.0 |
1,730.0 |
|
Notes Payable/Short Term Debt |
187.0 |
122.0 |
439.0 |
238.0 |
605.0 |
|
Current Portion - Long Term Debt/Capital Leases |
985.0 |
390.0 |
443.0 |
473.0 |
462.0 |
|
Income Taxes Payable |
615.0 |
594.0 |
439.0 |
468.0 |
482.0 |
|
Other Current Liabilities |
0.0 |
70.0 |
533.0 |
492.0 |
318.0 |
|
Other Current liabilities, Total |
615.0 |
664.0 |
972.0 |
960.0 |
800.0 |
|
Total Current Liabilities |
3,541.0 |
3,080.0 |
3,893.0 |
4,122.0 |
4,453.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
954.0 |
1,935.0 |
1,935.0 |
1,935.0 |
1,932.0 |
|
Total Long Term Debt |
954.0 |
1,935.0 |
1,935.0 |
1,935.0 |
1,932.0 |
|
Total Debt |
2,126.0 |
2,447.0 |
2,817.0 |
2,646.0 |
2,999.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
211.0 |
212.0 |
362.0 |
179.0 |
93.0 |
|
Deferred Income Tax |
211.0 |
212.0 |
362.0 |
179.0 |
93.0 |
|
Minority Interest |
0.0 |
0.0 |
29.0 |
29.0 |
28.0 |
|
Pension Benefits - Underfunded |
225.0 |
240.0 |
206.0 |
216.0 |
370.0 |
|
Other Long Term Liabilities |
698.0 |
715.0 |
1,020.0 |
1,107.0 |
1,190.0 |
|
Other Liabilities, Total |
923.0 |
955.0 |
1,226.0 |
1,323.0 |
1,560.0 |
|
Total Liabilities |
5,629.0 |
6,182.0 |
7,445.0 |
7,588.0 |
8,066.0 |
|
|
|
|
|
|
|
|
Common Stock |
6.0 |
6.0 |
6.0 |
6.0 |
6.0 |
|
Common Stock |
6.0 |
6.0 |
6.0 |
6.0 |
6.0 |
|
Additional Paid-In Capital |
87.0 |
58.0 |
58.0 |
39.0 |
0.0 |
|
Retained Earnings (Accumulated Deficit) |
2,337.0 |
2,408.0 |
2,009.0 |
2,233.0 |
2,258.0 |
|
Other Comprehensive Income |
-285.0 |
-468.0 |
-466.0 |
-333.0 |
-718.0 |
|
Other Equity, Total |
-285.0 |
-468.0 |
-466.0 |
-333.0 |
-718.0 |
|
Total Equity |
2,145.0 |
2,004.0 |
1,607.0 |
1,945.0 |
1,546.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
7,774.0 |
8,186.0 |
9,052.0 |
9,533.0 |
9,612.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
593.4 |
591.6 |
590.7 |
587.1 |
585.1 |
|
Total Common Shares Outstanding |
593.4 |
591.6 |
590.7 |
587.1 |
585.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Long Term Debt, Supplemental |
1,939.0 |
2,325.0 |
2,378.0 |
2,409.0 |
2,394.0 |
|
Long Term Debt Maturing within 1 Year |
976.0 |
390.0 |
443.0 |
236.5 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
10.0 |
518.0 |
520.0 |
236.5 |
462.0 |
|
Long Term Debt Maturing in Year 3 |
21.0 |
20.0 |
20.0 |
521.0 |
520.0 |
|
Long Term Debt Maturing in Year 4 |
84.0 |
81.0 |
79.0 |
20.0 |
20.0 |
|
Long Term Debt Maturing in Year 5 |
404.0 |
404.0 |
404.0 |
77.0 |
75.0 |
|
Long Term Debt Maturing in Year 6 |
2.0 |
2.0 |
2.0 |
405.0 |
404.0 |
|
Long Term Debt Maturing in 2-3 Years |
31.0 |
538.0 |
540.0 |
757.5 |
982.0 |
|
Long Term Debt Maturing in 4-5 Years |
488.0 |
485.0 |
483.0 |
97.0 |
95.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
444.0 |
912.0 |
912.0 |
1,318.0 |
1,317.0 |
|
Total Operating Leases, Supplemental |
227.0 |
210.0 |
218.0 |
243.0 |
319.0 |
|
Operating Lease Payments Due in Year 1 |
13.0 |
25.0 |
37.0 |
58.0 |
23.0 |
|
Operating Lease Payments Due in Year 2 |
44.0 |
41.0 |
41.0 |
43.0 |
65.0 |
|
Operating Lease Payments Due in Year 3 |
35.0 |
31.0 |
31.0 |
31.0 |
48.0 |
|
Operating Lease Payments Due in Year 4 |
23.0 |
25.0 |
24.0 |
25.0 |
37.0 |
|
Operating Lease Payments Due in Year 5 |
18.0 |
20.0 |
17.0 |
17.0 |
30.0 |
|
Operating Lease Payments Due in Year 6 |
12.0 |
14.0 |
14.0 |
- |
18.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
79.0 |
72.0 |
72.0 |
74.0 |
113.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
41.0 |
45.0 |
41.0 |
42.0 |
67.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
94.0 |
68.0 |
68.0 |
69.0 |
116.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
Period Length |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1,296.0 |
527.0 |
380.0 |
-64.0 |
504.0 |
|
Depreciation |
302.0 |
368.0 |
383.0 |
403.0 |
420.0 |
|
Depreciation/Depletion |
302.0 |
368.0 |
383.0 |
403.0 |
420.0 |
|
Amortization of Intangibles |
84.0 |
94.0 |
114.0 |
122.0 |
119.0 |
|
Amortization |
84.0 |
94.0 |
114.0 |
122.0 |
119.0 |
|
Deferred Taxes |
187.0 |
527.0 |
-83.0 |
-267.0 |
-138.0 |
|
Discontinued Operations |
0.0 |
8.0 |
-6.0 |
14.0 |
14.0 |
|
Unusual Items |
-1,229.0 |
-110.0 |
315.0 |
876.0 |
143.0 |
|
Other Non-Cash Items |
-100.0 |
-349.0 |
-328.0 |
-132.0 |
-29.0 |
|
Non-Cash Items |
-1,329.0 |
-451.0 |
-19.0 |
758.0 |
128.0 |
|
Accounts Receivable |
105.0 |
55.0 |
23.0 |
-92.0 |
18.0 |
|
Inventories |
-202.0 |
52.0 |
90.0 |
-117.0 |
-106.0 |
|
Other Assets |
-43.0 |
45.0 |
16.0 |
-36.0 |
-50.0 |
|
Accounts Payable |
62.0 |
43.0 |
-126.0 |
38.0 |
93.0 |
|
Accrued Expenses |
-170.0 |
-26.0 |
83.0 |
-143.0 |
-270.0 |
|
Taxes Payable |
155.0 |
-274.0 |
33.0 |
18.0 |
-212.0 |
|
Changes in Working Capital |
-93.0 |
-105.0 |
119.0 |
-332.0 |
-527.0 |
|
Cash from Operating Activities |
447.0 |
960.0 |
894.0 |
620.0 |
506.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-337.0 |
-373.0 |
-357.0 |
-454.0 |
-529.0 |
|
Purchase/Acquisition of Intangibles |
-18.0 |
-12.0 |
-22.0 |
-61.0 |
-102.0 |
|
Capital Expenditures |
-355.0 |
-385.0 |
-379.0 |
-515.0 |
-631.0 |
|
Acquisition of Business |
-119.0 |
0.0 |
-10.0 |
0.0 |
0.0 |
|
Sale of Business |
2,305.0 |
204.0 |
53.0 |
55.0 |
346.0 |
|
Sale of Fixed Assets |
14.0 |
22.0 |
38.0 |
38.0 |
70.0 |
|
Sale/Maturity of Investment |
- |
- |
- |
- |
647.0 |
|
Purchase of Investments |
- |
- |
- |
- |
-647.0 |
|
Other Investing Cash Flow |
284.0 |
107.0 |
12.0 |
226.0 |
783.0 |
|
Other Investing Cash Flow Items, Total |
2,484.0 |
333.0 |
93.0 |
319.0 |
1,199.0 |
|
Cash from Investing Activities |
2,129.0 |
-52.0 |
-286.0 |
-196.0 |
568.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
- |
- |
-650.0 |
|
Financing Cash Flow Items |
- |
- |
- |
- |
-650.0 |
|
Cash Dividends Paid - Common |
-285.0 |
-308.0 |
-302.0 |
-296.0 |
-374.0 |
|
Total Cash Dividends Paid |
-285.0 |
-308.0 |
-302.0 |
-296.0 |
-374.0 |
|
Sale/Issuance of
Common |
52.0 |
13.0 |
1.0 |
5.0 |
38.0 |
|
Repurchase/Retirement
of Common |
-1,313.0 |
-500.0 |
-103.0 |
-315.0 |
-686.0 |
|
Common Stock, Net |
-1,261.0 |
-487.0 |
-102.0 |
-310.0 |
-648.0 |
|
Issuance (Retirement) of Stock, Net |
-1,261.0 |
-487.0 |
-102.0 |
-310.0 |
-648.0 |
|
Short Term Debt, Net |
172.0 |
20.0 |
-261.0 |
251.0 |
-1,720.0 |
|
Long Term Debt Issued |
1,054.0 |
466.0 |
439.0 |
0.0 |
2,895.0 |
|
Long Term Debt
Reduction |
-1,431.0 |
-492.0 |
-541.0 |
-1,456.0 |
-416.0 |
|
Long Term Debt, Net |
-377.0 |
-26.0 |
-102.0 |
-1,456.0 |
2,479.0 |
|
Issuance (Retirement) of Debt, Net |
-205.0 |
-6.0 |
-363.0 |
-1,205.0 |
759.0 |
|
Cash from Financing Activities |
-1,751.0 |
-801.0 |
-767.0 |
-1,811.0 |
-913.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
286.0 |
-103.0 |
-172.0 |
165.0 |
128.0 |
|
Net Change in Cash |
1,111.0 |
4.0 |
-331.0 |
-1,222.0 |
289.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
955.0 |
951.0 |
1,282.0 |
2,504.0 |
2,227.0 |
|
Net Cash - Ending Balance |
2,066.0 |
955.0 |
951.0 |
1,282.0 |
2,517.0 |
|
Cash Interest Paid |
123.0 |
131.0 |
156.0 |
247.0 |
270.0 |
|
Cash Taxes Paid |
325.0 |
305.0 |
218.0 |
337.0 |
378.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
Period Length |
39 Weeks |
26 Weeks |
13 Weeks |
52 Weeks |
39 Weeks |
|
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 |
252.0 |
254.0 |
-215.0 |
1,296.0 |
1,183.0 |
|
Depreciation |
197.0 |
122.0 |
61.0 |
302.0 |
225.0 |
|
Depreciation/Depletion |
197.0 |
122.0 |
61.0 |
302.0 |
225.0 |
|
Amortization of Intangibles |
35.0 |
20.0 |
12.0 |
84.0 |
62.0 |
|
Amortization |
35.0 |
20.0 |
12.0 |
84.0 |
62.0 |
|
Deferred Taxes |
25.0 |
33.0 |
-110.0 |
187.0 |
234.0 |
|
Discontinued Operations |
- |
- |
- |
0.0 |
0.0 |
|
Unusual Items |
-353.0 |
-385.0 |
127.0 |
-1,229.0 |
-1,129.0 |
|
Other Non-Cash Items |
-159.0 |
-2.0 |
-123.0 |
-100.0 |
-268.0 |
|
Non-Cash Items |
-512.0 |
-387.0 |
4.0 |
-1,329.0 |
-1,397.0 |
|
Accounts Receivable |
42.0 |
12.0 |
-32.0 |
105.0 |
136.0 |
|
Inventories |
-77.0 |
-115.0 |
-221.0 |
-202.0 |
-268.0 |
|
Other Assets |
31.0 |
-37.0 |
-59.0 |
-43.0 |
-105.0 |
|
Accounts Payable |
-70.0 |
-10.0 |
27.0 |
62.0 |
-10.0 |
|
Accrued Expenses |
-133.0 |
-7.0 |
26.0 |
-170.0 |
-83.0 |
|
Taxes Payable |
70.0 |
148.0 |
287.0 |
155.0 |
315.0 |
|
Changes in Working Capital |
-137.0 |
-9.0 |
28.0 |
-93.0 |
-15.0 |
|
Cash from Operating Activities |
-140.0 |
33.0 |
-220.0 |
447.0 |
292.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-193.0 |
-128.0 |
-55.0 |
-337.0 |
-238.0 |
|
Purchase/Acquisition of Intangibles |
-178.0 |
-19.0 |
-1.0 |
-18.0 |
-14.0 |
|
Capital Expenditures |
-371.0 |
-147.0 |
-56.0 |
-355.0 |
-252.0 |
|
Acquisition of Business |
-29.0 |
-29.0 |
- |
-119.0 |
-32.0 |
|
Sale of Business |
2,035.0 |
1,451.0 |
-16.0 |
2,305.0 |
2,182.0 |
|
Sale of Fixed Assets |
2.0 |
1.0 |
1.0 |
14.0 |
10.0 |
|
Other Investing Cash Flow |
49.0 |
25.0 |
18.0 |
284.0 |
72.0 |
|
Other Investing Cash Flow Items, Total |
2,057.0 |
1,448.0 |
3.0 |
2,484.0 |
2,232.0 |
|
Cash from Investing Activities |
1,686.0 |
1,301.0 |
-53.0 |
2,129.0 |
1,980.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-10.0 |
-10.0 |
-10.0 |
- |
- |
|
Financing Cash Flow Items |
-10.0 |
-10.0 |
-10.0 |
- |
- |
|
Cash Dividends Paid - Common |
-203.0 |
-135.0 |
-68.0 |
-285.0 |
-217.0 |
|
Total Cash Dividends Paid |
-203.0 |
-135.0 |
-68.0 |
-285.0 |
-217.0 |
|
Sale/Issuance of
Common |
62.0 |
36.0 |
29.0 |
52.0 |
20.0 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
-1,313.0 |
-1,313.0 |
|
Common Stock, Net |
62.0 |
36.0 |
29.0 |
-1,261.0 |
-1,293.0 |
|
Issuance (Retirement) of Stock, Net |
62.0 |
36.0 |
29.0 |
-1,261.0 |
-1,293.0 |
|
Short Term Debt, Net |
-109.0 |
-197.0 |
187.0 |
172.0 |
483.0 |
|
Long Term Debt Issued |
173.0 |
142.0 |
30.0 |
1,054.0 |
1,032.0 |
|
Long Term Debt
Reduction |
-715.0 |
-242.0 |
-162.0 |
-1,431.0 |
-1,352.0 |
|
Long Term Debt, Net |
-542.0 |
-100.0 |
-132.0 |
-377.0 |
-320.0 |
|
Issuance (Retirement) of Debt, Net |
-651.0 |
-297.0 |
55.0 |
-205.0 |
163.0 |
|
Cash from Financing Activities |
-802.0 |
-406.0 |
6.0 |
-1,751.0 |
-1,347.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-155.0 |
-243.0 |
-114.0 |
286.0 |
252.0 |
|
Net Change in Cash |
589.0 |
685.0 |
-381.0 |
1,111.0 |
1,177.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2,066.0 |
2,066.0 |
2,066.0 |
955.0 |
955.0 |
|
Net Cash - Ending Balance |
2,655.0 |
2,751.0 |
1,685.0 |
2,066.0 |
2,132.0 |
|
Cash Interest Paid |
- |
- |
- |
123.0 |
- |
|
Cash Taxes Paid |
180.0 |
120.0 |
56.0 |
325.0 |
219.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
Total Revenue |
8,681.0 |
8,339.0 |
8,366.0 |
10,949.0 |
11,983.0 |
|
|
|
|
|
|
|
|
Cost of Sales |
5,868.0 |
5,356.0 |
5,614.0 |
7,008.0 |
7,370.0 |
|
Selling, general and administrative expe |
1,658.0 |
1,794.0 |
1,745.0 |
2,847.0 |
3,905.0 |
|
Significant Items |
58.0 |
23.0 |
20.0 |
- |
- |
|
Media advertising and promotion |
323.0 |
340.0 |
279.0 |
353.0 |
- |
|
Amortization of identifiable intangibles |
22.0 |
21.0 |
21.0 |
48.0 |
- |
|
Mark-to-market derivative (gains)/losses |
-1.0 |
5.0 |
7.0 |
-16.0 |
- |
|
Net charges for exit activities, asset a |
105.0 |
84.0 |
98.0 |
39.0 |
94.0 |
|
Impairment Charges |
21.0 |
28.0 |
314.0 |
851.0 |
172.0 |
|
Contingent Sale Proceeds |
0.0 |
-133.0 |
-150.0 |
-130.0 |
-120.0 |
|
Interest expense |
- |
- |
- |
185.0 |
261.0 |
|
Debt extinguishment costs |
55.0 |
0.0 |
0.0 |
- |
- |
|
Interest Income |
- |
- |
- |
-80.0 |
-128.0 |
|
Total Operating Expense |
8,109.0 |
7,518.0 |
7,948.0 |
11,105.0 |
11,554.0 |
|
|
|
|
|
|
|
|
Interest expense |
-117.0 |
-138.0 |
-161.0 |
- |
- |
|
Interest income |
32.0 |
23.0 |
41.0 |
- |
- |
|
Net Income Before Taxes |
487.0 |
706.0 |
298.0 |
-156.0 |
429.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
149.0 |
124.0 |
114.0 |
120.0 |
-11.0 |
|
Net Income After Taxes |
338.0 |
582.0 |
184.0 |
-276.0 |
440.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
-4.0 |
- |
|
Net Income Before Extra. Items |
338.0 |
582.0 |
184.0 |
-280.0 |
440.0 |
|
Income (loss) from discontinued operatio |
222.0 |
-139.0 |
196.0 |
236.0 |
48.0 |
|
Gain on sale of discontinued operations, |
736.0 |
84.0 |
0.0 |
-24.0 |
16.0 |
|
Minority Interest |
-9.0 |
-21.0 |
-16.0 |
-11.0 |
- |
|
Net Income |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
338.0 |
582.0 |
184.0 |
-280.0 |
440.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
621.0 |
688.0 |
701.0 |
715.0 |
741.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.54 |
0.85 |
0.26 |
-0.39 |
0.59 |
|
Basic EPS Including ExtraOrdinary Item |
2.07 |
0.74 |
0.52 |
-0.11 |
0.68 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
1,287.0 |
506.0 |
364.0 |
-79.0 |
504.0 |
|
Diluted Weighted Average Shares |
625.0 |
691.0 |
703.0 |
715.0 |
743.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.54 |
0.84 |
0.26 |
-0.39 |
0.59 |
|
Diluted EPS Including ExtraOrd Items |
2.06 |
0.73 |
0.52 |
-0.11 |
0.68 |
|
DPS-Common Stock |
0.46 |
0.44 |
0.44 |
0.42 |
0.50 |
|
Gross Dividends - Common Stock |
275.0 |
299.0 |
306.0 |
298.0 |
298.0 |
|
Normalized Income Before Taxes |
724.0 |
708.0 |
580.0 |
606.0 |
575.0 |
|
|
|
|
|
|
|
|
Income tax benefit |
46.0 |
35.0 |
31.0 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
195.0 |
159.0 |
145.0 |
386.7 |
40.1 |
|
Normalized Income After Taxes |
529.0 |
549.0 |
435.0 |
219.3 |
534.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
529.0 |
549.0 |
435.0 |
215.3 |
534.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.85 |
0.80 |
0.62 |
0.30 |
0.72 |
|
Diluted Normalized EPS |
0.85 |
0.79 |
0.62 |
0.30 |
0.72 |
|
Depreciation |
267.0 |
280.0 |
274.0 |
295.0 |
295.0 |
|
Amort of Intangibles |
84.0 |
94.0 |
114.0 |
122.0 |
112.0 |
|
Interest Capitalized |
- |
- |
- |
- |
-20.0 |
|
Interest Expense |
117.0 |
138.0 |
161.0 |
185.0 |
261.0 |
|
Advertising Expense |
199.0 |
202.0 |
152.0 |
177.0 |
158.0 |
|
Rental Expense |
77.0 |
87.0 |
92.0 |
128.0 |
130.0 |
|
Current U.S. Income Tax |
13.0 |
-229.0 |
42.0 |
282.0 |
18.0 |
|
Current Foreign Income Tax |
92.0 |
176.0 |
130.0 |
98.0 |
123.0 |
|
Current State Income Tax |
5.0 |
4.0 |
4.0 |
-10.0 |
-4.0 |
|
Current Tax - Total |
110.0 |
-49.0 |
176.0 |
370.0 |
137.0 |
|
Deferred U.S. Income Tax |
-23.0 |
204.0 |
-48.0 |
-237.0 |
-144.0 |
|
Deferred Foreign Income Tax |
64.0 |
-33.0 |
-13.0 |
-25.0 |
4.0 |
|
Deferred State Income Tax |
-2.0 |
2.0 |
0.0 |
12.0 |
-8.0 |
|
Deferred Tax - Total |
39.0 |
173.0 |
-61.0 |
-250.0 |
-148.0 |
|
Income Tax - Total |
149.0 |
124.0 |
115.0 |
120.0 |
-11.0 |
|
Service Cost - Pension |
7.0 |
17.0 |
21.0 |
81.0 |
97.0 |
|
Interest Cost - Pension |
73.0 |
74.0 |
69.0 |
267.0 |
253.0 |
|
Expected Return on Assets - Pension |
-80.0 |
-65.0 |
-66.0 |
-293.0 |
-279.0 |
|
Amort. of Prior Service Cost - Pension |
1.0 |
-2.0 |
0.0 |
8.0 |
8.0 |
|
Actuarial Gain/Loss - Pension |
12.0 |
33.0 |
-1.0 |
34.0 |
62.0 |
|
Domestic Pension Plan Expense |
13.0 |
57.0 |
23.0 |
97.0 |
141.0 |
|
Service cost - International |
32.0 |
31.0 |
30.0 |
- |
- |
|
Interest cost - International |
161.0 |
166.0 |
166.0 |
- |
- |
|
Expected return on assets - Internationa |
-198.0 |
-176.0 |
-180.0 |
- |
- |
|
Amortization of prior service cost - Int |
5.0 |
7.0 |
8.0 |
- |
- |
|
Net actuarial loss - International |
23.0 |
14.0 |
12.0 |
- |
- |
|
Foreign Pension Plan Expense |
23.0 |
42.0 |
36.0 |
- |
- |
|
Service Cost - Post-Retirement |
2.0 |
6.0 |
3.0 |
8.0 |
8.0 |
|
Interest Cost - Post-Retirement |
5.0 |
-13.0 |
8.0 |
16.0 |
13.0 |
|
Net Amortization & Deferral - Post-Ret. |
-13.0 |
-13.0 |
-11.0 |
-18.0 |
-22.0 |
|
Curtailments - Post-Retirement |
- |
- |
- |
0.0 |
-2.0 |
|
Post-Retirement Plan Expense |
-6.0 |
-20.0 |
0.0 |
6.0 |
-3.0 |
|
Defined Contribution Plan - Pension |
34.0 |
31.0 |
29.0 |
43.0 |
38.0 |
|
Multi-employer Plan |
3.0 |
4.0 |
5.0 |
48.0 |
47.0 |
|
Total Pension Expense |
67.0 |
114.0 |
93.0 |
194.0 |
223.0 |
|
Discount Rate - Pension |
5.40% |
6.50% |
6.70% |
5.40% |
5.10% |
|
Expected Rate of Return - Pension |
7.30% |
7.60% |
7.50% |
6.70% |
6.80% |
|
Compensation Rate - Pension |
- |
3.50% |
3.80% |
3.80% |
3.90% |
|
Discount Rate - Foreign |
5.20% |
6.40% |
6.10% |
- |
- |
|
Expected Rate of Return - Foreign |
6.70% |
6.60% |
6.70% |
- |
- |
|
Compensation Rate - Foreign |
3.30% |
3.30% |
3.30% |
- |
- |
|
Discount Rate - Post-Retirement |
5.10% |
6.30% |
6.40% |
5.70% |
5.50% |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
Period Length |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net sales |
1,899.0 |
2,081.0 |
1,943.0 |
2,297.0 |
1,860.0 |
|
Total Revenue |
1,899.0 |
2,081.0 |
1,943.0 |
2,297.0 |
1,860.0 |
|
|
|
|
|
|
|
|
Cost of sales |
1,312.0 |
1,385.0 |
1,327.0 |
1,603.0 |
1,226.0 |
|
Media advertising and promotion |
69.0 |
93.0 |
90.0 |
- |
73.0 |
|
Selling, general and administrative expe |
386.0 |
404.0 |
360.0 |
503.0 |
361.0 |
|
Mark-to-market derivative (gains) / loss |
-1.0 |
-3.0 |
2.0 |
- |
-2.0 |
|
Amortization of identifiable intangibles |
4.0 |
3.0 |
3.0 |
- |
4.0 |
|
Significant Items |
- |
- |
- |
37.0 |
- |
|
Net charges for exit activities, asset a |
63.0 |
84.0 |
32.0 |
57.0 |
4.0 |
|
Impairment charges |
0.0 |
14.0 |
18.0 |
21.0 |
0.0 |
|
Contingent sale proceeds |
- |
- |
- |
0.0 |
- |
|
Debt extinguishment costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Expense |
1,833.0 |
1,980.0 |
1,832.0 |
2,221.0 |
1,666.0 |
|
|
|
|
|
|
|
|
Interest expense |
-29.0 |
-29.0 |
-30.0 |
-30.0 |
-25.0 |
|
Interest Income |
11.0 |
11.0 |
9.0 |
10.0 |
9.0 |
|
Net Income Before Taxes |
48.0 |
83.0 |
90.0 |
56.0 |
178.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
10.0 |
50.0 |
124.0 |
8.0 |
54.0 |
|
Net Income After Taxes |
38.0 |
33.0 |
-34.0 |
48.0 |
124.0 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
38.0 |
33.0 |
-34.0 |
48.0 |
124.0 |
|
Income from discontinued operations, net |
20.0 |
65.0 |
-273.0 |
-63.0 |
3.0 |
|
Gain on sale of discontinued operations, |
-60.0 |
371.0 |
92.0 |
128.0 |
29.0 |
|
Discontinued non controlling interest |
0.0 |
-1.0 |
-2.0 |
-2.0 |
-3.0 |
|
Net Income |
-2.0 |
468.0 |
-217.0 |
111.0 |
153.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
38.0 |
33.0 |
-34.0 |
48.0 |
124.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-2.0 |
468.0 |
-217.0 |
111.0 |
153.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
593.0 |
592.0 |
591.0 |
588.0 |
605.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.06 |
0.06 |
-0.06 |
0.08 |
0.20 |
|
Basic EPS Including ExtraOrdinary Item |
0.00 |
0.79 |
-0.37 |
0.19 |
0.25 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
-2.0 |
468.0 |
-217.0 |
111.0 |
153.0 |
|
Diluted Weighted Average Shares |
597.0 |
595.0 |
591.0 |
592.0 |
609.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.06 |
0.06 |
-0.06 |
0.08 |
0.20 |
|
Diluted EPS Including ExtraOrd Items |
0.00 |
0.79 |
-0.37 |
0.19 |
0.25 |
|
DPS-Common Stock |
0.12 |
0.12 |
0.00 |
0.23 |
0.12 |
|
Gross Dividends - Common Stock |
69.0 |
69.0 |
0.0 |
133.0 |
73.0 |
|
Normalized Income Before Taxes |
177.0 |
181.0 |
140.0 |
171.0 |
195.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
36.9 |
84.3 |
141.5 |
24.4 |
59.2 |
|
Normalized Income After Taxes |
140.1 |
96.7 |
-1.5 |
146.6 |
135.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
140.1 |
96.7 |
-1.5 |
146.6 |
135.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.24 |
0.16 |
0.00 |
0.25 |
0.22 |
|
Diluted Normalized EPS |
0.23 |
0.16 |
0.00 |
0.25 |
0.22 |
|
Interest Expense |
29.0 |
29.0 |
30.0 |
30.0 |
25.0 |
|
Depreciation |
75.0 |
61.0 |
61.0 |
- |
70.0 |
|
Amort of Intangibles |
15.0 |
8.0 |
12.0 |
- |
20.0 |
|
Advertising Expense |
69.0 |
93.0 |
90.0 |
- |
73.0 |
|
Service Cost - Pension |
3.0 |
2.0 |
2.0 |
- |
2.0 |
|
Interest Cost - Pension |
18.0 |
18.0 |
19.0 |
- |
18.0 |
|
Expected Return on Assets - Pension |
-23.0 |
-21.0 |
-20.0 |
- |
-21.0 |
|
Amort. of Prior Service Cost - Pension |
1.0 |
0.0 |
0.0 |
- |
1.0 |
|
Amort. of Actuarial Gain/Loss - Pension |
0.0 |
1.0 |
1.0 |
- |
3.0 |
|
Domestic Pension Plan Expense |
-1.0 |
0.0 |
2.0 |
- |
3.0 |
|
Service cost |
7.0 |
6.0 |
7.0 |
- |
6.0 |
|
Interest cost |
55.0 |
41.0 |
42.0 |
- |
54.0 |
|
Expected return on plan assets |
-64.0 |
-54.0 |
-56.0 |
- |
-61.0 |
|
Prior service cost (benefit) |
1.0 |
1.0 |
1.0 |
- |
1.0 |
|
Net actuarial loss |
2.0 |
2.0 |
2.0 |
- |
10.0 |
|
Foreign Pension Plan Expense |
1.0 |
-4.0 |
-4.0 |
- |
10.0 |
|
Service Cost - Post-Retirement |
1.0 |
1.0 |
0.0 |
- |
0.0 |
|
Interest Cost - Post-Retirement |
1.0 |
1.0 |
1.0 |
- |
1.0 |
|
Amort. of Prior Service Cost - Post-Ret. |
- |
-3.0 |
-3.0 |
- |
- |
|
Net amortization and deferral - Post-Ret |
-4.0 |
- |
- |
- |
-4.0 |
|
Post-Retirement Plan Expense |
-2.0 |
-1.0 |
-2.0 |
- |
-3.0 |
|
Total Pension Expense |
-2.0 |
-5.0 |
-4.0 |
- |
10.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and equivalents |
2,066.0 |
955.0 |
951.0 |
1,284.0 |
2,517.0 |
|
Rcvbl., Gross |
970.0 |
1,097.0 |
1,344.0 |
1,582.0 |
1,359.0 |
|
Doubtful Account |
-41.0 |
-62.0 |
-72.0 |
-91.0 |
-82.0 |
|
Finished Goods |
485.0 |
386.0 |
443.0 |
775.0 |
712.0 |
|
Work in Process |
36.0 |
31.0 |
32.0 |
43.0 |
34.0 |
|
Materials/Suppl. |
455.0 |
278.0 |
291.0 |
402.0 |
294.0 |
|
Current Deferred Income Taxes |
54.0 |
241.0 |
213.0 |
111.0 |
33.0 |
|
Other |
274.0 |
363.0 |
250.0 |
361.0 |
277.0 |
|
Assets of Dis. Operations held for Sale |
285.0 |
491.0 |
378.0 |
- |
64.0 |
|
Total Current Assets |
4,584.0 |
3,780.0 |
3,830.0 |
4,467.0 |
5,208.0 |
|
|
|
|
|
|
|
|
Other |
- |
- |
- |
233.0 |
194.0 |
|
Deferred income taxes |
256.0 |
225.0 |
298.0 |
295.0 |
137.0 |
|
Land |
66.0 |
56.0 |
94.0 |
122.0 |
107.0 |
|
Build./Improv. |
1,274.0 |
1,180.0 |
1,365.0 |
1,506.0 |
1,402.0 |
|
Mach./Equip. |
2,645.0 |
2,407.0 |
3,334.0 |
3,631.0 |
3,498.0 |
|
Const. In Prog. |
119.0 |
185.0 |
183.0 |
185.0 |
223.0 |
|
Depreciation |
-2,456.0 |
-2,230.0 |
-2,776.0 |
-2,925.0 |
-2,837.0 |
|
Trademarks |
- |
- |
- |
- |
1,002.0 |
|
Intangible, gross |
794.0 |
617.0 |
1,050.0 |
1,825.0 |
- |
|
Accumulated Amortization |
-528.0 |
-430.0 |
-518.0 |
-804.0 |
- |
|
Trademarks and brand names |
56.0 |
54.0 |
55.0 |
- |
- |
|
Assets of Discontinued Operations |
- |
- |
- |
- |
121.0 |
|
Other noncurrent assets |
521.0 |
150.0 |
245.0 |
- |
- |
|
Assets held for sale |
- |
- |
- |
72.0 |
2.0 |
|
Noncurrent assets held for sale |
1,391.0 |
2,123.0 |
964.0 |
- |
- |
|
Goodwill |
811.0 |
719.0 |
1,295.0 |
2,223.0 |
2,698.0 |
|
Total Assets |
9,533.0 |
8,836.0 |
9,419.0 |
10,830.0 |
11,755.0 |
|
|
|
|
|
|
|
|
Notes Payable |
238.0 |
47.0 |
20.0 |
280.0 |
23.0 |
|
Accounts Payable |
954.0 |
896.0 |
1,004.0 |
1,258.0 |
1,127.0 |
|
Payroll and Employee Benefits |
356.0 |
352.0 |
642.0 |
726.0 |
635.0 |
|
Advertising and Promotion |
289.0 |
339.0 |
287.0 |
440.0 |
389.0 |
|
Taxes Other than Payroll and Income |
- |
- |
- |
- |
60.0 |
|
Income taxes payable and current deferre |
469.0 |
8.0 |
22.0 |
3.0 |
89.0 |
|
Other accrued liabilities |
1,036.0 |
480.0 |
538.0 |
507.0 |
590.0 |
|
Current maturities of long-term debt |
473.0 |
2.0 |
46.0 |
568.0 |
1,427.0 |
|
Liabilities of Discontinued Operations |
- |
- |
- |
- |
48.0 |
|
Liabilities held for sale |
307.0 |
460.0 |
287.0 |
17.0 |
0.0 |
|
Total Current Liabilities |
4,122.0 |
2,584.0 |
2,846.0 |
3,799.0 |
4,388.0 |
|
|
|
|
|
|
|
|
Long-term debt |
1,936.0 |
2,627.0 |
2,738.0 |
2,340.0 |
2,770.0 |
|
Total Long Term Debt |
1,936.0 |
2,627.0 |
2,738.0 |
2,340.0 |
2,770.0 |
|
|
|
|
|
|
|
|
Deferred income taxes |
184.0 |
492.0 |
106.0 |
177.0 |
128.0 |
|
Pension obligation |
218.0 |
449.0 |
595.0 |
405.0 |
662.0 |
|
Other liabilities |
826.0 |
757.0 |
1,051.0 |
1,279.0 |
1,157.0 |
|
Noncurrent liabilities held for sale |
273.0 |
412.0 |
13.0 |
- |
93.0 |
|
Noncontrolling interest |
29.0 |
28.0 |
34.0 |
19.0 |
14.0 |
|
Total Liabilities |
7,588.0 |
7,349.0 |
7,383.0 |
8,019.0 |
9,212.0 |
|
|
|
|
|
|
|
|
Common Stock |
6.0 |
7.0 |
7.0 |
7.0 |
7.0 |
|
Capital surplus |
39.0 |
17.0 |
17.0 |
7.0 |
0.0 |
|
Retained Erngs. |
2,233.0 |
2,472.0 |
2,721.0 |
2,760.0 |
3,413.0 |
|
Unearned Stock |
-77.0 |
-97.0 |
-104.0 |
-112.0 |
-123.0 |
|
Cumm. Translation Adjustments |
228.0 |
-104.0 |
-22.0 |
539.0 |
- |
|
Net Unrealized Gain/Loss |
6.0 |
-1.0 |
-11.0 |
21.0 |
- |
|
Pension/Post-retirement Liability |
-490.0 |
-807.0 |
-572.0 |
-411.0 |
- |
|
Comp. Income |
- |
- |
- |
- |
-754.0 |
|
Total Equity |
1,945.0 |
1,487.0 |
2,036.0 |
2,811.0 |
2,543.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
9,533.0 |
8,836.0 |
9,419.0 |
10,830.0 |
11,755.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
587.1 |
662.1 |
695.7 |
706.4 |
724.4 |
|
Total Common Shares Outstanding |
587.1 |
662.1 |
695.7 |
706.4 |
724.4 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Accumulated Amortization of Intangible |
528.0 |
430.0 |
518.0 |
804.0 |
664.0 |
|
Full-Time Employees |
21,000 |
21,000 |
22,000 |
24,000 |
25,000 |
|
Number of Common Shareholders |
59,926 |
64,300 |
67,091 |
70,000 |
76,000 |
|
Long Term Debt Due within 1 Year |
- |
- |
- |
568.0 |
- |
|
Long Term Debt Due within 2 Years |
473.0 |
- |
- |
52.0 |
- |
|
Long Term Debt Due within 3 Years |
521.0 |
- |
- |
20.0 |
- |
|
Long Term Debt Due within 4 Years |
20.0 |
- |
- |
1,128.0 |
- |
|
Long Term Debt Due within 5 Years |
77.0 |
- |
- |
517.0 |
- |
|
Long Term Debt Maturing in Year 6 |
405.0 |
- |
- |
- |
- |
|
Long Term Debt Due After 5 Years |
913.0 |
- |
- |
623.0 |
- |
|
Total Long Term Debt, Supplemental |
2,409.0 |
- |
- |
2,908.0 |
- |
|
Capital Leases due within 1 Year |
1.0 |
- |
- |
- |
- |
|
Capital Leases due within 2 Years |
1.0 |
- |
- |
- |
- |
|
Capital Leases due within 3 Years |
1.0 |
- |
- |
- |
- |
|
Capital Leases due within 4 Years |
0.0 |
- |
- |
- |
- |
|
Capital Leases due within 5 Years |
0.0 |
- |
- |
- |
- |
|
Capital Lease Due After 5 Year |
0.0 |
- |
- |
- |
- |
|
Less: Interest |
0.0 |
- |
- |
- |
- |
|
Total Capital Leases |
3.0 |
- |
- |
- |
- |
|
Operating Leases due within 1 Year |
58.0 |
80.0 |
- |
116.0 |
- |
|
Operating Leases due within 2 Years |
43.0 |
57.0 |
- |
76.0 |
- |
|
Operating Leases due within 3 Years |
31.0 |
42.0 |
- |
53.0 |
- |
|
Operating Leases due within 4 Years |
25.0 |
28.0 |
- |
33.0 |
- |
|
Operating Leases due within 5 Years |
17.0 |
21.0 |
- |
26.0 |
- |
|
Operating Lease Due After 5 Year |
69.0 |
69.0 |
- |
102.0 |
- |
|
Total Operating Leases |
243.0 |
297.0 |
- |
406.0 |
- |
|
Projected Benefit Obligation - Pension |
1,370.0 |
1,372.0 |
4,218.0 |
4,744.0 |
4,926.0 |
|
FV of Plan Assets - Pension |
1,249.0 |
1,127.0 |
3,752.0 |
4,423.0 |
4,346.0 |
|
Funded Status - Pension |
-121.0 |
-245.0 |
-466.0 |
-321.0 |
-580.0 |
|
Projected Benefit Obligation - Internati |
3,113.0 |
2,963.0 |
- |
- |
- |
|
FV of Plan Assets - International |
3,272.0 |
2,760.0 |
- |
- |
- |
|
Funded Status - International |
159.0 |
-203.0 |
- |
- |
- |
|
Accumulated Benefit Obligation - Pension |
1,370.0 |
1,372.0 |
4,089.0 |
4,543.0 |
4,716.0 |
|
Plan Assets - International |
3,049.0 |
2,875.0 |
- |
- |
- |
|
Projected Benefit Obligation - Post-Ret. |
93.0 |
104.0 |
164.0 |
252.0 |
279.0 |
|
FV of Plan Assets - Post-Retirement |
1.0 |
0.0 |
0.0 |
1.0 |
1.0 |
|
Funded Status - Post-Retirement |
-92.0 |
-104.0 |
-164.0 |
-251.0 |
-278.0 |
|
Accumulated Benefit Obligation - Post-Re |
-92.0 |
-104.0 |
164.0 |
252.0 |
279.0 |
|
Total Funded Status |
-54.0 |
-552.0 |
-630.0 |
-572.0 |
-858.0 |
|
Discount Rate - Pension |
5.60% |
5.40% |
6.50% |
6.30% |
5.10% |
|
Compensation Rate - Pension |
- |
- |
3.50% |
3.70% |
3.80% |
|
Discount Rate - Foreign |
5.60% |
5.20% |
6.40% |
- |
- |
|
Compensation Rate - Foreign |
3.10% |
3.30% |
3.30% |
- |
- |
|
Discount Rate - Post-Retirement |
5.30% |
5.10% |
6.30% |
6.40% |
5.70% |
|
Non Current Asset - Pension |
7.0 |
0.0 |
133.0 |
93.0 |
84.0 |
|
Accrued Benefit Liability - Pension |
-6.0 |
-5.0 |
-4.0 |
-9.0 |
-2.0 |
|
Pension Obligations |
-122.0 |
-240.0 |
-595.0 |
-405.0 |
-662.0 |
|
Non Current Asset - International |
258.0 |
7.0 |
- |
- |
- |
|
Accrued Benefit Liability - Internationa |
-3.0 |
-1.0 |
- |
- |
- |
|
Pension Obligations |
-96.0 |
-209.0 |
- |
- |
- |
|
Other Comprensive Inc./Loss - Pension |
- |
- |
- |
- |
0.0 |
|
AOCI-Prior Service Cost - Pension |
7.0 |
4.0 |
74.0 |
93.0 |
84.0 |
|
AOCI-Net Actuarial Loss - Pension |
215.0 |
353.0 |
883.0 |
570.0 |
746.0 |
|
AOCI-Prior Service Cost - International |
20.0 |
45.0 |
- |
- |
- |
|
AOCI-Net Actuarial Loss - International |
500.0 |
679.0 |
- |
- |
- |
|
Accrued Liabilities - Post-Retirement |
-7.0 |
-9.0 |
-12.0 |
-17.0 |
-18.0 |
|
Other Liabilities - Post-Retirement |
-85.0 |
-95.0 |
-152.0 |
-234.0 |
-260.0 |
|
AOCI-Prior Service Cost - Post-Ret. |
-137.0 |
-157.0 |
-197.0 |
-167.0 |
-186.0 |
|
AOCI-Net Actuarial Loss - Post-Ret. |
26.0 |
51.0 |
25.0 |
37.0 |
86.0 |
|
AOCI-Transition Obligation - Post-Ret. |
-3.0 |
-5.0 |
-7.0 |
-9.0 |
-11.0 |
|
Net Assets Recognized on Balance Sheet |
574.0 |
418.0 |
148.0 |
-48.0 |
-139.0 |
|
Equity Securities % - Pension |
3.00% |
4.00% |
24.00% |
40.00% |
43.00% |
|
Debt Securities % - Pension |
89.00% |
84.00% |
63.00% |
46.00% |
32.00% |
|
Real Estate % - Pension |
2.00% |
2.00% |
3.00% |
2.00% |
3.00% |
|
Cash and Other % - Pension |
6.00% |
10.00% |
10.00% |
12.00% |
22.00% |
|
Equity % - Foreign |
25.00% |
22.00% |
- |
- |
- |
|
Debt Securities % - Foreign |
66.00% |
69.00% |
- |
- |
- |
|
Real Estate % - Foreign |
2.00% |
3.00% |
- |
- |
- |
|
Other Investments % - Foreign |
7.00% |
6.00% |
- |
- |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash and equivalents |
2,655.0 |
2,751.0 |
1,685.0 |
2,066.0 |
2,132.0 |
|
Trade accounts receivable, less allowanc |
734.0 |
760.0 |
766.0 |
828.0 |
925.0 |
|
Finished Goods |
435.0 |
428.0 |
474.0 |
423.0 |
504.0 |
|
Work in Proc. |
34.0 |
31.0 |
38.0 |
36.0 |
32.0 |
|
Materials/Supplies |
438.0 |
458.0 |
513.0 |
425.0 |
505.0 |
|
Current Deferred Income Taxes |
35.0 |
26.0 |
43.0 |
42.0 |
75.0 |
|
Receivable for proceeds on disposition |
- |
376.0 |
552.0 |
0.0 |
- |
|
Other Current |
324.0 |
349.0 |
297.0 |
261.0 |
314.0 |
|
Assets held for sale |
5.0 |
78.0 |
511.0 |
503.0 |
308.0 |
|
Total Current Assets |
4,660.0 |
5,257.0 |
4,879.0 |
4,584.0 |
4,795.0 |
|
|
|
|
|
|
|
|
Property |
3,420.0 |
3,327.0 |
3,349.0 |
3,437.0 |
4,249.0 |
|
Accumulated depreciation |
-2,120.0 |
-2,036.0 |
-2,028.0 |
-2,057.0 |
-2,519.0 |
|
Trademarks |
400.0 |
247.0 |
258.0 |
282.0 |
272.0 |
|
Goodwill |
599.0 |
592.0 |
597.0 |
624.0 |
1,019.0 |
|
Deferred income taxes |
139.0 |
145.0 |
185.0 |
260.0 |
345.0 |
|
Pension asset |
427.0 |
354.0 |
- |
265.0 |
- |
|
Other noncurrent assets |
244.0 |
223.0 |
583.0 |
236.0 |
240.0 |
|
Noncurrent assets held for sale |
5.0 |
77.0 |
1,229.0 |
1,902.0 |
1,211.0 |
|
Total Assets |
7,774.0 |
8,186.0 |
9,052.0 |
9,533.0 |
9,612.0 |
|
|
|
|
|
|
|
|
Notes Payable |
187.0 |
122.0 |
439.0 |
238.0 |
605.0 |
|
Accounts payable |
693.0 |
728.0 |
740.0 |
875.0 |
856.0 |
|
Income Tax Payable/Current Deferred Tax |
615.0 |
594.0 |
439.0 |
468.0 |
482.0 |
|
Other accrued liabilities |
1,061.0 |
1,176.0 |
1,299.0 |
1,576.0 |
1,730.0 |
|
Current maturities of long-term debt |
985.0 |
390.0 |
443.0 |
473.0 |
462.0 |
|
Current Liabilities Held for Sale |
0.0 |
70.0 |
533.0 |
492.0 |
318.0 |
|
Total Current Liabilities |
3,541.0 |
3,080.0 |
3,893.0 |
4,122.0 |
4,453.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
954.0 |
1,935.0 |
1,935.0 |
1,935.0 |
1,932.0 |
|
Total Long Term Debt |
954.0 |
1,935.0 |
1,935.0 |
1,935.0 |
1,932.0 |
|
|
|
|
|
|
|
|
Pension Liab. |
225.0 |
240.0 |
206.0 |
216.0 |
370.0 |
|
Deferred income taxes |
211.0 |
212.0 |
362.0 |
179.0 |
93.0 |
|
Noncurrent liabilities held for sale |
0.0 |
3.0 |
294.0 |
284.0 |
333.0 |
|
Other Liabilities |
698.0 |
712.0 |
726.0 |
823.0 |
857.0 |
|
Minority Interest |
0.0 |
0.0 |
29.0 |
29.0 |
28.0 |
|
Total Liabilities |
5,629.0 |
6,182.0 |
7,445.0 |
7,588.0 |
8,066.0 |
|
|
|
|
|
|
|
|
Common Stock |
6.0 |
6.0 |
6.0 |
6.0 |
6.0 |
|
Capital Surplus |
87.0 |
58.0 |
58.0 |
39.0 |
0.0 |
|
Retained Earnings |
2,337.0 |
2,408.0 |
2,009.0 |
2,233.0 |
2,258.0 |
|
Unearned Stock |
-72.0 |
-72.0 |
-77.0 |
-77.0 |
-93.0 |
|
Accumulated Other Comp. Income |
-213.0 |
-396.0 |
-389.0 |
-256.0 |
-625.0 |
|
Total Equity |
2,145.0 |
2,004.0 |
1,607.0 |
1,945.0 |
1,546.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
7,774.0 |
8,186.0 |
9,052.0 |
9,533.0 |
9,612.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
593.4 |
591.6 |
590.7 |
587.1 |
585.1 |
|
Total Common Shares Outstanding |
593.4 |
591.6 |
590.7 |
587.1 |
585.1 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Long-Term Debt Maturing Within 1 Year |
976.0 |
390.0 |
443.0 |
- |
0.0 |
|
Long-Term Debt Maturing Within 2 Years |
10.0 |
518.0 |
520.0 |
473.0 |
462.0 |
|
Long-Term Debt Maturing Within 3 Years |
21.0 |
20.0 |
20.0 |
521.0 |
520.0 |
|
Long-Term Debt Maturing Within 4 Years |
84.0 |
81.0 |
79.0 |
20.0 |
20.0 |
|
Long-Term Debt Maturing Within 5 Years |
404.0 |
404.0 |
404.0 |
77.0 |
75.0 |
|
Long-Term Debt Maturing Within 6 Years |
2.0 |
2.0 |
2.0 |
405.0 |
404.0 |
|
Long-Term Debt Maturing Thereafter |
442.0 |
910.0 |
910.0 |
913.0 |
913.0 |
|
Total Long Term Debt, Supplemental |
1,939.0 |
2,325.0 |
2,378.0 |
2,409.0 |
2,394.0 |
|
Operating Lease Maturing Within 1 Year |
13.0 |
25.0 |
37.0 |
58.0 |
23.0 |
|
Operating Lease Maturing Within 2 Years |
44.0 |
41.0 |
41.0 |
43.0 |
65.0 |
|
Operating Lease Maturing Within 3 Years |
35.0 |
31.0 |
31.0 |
31.0 |
48.0 |
|
Operating Lease Maturing Within 4 Years |
23.0 |
25.0 |
24.0 |
25.0 |
37.0 |
|
Operating Lease Maturing Within 5 Years |
18.0 |
20.0 |
17.0 |
17.0 |
30.0 |
|
Operating Lease Maturing Within 6 Years |
12.0 |
14.0 |
14.0 |
- |
18.0 |
|
Operating Lease Maturing Thereafter |
82.0 |
54.0 |
54.0 |
69.0 |
98.0 |
|
Total Operating Leases |
227.0 |
210.0 |
218.0 |
243.0 |
319.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
02-Jul-2011 |
03-Jul-2010 |
27-Jun-2009 |
28-Jun-2008 |
30-Jun-2007 |
|
Period Length |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
1,296.0 |
527.0 |
380.0 |
-64.0 |
504.0 |
|
Depreciation |
302.0 |
368.0 |
383.0 |
403.0 |
420.0 |
|
Cash Received from Contingent Sale |
0.0 |
-133.0 |
-150.0 |
-130.0 |
-120.0 |
|
Amortization Intang. |
84.0 |
94.0 |
114.0 |
122.0 |
119.0 |
|
Impairment |
21.0 |
28.0 |
314.0 |
851.0 |
172.0 |
|
Unusual Items |
-1,305.0 |
-138.0 |
1.0 |
25.0 |
-29.0 |
|
Debt extinguishment costs |
55.0 |
0.0 |
0.0 |
- |
- |
|
Pension payments net of expense |
-80.0 |
-211.0 |
-232.0 |
-68.0 |
- |
|
Deferred Income Tax |
187.0 |
527.0 |
-83.0 |
-267.0 |
-138.0 |
|
Non-Cash Charges |
-20.0 |
-5.0 |
54.0 |
66.0 |
91.0 |
|
Accounts Receivable |
105.0 |
55.0 |
23.0 |
-92.0 |
18.0 |
|
Inventories |
-202.0 |
52.0 |
90.0 |
-117.0 |
-106.0 |
|
Other current assets |
-43.0 |
45.0 |
16.0 |
-36.0 |
-50.0 |
|
Accounts payable |
62.0 |
43.0 |
-126.0 |
38.0 |
93.0 |
|
Accrued liabilities |
-170.0 |
-26.0 |
83.0 |
-143.0 |
-270.0 |
|
Accrued Taxes |
155.0 |
-274.0 |
33.0 |
18.0 |
-212.0 |
|
Add: Cash balance of discontinued operat |
0.0 |
8.0 |
2.0 |
- |
- |
|
Cash-Disc. Ops. |
0.0 |
0.0 |
-8.0 |
14.0 |
14.0 |
|
Cash from Operating Activities |
447.0 |
960.0 |
894.0 |
620.0 |
506.0 |
|
|
|
|
|
|
|
|
Purchases of Software & Other Intangibe |
-18.0 |
-12.0 |
-22.0 |
-61.0 |
-102.0 |
|
Capital Expenditure |
-337.0 |
-373.0 |
-357.0 |
-454.0 |
-529.0 |
|
Acq. of Business |
-119.0 |
0.0 |
-10.0 |
0.0 |
0.0 |
|
Deposit on business disposition |
203.0 |
0.0 |
0.0 |
- |
- |
|
Disposition of Bus. |
2,305.0 |
204.0 |
53.0 |
55.0 |
346.0 |
|
Cash Received from Contingent Sale |
0.0 |
133.0 |
150.0 |
130.0 |
120.0 |
|
Cash Received from Notes Receivable |
- |
- |
- |
- |
688.0 |
|
Sales of Assets |
14.0 |
22.0 |
38.0 |
38.0 |
70.0 |
|
Cash Received - Maturing ST Investment |
- |
- |
- |
- |
647.0 |
|
Cash used to Invest in ST Investment |
- |
- |
- |
- |
-647.0 |
|
Cash used in Derivative Transactions |
81.0 |
-26.0 |
-138.0 |
96.0 |
-25.0 |
|
Cash from Investing Activities |
2,129.0 |
-52.0 |
-286.0 |
-196.0 |
568.0 |
|
|
|
|
|
|
|
|
Issuances of common stock |
52.0 |
13.0 |
1.0 |
5.0 |
38.0 |
|
Purch. Common Stock |
-1,313.0 |
-500.0 |
-103.0 |
-315.0 |
-686.0 |
|
Borrowings of other debt |
1,054.0 |
466.0 |
439.0 |
0.0 |
2,895.0 |
|
Repay. LT Debt |
-1,431.0 |
-492.0 |
-541.0 |
-1,456.0 |
-416.0 |
|
Cash transferred to Hanesbrands Inc in s |
- |
- |
- |
- |
-650.0 |
|
ST Borrowings |
172.0 |
20.0 |
-261.0 |
251.0 |
-1,720.0 |
|
Dividend Paid |
-285.0 |
-308.0 |
-302.0 |
-296.0 |
-374.0 |
|
Cash from Financing Activities |
-1,751.0 |
-801.0 |
-767.0 |
-1,811.0 |
-913.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
286.0 |
-103.0 |
-172.0 |
165.0 |
128.0 |
|
Net Change in Cash |
1,111.0 |
4.0 |
-331.0 |
-1,222.0 |
289.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
955.0 |
951.0 |
1,282.0 |
2,504.0 |
2,227.0 |
|
Net Cash - Ending Balance |
2,066.0 |
955.0 |
951.0 |
1,282.0 |
2,517.0 |
|
Cash Interest Paid |
123.0 |
131.0 |
156.0 |
247.0 |
270.0 |
|
Cash Taxes Paid |
325.0 |
305.0 |
218.0 |
337.0 |
378.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
Period Length |
39 Weeks |
26 Weeks |
13 Weeks |
52 Weeks |
39 Weeks |
|
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 |
252.0 |
254.0 |
-215.0 |
1,296.0 |
1,183.0 |
|
Depreciation |
197.0 |
122.0 |
61.0 |
302.0 |
225.0 |
|
Less: Cash received from contingent sale |
- |
- |
- |
0.0 |
0.0 |
|
Amortization Intang. |
35.0 |
20.0 |
12.0 |
84.0 |
62.0 |
|
Impairment charge |
418.0 |
417.0 |
389.0 |
21.0 |
0.0 |
|
Net (gain) loss on business dispositions |
-771.0 |
-802.0 |
-262.0 |
-1,305.0 |
-1,184.0 |
|
Pension payments net of expense |
- |
- |
- |
-80.0 |
-76.0 |
|
Pension contributions, net of expense |
-197.0 |
-127.0 |
-117.0 |
- |
- |
|
Refundable tax on Senseo payments |
-43.0 |
- |
- |
- |
0.0 |
|
Increase in deferred income taxes for un |
25.0 |
33.0 |
8.0 |
187.0 |
234.0 |
|
Increase in deferred income taxes for ta |
- |
- |
-118.0 |
- |
- |
|
Tax benefit on Fresh Bakery disposition |
122.0 |
80.0 |
- |
- |
-227.0 |
|
Debt extinguishment costs |
0.0 |
0.0 |
0.0 |
55.0 |
55.0 |
|
Other |
-41.0 |
45.0 |
-6.0 |
-20.0 |
35.0 |
|
Accounts Receivable |
42.0 |
12.0 |
-32.0 |
105.0 |
136.0 |
|
(Increase) in inventories |
-77.0 |
-115.0 |
-221.0 |
-202.0 |
-268.0 |
|
Other Current Assets |
31.0 |
-37.0 |
-59.0 |
-43.0 |
-105.0 |
|
Accounts Payable |
-70.0 |
-10.0 |
27.0 |
62.0 |
-10.0 |
|
Accrued Liabilities |
-133.0 |
-7.0 |
26.0 |
-170.0 |
-83.0 |
|
Accrued Income Tax |
70.0 |
148.0 |
287.0 |
155.0 |
315.0 |
|
Add: Cash balance of discontinued operat |
- |
- |
- |
0.0 |
0.0 |
|
Less: Cash balances of discontinued oper |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Operating Activities |
-140.0 |
33.0 |
-220.0 |
447.0 |
292.0 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-193.0 |
-128.0 |
-55.0 |
-337.0 |
-238.0 |
|
Purchases of software and other intangib |
-178.0 |
-19.0 |
-1.0 |
-18.0 |
-14.0 |
|
Acquisition of businesses and investment |
-29.0 |
-29.0 |
- |
-119.0 |
-32.0 |
|
Deposit on business disposition |
- |
- |
- |
203.0 |
- |
|
Dispositions of Businesses & Investments |
2,035.0 |
1,451.0 |
-16.0 |
2,305.0 |
2,182.0 |
|
Cash received from contingent sale proce |
- |
- |
- |
0.0 |
0.0 |
|
Cash Received from(used in) Derivative |
49.0 |
25.0 |
18.0 |
81.0 |
72.0 |
|
Sales of Property |
2.0 |
1.0 |
1.0 |
14.0 |
10.0 |
|
Cash from Investing Activities |
1,686.0 |
1,301.0 |
-53.0 |
2,129.0 |
1,980.0 |
|
|
|
|
|
|
|
|
Issuances of common stock |
62.0 |
36.0 |
29.0 |
52.0 |
20.0 |
|
Purchase Comm. Stk. |
0.0 |
0.0 |
0.0 |
-1,313.0 |
-1,313.0 |
|
Borrowings of other debt |
173.0 |
142.0 |
30.0 |
1,054.0 |
1,032.0 |
|
Repayments of other debt |
-715.0 |
-242.0 |
-162.0 |
-1,431.0 |
-1,352.0 |
|
Purchase of noncontrolling interest |
-10.0 |
-10.0 |
-10.0 |
- |
- |
|
Net change in financing with less than 9 |
-109.0 |
-197.0 |
187.0 |
172.0 |
483.0 |
|
Dividends Paid |
-203.0 |
-135.0 |
-68.0 |
-285.0 |
-217.0 |
|
Cash from Financing Activities |
-802.0 |
-406.0 |
6.0 |
-1,751.0 |
-1,347.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-155.0 |
-243.0 |
-114.0 |
286.0 |
252.0 |
|
Net Change in Cash |
589.0 |
685.0 |
-381.0 |
1,111.0 |
1,177.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2,066.0 |
2,066.0 |
2,066.0 |
955.0 |
955.0 |
|
Cash and equivalents at end of year |
2,655.0 |
2,751.0 |
1,685.0 |
2,066.0 |
2,132.0 |
|
Cash Interest Paid |
- |
- |
- |
123.0 |
- |
|
Cash Taxes Paid |
180.0 |
120.0 |
56.0 |
325.0 |
219.0 |
|
|
|
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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Standard & Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
·
More broadly, the downgrade reflects our view that the
effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
·
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
·
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and convertibility (T&C) assessment
of the U.S.--our assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure foreign
exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political brinksmanship of recent months
highlights what we see as America's governance and policymaking becoming less
stable, less effective, and less predictable than what we previously believed.
The statutory debt ceiling and the threat of default have become political
bargaining chips in the debate over fiscal policy. Despite this year's
wide-ranging debate, in our view, the differences between political parties
have proven to be extraordinarily difficult to bridge, and, as we see it, the
resulting agreement fell well short of the comprehensive fiscal consolidation
program that some proponents had envisaged until quite recently. Republicans
and Democrats have only been able to agree to relatively modest savings on
discretionary spending while delegating to the Select Committee decisions on
more comprehensive measures. It appears that for now, new revenues have dropped
down on the menu of policy options. In addition, the plan envisions only minor
policy changes on Medicare and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the debate
over how to achieve more balanced and dynamic economic growth in an era of
fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 SC’s 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.