MIRA
INFORM REPORT
|
Report Date : |
18.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
EATON CORPORATION |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishment : |
1911 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of electricity distribution and control apparatus |
|
|
|
|
No. of Employees : |
72,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
Eaton Corporation
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Description
|
Eaton Corporation (Eaton) is a diversified power management company.
Eaton is a global technology company in electrical components and systems for
power distribution and control; hydraulics components, systems and services
for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic
systems for commercial and military use, and truck and automotive drivetrain
and powertrain systems. Eaton sells products to customers in more than 150
countries. Its segments include Electrical Americas and Electrical Rest of
World, Hydraulics, Aerospace, Truck and Automotive. On January 1, 2011, it
acquired Tuthill Coupling Group. On May 12, 2011, the Company acquired
Internormen Technology Group. On June 2, 2011, Eaton acquired C.I. ESI de
Colombia S.A. On June 30, 2011, it acquired ACTOM Low Voltage. On August 31,
2011, it acquired IE Power, Inc. On December 29, 2011, it acquired Eaton E.A.
Pedersen Company. For the six months ended 30 June 2011, Eaton Corporation's
revenues increased 22% to $7.89B. Net income increased 64% to $623M. Revenues
reflects higher sales from Electrical Americas segment, Hydraulics segment, a
rise in the income from Truck segment, an increase in income from Automotive
segment. Net income also reflects a decrease in interest expense-net and
higher other income, net. |
Industry
|
Industry |
Electronic Instruments and Controls |
|
ANZSIC 2006: |
2439 - Other Electrical Equipment
Manufacturing |
|
NACE 2002: |
3120 - Manufacture of electricity
distribution and control apparatus |
|
NAICS 2002: |
335313 - Switchgear and Switchboard
Apparatus Manufacturing |
|
UK SIC 2003: |
3120 - Manufacture of electricity
distribution and control apparatus |
|
US SIC 1987: |
3613 - Switchgear and Switchboard
Apparatus |
|
|
|
Key Executives
(Emails Available)
|
Significant
Developments
|
|||||||||||||||||||||||||
|
* number of significant developments within the last 12 months |
|
||||||||||||||||||||||||
News
|
Financial Summary
|
|
Stock Snapshot
|
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Eaton
Corporation The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic Initiatives
|
|
Key Organizational Changes |
|
|
The acquisitions are intended to supplement Eaton’s core growth and
assure expansion of its business, including new technologies, additional
products, and geographical reach. The company has made several new business
integrations over the past two years which helps in expanding its revenue
base. In December 2011, the company announced the acquisition of E.A.
Pedersen Co., a manufacturer of medium-voltage switchgear primarily for the
electrical utilities business. The acquisition strengthens the company’s
medium voltage assembly business by adding important utility-oriented power
products and custom engineering capabilities for its US markets. |
|
|
In August 2011, the company acquired the assets of IE Power, Inc., a
leading provider of high power inverters for a variety of mission critical
applications including solar, wind and battery energy storage, with sizes
from 100kW to 5MW. The company also completed its purchase of E. Begerow GmbH
& Co KG, a leading system provider for advanced liquid filtration
solutions. In July 2011, the completed the acquisition of low-voltage
electrical business of ACTOM (Pty) Ltd. The acquisition helps the company
Eaton in establishing its direct presence in the South African market and
serves as a platform for growth in the region. In fiscal year 2010, the
company made significant acquisitions to supplement its growth. |
|
|
The acquisition helps the company Eaton in establishing its direct
presence in the South African market and serves as a platform for growth in
the region. In fiscal year 2010, the company made significant acquisitions to
supplement its growth. In December 2010, Eaton completed the acquisition of
Tuthill Coupling Group, a division of Tuthill Corporation, through which it
enhanced its product offerings in the pneumatic and hydraulic categories. In
October, the company completed the acquisition of CopperLogic, Inc., a
leading manufacturer of electrical and electromechanical systems to enhance
and strengthen its electrical segment. In July 2010, Eaton acquired a
Colorado based energy engineering and energy services company, EMC Engineers,
Inc. to enhance its service offerings. |
|
|
In fiscal year 2010, the company made significant acquisitions to
supplement its growth. In December 2010, Eaton completed the acquisition of
Tuthill Coupling Group, a division of Tuthill Corporation, through which it
enhanced its product offerings in the pneumatic and hydraulic categories. In
October, the company completed the acquisition of CopperLogic, Inc., a
leading manufacturer of electrical and electromechanical systems to enhance
and strengthen its electrical segment. In July 2010, Eaton acquired a
Colorado based energy engineering and energy services company, EMC Engineers,
Inc. to enhance its service offerings. Such new initiatives provide enough reach
and opportunity for the company to increase its business and
profitability.Strategic Agreements/AlliancesThe company entered into several
strategic alliances and agreements in the recent past aimed at increasing its
presence and expanding portfolio of products. |
|
|
Partnerships |
|
|
In July 2010, Eaton acquired a Colorado based energy engineering and
energy services company, EMC Engineers, Inc. to enhance its service
offerings. Such new initiatives provide enough reach and opportunity for the
company to increase its business and profitability.Strategic
Agreements/AlliancesThe company entered into several strategic alliances and
agreements in the recent past aimed at increasing its presence and expanding
portfolio of products. In December 2011, the company entered into a
collaboration agreement with Rio Networks to provide an uninterruptible power
system (UPS) and power distribution unit (PDU) for its energy-efficient
colocation data center in Roseburg, Oregon. In September 2011, the company
established a joint venture with Shanghai Aircraft Manufacturing Co., Ltd. |
|
|
In August 2010, the company formed an alliance with AECOM, IBM,
vehicle manufacturer Beiqi Foton Motor Co., lithium ion battery manufacturer
MGL and electric motor provider Broad Ocean in China to accelerate the
deployment of electric vehicles in cities across China. In July, the company
formed a New Electric Transportation Infrastructure Unit in collaboration
with Valley Authority and EPRI to enhance its electric segment growth. It
also formed a joint venture with Shanghai Aircraft Manufacturing Co., Ltd. |
|
|
The two projects selected for award will help drive technical
innovation to meet these key targets. • 3M—St. Paul, Minnesota—Up to
$3.1m 3M, in collaboration with General Motors Co., Lawrence Berkeley
National Laboratory, and Michigan Technological University, will develop a
durable, low-cost, and high-performance membrane electrode assembly for use
in mass-produced fuel cell electric vehicles. The approach is based upon
integration of 3M's nanostructured thin film catalyst technology platform
with other components of the membrane electrode assembly. |
|
|
Sales and Distribution |
|
|
Electrical Rest of World Net sales increased 9% in 2011 compared to
2010 due to an increase of 6% from the favorable impact of foreign exchange,
an increase of 2% from the acquisition of businesses, and an increase in core
sales of 1%. Sales growth in 2011 compared to 2010 was negatively impacted by
economic volatility in Europe and restrictions on credit availability in
China. Net sales increased 11% in 2010 compared to 2009 due to an increase in
core sales of 11% and an increase of 1% from the acquisition of certain
businesses, partially offset by a 1% reduction from foreign exchange. The
growth in core sales in 2010 was due to the rebound in European and Asian end
markets from the depressed levels of 2009. Operating profit before
acquisition integration charges in 2011 decreased 6% from 2010. |
|
|
Operating profit before acquisition integration charges in 2010
increased 78% from 2009 largely due to the increase in sales during 2010, net
savings resulting from workforce reductions taken in 2009, and manufacturing
efficiencies resulting from higher sales volumes. These increases were
partially offset by the cessation of temporary cost-savings measures
introduced in 2009, and increased support costs as operations returned to
normal operating levels compared to the depressed levels in 2009. Hydraulics
Net sales in 2011 increased 28% compared to 2010 due to higher core sales of
20%, an increase of 5% from the acquisition of businesses, and an increase of
3% from the favorable impact of foreign exchange. The increase in core sales
was driven by global hydraulics markets, which grew particularly rapidly in
the United States, and the positive impact of pricing actions implemented
during the latter part of 2011 in response to increased raw material and
commodity costs. Net sales in 2010 increased 31% compared to 2009 due to
higher core sales of 30% and an increase of 1% from the favorable impact of
foreign exchange. |
|
|
"May 24, 2012Eaton Seeks To Expand Oil And Gas Business In
NorwayEaton Corporation (Eaton) held a technology day in Oslo to showcase its
wide range of electro-hydraulic systems and products for the oil and gas
sector, targeting exploration and production (E&P) companies operating in
Norwegian waters.Eaton is engaged in a major global sales and marketing drive
to grow its business in offshore E&P. Last year Eaton appointed Gardiner
Henderson to head of the global oil and gas business and accelerate
profitable growth in this key industry sector. He was previously responsible
for ABB’s global oil and gas strategy. Henderson said, “Norway is an
important market globally due to its prominence in upstream technology
development, innovative field production techniques, carbon capture and
storage pilots, and as a strategic base for Arctic exploration. “Eaton
offers a comprehensive component and service solution portfolio tailored for
oil and gas applications with a proven track record of helping our industry
pursue safer, cleaner and more sustainable exploration and production – all
with a competitive total cost of ownership structure. |
|
|
Operating profit before acquisition integration charges in 2010
increased 2% from 2009 largely due to the increase in sales during 2010, net
savings resulting from workforce reductions taken in 2009, and manufacturing
efficiencies resulting from higher sales volumes. These increases were
partially offset by the cessation of temporary cost-savings measures
introduced in 2009, higher raw material costs, and increased support costs as
operations returned to normal operating levels compared to the depressed
levels in 2009. Electrical Rest of World Net sales increased 9% in 2011
compared to 2010 due to an increase of 6% from the favorable impact of
foreign exchange, an increase of 2% from the acquisition of businesses, and
an increase in core sales of 1%. Sales growth in 2011 compared to 2010 was
negatively impacted by economic volatility in Europe and restrictions on
credit availability in China. Net sales increased 11% in 2010 compared to 2009
due to an increase in core sales of 11% and an increase of 1% from the
acquisition of certain businesses, partially offset by a 1% reduction from
foreign exchange. |
|
|
The Company’s cost structure reflects savings associated with
workforce reductions taken in 2009. Additionally, contributing to higher
gross profit in 2010 is the absence of charges for severance and pension and
other postretirement benefits expense incurred in 2009. Business Segment
Results of Operations Net sales increased 14% in 2011 compared to 2010 due to
an increase of 11% in core sales, an increase of 2% from the acquisition of
businesses, and an increase of 1% from the favorable impact of foreign exchange.
The increase in net sales in 2011 was due to strong growth in industrial
controls and nonresidential electrical markets. Net sales increased 8% in
2010 compared to 2009 due to an increase in core sales of 5%, an increase of
1% from the favorable impact of foreign exchange, and an increase of 2% from
the acquisitions of businesses. |
|
|
Eaton reported increased operating margin of 9.67% in 2011, as
compared to 7.55% in 2010. The company’s operating margin has increased 213
basis points (bps) over 2010 which may indicate management's high focus on
improving profitability. The increased operating margin may indicate
efficient cost management or a strong pricing strategy by the company. On the
other hand, the company reduced its operating cost as percentage of sales to
90.32% in 2011 from 92.44% in 2010, and its administrative cost decreased to
17.06% in 2011 from 18.12% in 2010. Decreasing cost improves the margin of
the company.Strong Manufacturing CapabilitiesEaton leverages its own
manufacturing capabilities to develop various products including electrical
components, hydraulics components, aerospace fuel, hydraulics and pneumatic systems,
truck and automotive drivetrain and powertrain systems among others. |
|
|
Overview
Eaton Corporation (Eaton) is a diversified industrial manufacturing
company, principally engaged in providing electrical, hydraulic and drives
train systems to a wide array of markets. Geographical diversity, Strong
Manufacturing Capabilities, Diversified Product Portfolio, and operational
efficiency are the key strengths of the company over its peers. Though the
company has a risk associated with competition and volatile raw material
prices, its strategic acquisitions, alliances and rising demand for electricity
in the US ensure its top line.
Strengths
Operational Efficiency
The company reported strong operational efficiency with decreased cost
and increased margins in 2011. Eaton’s revenue in fiscal year 2011 reached
$16,049m, indicating an increase of 17% over $13,715m in 2010. Its operating
income stood at $1,553m, showing an increase of 49.9% over $1,036m in 2010. Its
operating income increased at a CAGR of 5.7% in the last five years from 2007
to 2011. Eaton reported increased operating margin of 9.67% in 2011, as
compared to 7.55% in 2010. The company’s operating margin has increased 213 basis
points (bps) over 2010 which may indicate management's high focus on improving
profitability. The increased operating margin may indicate efficient cost
management or a strong pricing strategy by the company. On the other hand, the
company reduced its operating cost as percentage of sales to 90.32% in 2011
from 92.44% in 2010, and its administrative cost decreased to 17.06% in 2011
from 18.12% in 2010. Decreasing cost improves the margin of the company.
Strong
Manufacturing Capabilities
Eaton leverages its own manufacturing capabilities to develop various
products including electrical components, hydraulics components, aerospace
fuel, hydraulics and pneumatic systems, truck and automotive drivetrain and
powertrain systems among others. The company carries its manufacturing
activities through 219 manufacturing facilities spanned across 34 countries.
These facilities are well equipped and aligned with innovative technologies,
which enabled Eaton to offer customers with extensive selection of quality
products. Presently, these facilities are fully used and have production
capacity to meet its current requirements, as well as future demand and
operational needs. Further, its manufacturing facilities operate under the
certifications of international standard for environmental management systems.
Such strong manufacturing network eliminates the company’s dependence on
other sources and efficiently delivers products on time to its geographically
diversified customer base.
Geographical Diversity
The company has a diversified global presence and by spreading its
business across the world, Eaton manages to minimize the risks arising out of a
specific geographical region. With its product reach in more than 150 countries
across the world, the company employs a workforce of about 73,000 people to
provide a strong portfolio of diversified products. Eaton, as one of the
leading electrical components and systems providers, operate a total of 219
manufacturing facilities in 34 countries to provide a diversified line of technology
products. Eaton established operations and owns more than 239 subsidiaries in
the major economies of Europe, the Americas, and Asia Pacific. During the
fiscal year ended December 2011, the company generated 44.6% of its revenues
from the US region, followed by 25.5% from Europe, 12.6% from Asia-Pacific,
12.2% from Latin America and 5.1% from Canada. The company’s diversified
geographical presence ensures that it remains shielded from macroeconomic risks
associated with operational presence in one location.
Diversified Product Portfolio
Eaton has a diversified product portfolio serving various leading
industries and markets. The company is an industrial manufacturing company with
extensive product offerings that provides material strength to its financial
operations and enables it to serve a large customer base. The company operates
in six business segments, namely, Electrical Americas, Electrical Rest of
World, Hydraulics, Automotive, Truck and Aerospace. Its product portfolio
consist of electrical circuit breakers, vacuum breakers, power distribution
assemblies, motor starters, operator interface hardware, metering systems,
power management software, surge protection devices, uninterrupted power
systems, hydraulic systems, fuel systems and motion control systems. The key
market segments served by the company include mining, oil and gas, renewable
energy, construction, agriculture, marine, aerospace, utility and automotive.
The diversified product portfolio of the company lead to its diversified revenue
streams. In the fiscal year ended December 2011, Eaton generated 26.1% of its
total sales from Electrical America segment, followed by 18.6% from Electrical
Rest of World, 17.7% from Hydraulics, 16.5% from Truck, 10.9% from Automotive
segment and 10.3% from Aerospace segment. In January 2012, the company the
Series NRX low voltage power circuit breaker, featuring both a compact size and
broad capabilities; and the SmartWire-DT panel wiring solution into the Indian
market. Such diversified business operations help the company reduce the impact
of market volatility in any particular business unit and provide economic
stability.
Weaknesses
Pending Litigations
Involvement in litigation adds to costs, which could not only have an
adverse impact on the operations and financial position of the company, but
also dampen its brand image. In October 2006, ZF Meritor LLC and Meritor
Transmission Corporation filed a lawsuit against Eaton in the US District Court
for Delaware seeking damages under the US antitrust laws, and injunctive relief
and costs. The lawsuit was filed against Eaton alleging that it is engaged in
anti-competitive conduct against Meritor in the sale of truck transmissions in
the North American region. In October 2009, the court ruled the case in favor
of Meritor, for which Eaton filed a motion for judgment as a matter of law and
to set aside the verdict and was denied in March 2011. In August 2011, the
court declared the final judgment of liability but awarded zero damages to
plaintiffs. Such litigations and lawsuits consume significant financial
resources of the Eaton, which also result in adverse publicity.
Decreasing Liquidity
The company has reported a decrease in liquidity position in the fiscal
year 2011. The company reported decreased cash and short term investments in
2011, which decreased by 7.4% to $1,084m in 2011 from $1,171m in 2010. The
company’s current ratio decreased to 1.6 times in 2011 as compared to 1.7
times in 2010. The low current ratio represents that the liquidity position of
the company is not so well and may not be able to pay its current liabilities
in time without facing difficulties. Similarly, its quick ratio and cash ratio
fall down to 1.13 times and 0.29 times in 2011 as compared to 1.21 times and
0.36 times in 2010. In addition, the company reported a decline in working
capital over the last year. The working capital of Eaton decreased from $2,273m
in 2010 to $2,189m in 2011, indicating a decrease of 3.7% over 2010. Such
decline in liquidity and working capital may hamper the company financial
position. The company's underperformance could be attributed to a weak
competitive position or inferior products and services offering or lack of
innovative products and services.
Opportunities
Strategic Acquisitions
Strategic acquisitions offer a strong growth opportunity for the
company, especially while foraying new markets or launching new products or
services. The acquisitions are intended to supplement Eaton’s core growth and
assure expansion of its business, including new technologies, additional
products, and geographical reach. The company has made several new business
integrations over the past two years which helps in expanding its revenue base.
In December 2011, the company announced the acquisition of E.A. Pedersen Co., a
manufacturer of medium-voltage switchgear primarily for the electrical
utilities business. The acquisition strengthens the company’s medium voltage
assembly business by adding important utility-oriented power products and
custom engineering capabilities for its US markets. In August 2011, the company
acquired the assets of IE Power, Inc., a leading provider of high power
inverters for a variety of mission critical applications including solar, wind
and battery energy storage, with sizes from 100kW to 5MW. The company also
completed its purchase of E. Begerow GmbH & Co KG, a leading system
provider for advanced liquid filtration solutions. In July 2011, the completed
the acquisition of low-voltage electrical business of ACTOM (Pty) Ltd. The
acquisition helps the company Eaton in establishing its direct presence in the
South African market and serves as a platform for growth in the region. In
fiscal year 2010, the company made significant acquisitions to supplement its
growth. In December 2010, Eaton completed the acquisition of Tuthill Coupling
Group, a division of Tuthill Corporation, through which it enhanced its product
offerings in the pneumatic and hydraulic categories. In October, the company
completed the acquisition of CopperLogic, Inc., a leading manufacturer of
electrical and electromechanical systems to enhance and strengthen its
electrical segment. In July 2010, Eaton acquired a Colorado based energy
engineering and energy services company, EMC Engineers, Inc. to enhance its
service offerings. Such new initiatives provide enough reach and opportunity
for the company to increase its business and profitability.
Strategic Agreements/Alliances
The company entered into several strategic alliances and agreements in
the recent past aimed at increasing its presence and expanding portfolio of
products. In December 2011, the company entered into a collaboration agreement
with Rio Networks to provide an uninterruptible power system (UPS) and power
distribution unit (PDU) for its energy-efficient colocation data center in
Roseburg, Oregon. In September 2011, the company established a joint venture
with Shanghai Aircraft Manufacturing Co., Ltd., a subsidiary of Commercial
Aircraft Corporation of China (COMAC), to support the COMAC C919 single-aisle
commercial aircraft program. The joint venture will focus on the design,
development, manufacturing and support of fuel and hydraulic conveyance
systems. In November 2010, Eaton’s Aerospace group entered into contracts
with Sichuan Airlines and China Southern Airlines to supply engine-driven pumps
and AC motorpumps for Sichuan Airlines’ ne fleet of 32 Airbus 320 passenger
jets; and China Southern Airlines’ new fleet of 20 Airbus 320 passenger jets.
In September 2010, the company entered into a USD 130 million strategic
supplier contract with Airbus to supply high-pressure permanent fittings and
flexible hoses for the A380 and new A350 XWB aircraft. In August 2010, the
company formed an alliance with AECOM, IBM, vehicle manufacturer Beiqi Foton
Motor Co., lithium ion battery manufacturer MGL and electric motor provider
Broad Ocean in China to accelerate the deployment of electric vehicles in
cities across China. In July, the company formed a New Electric Transportation
Infrastructure Unit in collaboration with Valley Authority and EPRI to enhance
its electric segment growth. It also formed a joint venture with Shanghai
Aircraft Manufacturing Co., Ltd. to support the COMAC C919 single-aisle commercial
aircraft program, through which it expanded its overall presence in the Chinese
market. Such significant agreements would enhance the company’s product
portfolio and enables it in tapping new market segments.
Increasing Returns
Eaton reported increase in its returns on its equity, capital, assets
and working capital in 2011. The company's return on equity (ROE) increased to
18.07% at the end of fiscal year 2011, from 12.61% in 2010. In 2011, its return
on capital employed, return on assets, return on fixed assets and return on
working capital were 10.90%, 7.55%, 12.89% and 70.94%, respectively. The
company’s increasing returns signifies that the company has been utilizing
the shareholders' money more efficiently when compared to other companies in the
sector and that it is generating higher returns for its shareholders compared
to other companies in the sector. If this trend continues for few more years,
the company can win investors’ faith and can grow at a faster pace.
Similarly, it can utilize the money to invest to expand and take hold of future
opportunities.
Rising Demand for Electricity in the US
As per the report of Energy Information Administration / Annual Energy
Outlook 2012, demand for electricity in the US is projected to increase by
23.1% from 3,879 billion kilowatthours in 2010 to 4,775 billion kilowatthours
in 2035. The industrial sector consumes one-third of total US delivered energy
every year and its consumption is estimated to grow by 16% from 23.4
quadrillion Btu in 2010 to 27.0 quadrillion Btu in 2035. The residential energy
consumption in the US is expected to increase from 11.7 quadrillion Btu in 2010
to 12 quadrillion Btu in 2035, and the US commercial sector energy consumption
is expected to increase from 8.7 quadrillion Btu in 2010 to 10.3 quadrillion
Btu in 2035. Similarly, the energy consumption in the US transportation sector
is predicted to increase from 27.6 quadrillion Btu in 2010 to 28.8 quadrillion
Btu in 2035. Population growth and rising disposable incomes are expected to
drive the demand for products, services, and floor space, where as ongoing
population shifts to warmer regions will lead to increase in the use of
electricity for space cooling. Global increase in demand for energy will result
in the establishment of more number of power stations with considerable
importance to renewable energy market. These factors could in turn lead to a
rise in demand for electrical control, power distribution, uninterruptible
power supply (UPS) systems and industrial automation products and services.
Eaton, which is already serving the renewable energy markets such as hydro
power plants, wind and solar energy systems, could enhance its technology
capabilities to capture the expected rise in demand in these markets.
Threats
Rapid Technological Changes
The company's products and solutions are characterized by rapid
technological changes, which may affect its business operations. To compete
effectively with its peers, the company should continually introduce new
products that meet the customers’ requirements. Besides, water treatment
companies are shifting to low cost technologies for supporting their
capital-intensive investments. The introduction of products or solutions using
new technologies or the adoption of new industry standards can make existing
products, or products under development, obsolete or unmarketable. Inability to
study the evolving technological landscape may impact the company’s
competitive position.
Volatile Raw Material Prices
Fluctuations in prices show direct impact on the company’s
profitability and cash flow. Eaton uses various raw materials such as iron,
steel, copper, nickel, aluminum, brass, silver, molybdenum, titanium, vanadium,
rubber, plastic and insulating materials in manufacturing its products. The
prices of these raw materials account for a significant share of the company's
total cost of goods sold. Due to increase in commodity prices, the cost of raw
materials and energy may also increase drastically. The company may incur loss
in sales volume to the extent of their price increases. In addition, the
continuous supply of raw materials could be affected by weather conditions,
national emergencies, strikes, governmental controls, natural disasters, supply
shortages or other events. Thus, price fluctuations and non-availability of
these raw materials may have an adverse effect on the product cost and
operations of the company.
Highly Regulated Environment
The company’s operations could be impacted by highly regulated
environmental laws and regulations related to emissions and discharges of water
and air, and the generation, transportation, storage, handling, treatment and
disposal of non-hazardous and hazardous waste materials. Eaton is facing the
challenge of improving product technology and has to make substantial
investments for research and development. A number of its manufacturing
facilities are required to attain ISO 14001 certification. Further, Eaton has
to comply with emission and noise related regulations of EPA, state regulatory
agencies in the US and various regulatory agencies in regions where it
operates. Non compliance with such regulations could lead to penalties and
fines. The company’s currently-owned or formerly-owned plants have been
involved in a number of remedial response and voluntary environmental
remediation. It has also been named a potentially responsible party (PRP) under
the Federal Superfund law at numerous waste disposal sites. Being involved in
such legalities, any unfavorable laws or rules affecting the operations could
have a considerable impact on the operations and the good will of the company.
Intense Competitive Pressures
The industries in which the company operates are characterized with high
competition. The company could be subject to intense competitive pressures from
various public limited and private companies operating in its segment space of
Electrical Hydraulics, Automotive, Truck and Aerospace. Eaton’s key
competitors include Hawk Corporation, Parker Hannifin Corporation, Johnson
Controls, Inc., Meritor, Inc., ITT Corporation, L&T Electricals Saudi
Arabia, and Schneider Electric SA. Eaton is highly exposed to consumer-related
markets, which affects its profitability position due to growing pressures on
price and demand from customers. Apart from the established players in the
developed countries, the players from emerging countries too are competing hard
to garner the maximum market share. Since many of its competitors have a longer
operating history, greater brand recognition, established customer and supplier
relationships and greater financial resources, it becomes difficult for the
company to compete with them.
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Structure News
|
Eaton
Corporation |
|
|
|
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Parent |
Cleveland, OH |
United States |
Electronic Instruments and Controls |
16,049.0 |
72,000 |
||
|
Acquisition of Cooper Industries plc proposed/announced.See corporate
structure news on Eaton Corporation for details |
|||||||
|
Subsidiary |
Knights |
South Africa |
Miscellaneous Capital Goods |
800.0 |
6,000 |
|
|
|
Recently acquired (previously owned by Actom (Pty) Ltd).See corporate
structure news on Eaton Corporation for details |
|||||||
|
Subsidiary |
Cape Town |
South Africa |
Miscellaneous Capital Goods |
90.0 |
700 |
||
|
Subsidiary |
Bellville |
South Africa |
Miscellaneous Capital Goods |
|
500 |
||
|
Subsidiary |
Valinhos, SP |
Brazil |
Auto and Truck Parts |
1,509.6 |
4,620 |
||
|
Subsidiary |
Raleigh, NC |
United States |
Miscellaneous Capital Goods |
|
3,400 |
||
|
Subsidiary |
Schiphol |
Netherlands |
Auto and Truck Parts |
250.0 |
2,000 |
||
|
Branch |
El Paso, TX |
United States |
Electronic Instruments and Controls |
234.0 |
1,500 |
||
|
Subsidiary |
Taipei |
Taiwan |
Electronic Instruments and Controls |
130.1 |
1,500 |
||
|
Subsidiary |
Istanbul |
Turkey |
Chemical Manufacturing |
|
1,374 |
||
|
Recently acquired (previously owned by Polimer Kauçuk Sanayi ve
Pazarlama AS).See corporate
structure news on Eaton Corporation for details |
|||||||
|
Subsidiary |
Baden-Baden |
Germany |
Auto and Truck Parts |
139.1 |
1,200 |
||
|
Branch |
Greenwood, SC |
United States |
Electronic Instruments and Controls |
610.4 |
800 |
||
|
Branch |
Fayetteville, NC |
United States |
Electronic Instruments and Controls |
201.0 |
773 |
||
|
Branch |
Jackson, MS |
United States |
Aerospace and Defense |
80.0 |
750 |
||
|
Subsidiary |
Cleveland, OH |
United States |
Aerospace and Defense |
230.9 |
736 |
||
|
Division |
Costa Mesa, CA |
United States |
Aerospace and Defense |
|
300 |
||
|
Division |
Cleveland, OH |
United States |
Aerospace and Defense |
|
148 |
||
|
Division |
Irvine, CA |
United States |
Miscellaneous Capital Goods |
|
65 |
||
|
Division |
Cleveland, OH |
United States |
Business Services |
|
65 |
||
|
Division |
Cleveland, OH |
United States |
Business Services |
|
|
||
|
Branch |
Lincoln, IL |
United States |
Electronic Instruments and Controls |
534.1 |
700 |
||
|
Branch |
Arden, NC |
United States |
Electronic Instruments and Controls |
230.3 |
700 |
||
|
Division |
Kalamazoo, MI |
United States |
Miscellaneous Capital Goods |
|
700 |
||
|
Branch |
Beaver, PA |
United States |
Electronic Instruments and Controls |
173.7 |
668 |
||
|
Branch |
Sumter, SC |
United States |
Electronic Instruments and Controls |
197.4 |
600 |
||
|
Subsidiary |
Tczew |
Poland |
Auto and Truck Parts |
|
600 |
||
|
Branch |
Coraopolis, PA |
United States |
Electronic Instruments and Controls |
419.7 |
550 |
||
|
Branch |
Mountain Home, AR |
United States |
Fabricated Plastic and Rubber |
131.5 |
500 |
||
|
Holding |
Moon Township, PA |
United States |
Electronic Instruments and Controls |
2.9 |
500 |
||
|
Unit |
Raleigh, NC |
United States |
Scientific and Technical Instruments |
2.0 |
300 |
||
|
Subsidiary |
Sao Paulo, SP |
Brazil |
Electronic Instruments and Controls |
|
300 |
||
|
Facility |
Watertown, WI |
United States |
Scientific and Technical Instruments |
68.3 |
200 |
||
|
Subsidiary |
Buenos Aires |
Argentina |
Electronic Instruments and Controls |
12.0 |
200 |
||
|
Subsidiary |
Mexico, DF |
Mexico |
Electronic Instruments and Controls |
|
200 |
||
|
Branch |
Monterrey |
Mexico |
Electronic Instruments and Controls |
|
7 |
||
|
Branch |
Guadalajara, Jal |
Mexico |
Electronic Instruments and Controls |
|
5 |
||
|
Unit |
Mexico, DF |
Mexico |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Omaha, NE |
United States |
Electronic Instruments and Controls |
37.0 |
150 |
||
|
Acquisition by Eaton Corporation proposed/announced.See corporate
structure news on Eaton Corporation for details |
|||||||
|
Subsidiary |
San Jose |
Costa Rica |
Electronic Instruments and Controls |
|
145 |
||
|
Subsidiary |
Alpharetta, GA |
United States |
Electronic Instruments and Controls |
10.1 |
140 |
||
|
Subsidiary |
Burlington, ON |
Canada |
Electronic Instruments and Controls |
|
112 |
||
|
Branch |
Milton, ON |
Canada |
Electronic Instruments and Controls |
85.0 |
250 |
||
|
Branch |
Airdrie, AB |
Canada |
Electronic Instruments and Controls |
83.1 |
198 |
||
|
Branch |
Calgary, AB |
Canada |
Electronic Instruments and Controls |
96.2 |
95 |
||
|
Branch |
Edmonton, AB |
Canada |
Electronic Instruments and Controls |
30.1 |
70 |
||
|
Branch |
Perth, ON |
Canada |
Electronic Instruments and Controls |
22.5 |
65 |
||
|
Subsidiary |
Toronto, ON |
Canada |
Scientific and Technical Instruments |
67.3 |
50 |
||
|
Branch |
Delta, BC |
Canada |
Electronic Instruments and Controls |
17.3 |
50 |
||
|
Subsidiary |
Mississauga, ON |
Canada |
Electronic Instruments and Controls |
|
35 |
||
|
Branch |
Kingston, ON |
Canada |
Electronic Instruments and Controls |
24.4 |
24 |
||
|
Branch |
Ottawa, ON |
Canada |
Electronic Instruments and Controls |
5.9 |
17 |
||
|
Branch |
Stoney Creek, ON |
Canada |
Electronic Instruments and Controls |
5.1 |
15 |
||
|
Branch |
Winnipeg, MB |
Canada |
Electronic Instruments and Controls |
4.8 |
14 |
||
|
Branch |
Laval, QC |
Canada |
Business Services |
2.0 |
13 |
||
|
Branch |
Windsor, ON |
Canada |
Electronic Instruments and Controls |
2.4 |
9 |
||
|
Branch |
Sudbury, ON |
Canada |
Business Services |
0.9 |
6 |
||
|
Branch |
Brighton, ON |
Canada |
Electronic Instruments and Controls |
1.7 |
5 |
||
|
Branch |
Brighton, ON |
Canada |
Electronic Instruments and Controls |
1.7 |
5 |
||
|
Branch |
Connaught, ON |
Canada |
Electronic Instruments and Controls |
1.7 |
5 |
||
|
Branch |
Blind Bay, BC |
Canada |
Electronic Instruments and Controls |
1.7 |
5 |
||
|
Branch |
Sudbury, ON |
Canada |
Electronic Instruments and Controls |
1.6 |
5 |
||
|
Branch |
Kirkland Lake, ON |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Quebec, QC |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Thunder Bay, ON |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Kitchener, ON |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Richmond, BC |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Barrie, ON |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Lachine, QC |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Calgary, AB |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Saskatoon, SK |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
London, ON |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Hamilton, ON |
Canada |
Electronic Instruments and Controls |
1.4 |
4 |
||
|
Branch |
Bowmanville, ON |
Canada |
Electronic Instruments and Controls |
1.3 |
4 |
||
|
Branch |
Victoria, BC |
Canada |
Electronic Instruments and Controls |
1.3 |
4 |
||
|
Branch |
Saint John, NB |
Canada |
Business Services |
0.3 |
2 |
||
|
Branch |
Moncton, NB |
Canada |
Electronic Instruments and Controls |
0.3 |
1 |
||
|
Branch |
St. John's, NL |
Canada |
Electronic Instruments and Controls |
0.3 |
1 |
||
|
Branch |
Midland, ON |
Canada |
Electronic Instruments and Controls |
0.3 |
1 |
||
|
Branch |
Prince George, BC |
Canada |
Electronic Instruments and Controls |
0.3 |
1 |
||
|
Facility |
Columbus, OH |
United States |
Computer Peripherals |
|
50 |
||
|
Holding |
Galesburg, MI |
United States |
Auto and Truck Parts |
|
500 |
||
|
Division |
Galesburg, MI |
United States |
Auto and Truck Parts |
197.4 |
500 |
||
|
Facility |
Belmond, IA |
United States |
Auto and Truck Parts |
181.0 |
450 |
||
|
Facility |
Kearney, NE |
United States |
Auto and Truck Parts |
|
400 |
||
|
Joint Venture |
Westminster, SC |
United States |
Auto and Truck Parts |
70.2 |
325 |
||
|
Unit |
Kings Mountain, NC |
United States |
Auto and Truck Parts |
106.9 |
300 |
||
|
Unit |
Marshall, MI |
United States |
Auto and Truck Parts |
2.9 |
260 |
||
|
Unit |
Marshall, MI |
United States |
Auto and Truck Parts |
|
250 |
||
|
Unit |
Clinton Township, MI |
United States |
Fabricated Plastic and Rubber |
|
200 |
||
|
Subsidiary |
Johannesburg, Norkem Park |
South Africa |
Auto and Truck Parts |
|
20 |
||
|
Division |
Marshall, MI |
United States |
Auto and Truck Parts |
|
|
||
|
Subsidiary |
Worcester, MA |
United States |
Furniture and Fixtures |
101.0 |
450 |
||
|
Branch |
Georgetown, MA |
United States |
Furniture and Fixtures |
51.3 |
300 |
||
|
Branch |
Torrance, CA |
United States |
Furniture and Fixtures |
5.8 |
9 |
||
|
Branch |
Santa Clara, CA |
United States |
Furniture and Fixtures |
5.8 |
9 |
||
|
Branch |
San Antonio, TX |
United States |
Furniture and Fixtures |
4.5 |
7 |
||
|
Branch |
Southampton, PA |
United States |
Furniture and Fixtures |
4.5 |
7 |
||
|
Branch |
Somersworth, NH |
United States |
Furniture and Fixtures |
4.5 |
7 |
||
|
Branch |
St Peters, MO |
United States |
Furniture and Fixtures |
4.5 |
7 |
||
|
Branch |
San Antonio, TX |
United States |
Furniture and Fixtures |
4.5 |
7 |
||
|
Branch |
Everett, WA |
United States |
Furniture and Fixtures |
4.5 |
7 |
||
|
Branch |
San Francisco, CA |
United States |
Furniture and Fixtures |
4.5 |
7 |
||
|
Branch |
Marysville, WA |
United States |
Furniture and Fixtures |
4.5 |
7 |
||
|
Branch |
Woodbridge, VA |
United States |
Furniture and Fixtures |
4.5 |
7 |
||
|
Branch |
Salt Lake City, UT |
United States |
Construction Services |
1.3 |
7 |
||
|
Branch |
Salt Lake City, UT |
United States |
Retail (Technology) |
3.8 |
6 |
||
|
Branch |
Los Angeles, CA |
United States |
Computer Hardware |
3.8 |
6 |
||
|
Branch |
Danville, CA |
United States |
Retail (Specialty) |
3.2 |
5 |
||
|
Branch |
Bronxville, NY |
United States |
Retail (Technology) |
3.2 |
5 |
||
|
Branch |
Novi, MI |
United States |
Retail (Technology) |
1.0 |
3 |
||
|
Branch |
Lawrenceville, GA |
United States |
Furniture and Fixtures |
0.5 |
3 |
||
|
Branch |
Palos Heights, IL |
United States |
Furniture and Fixtures |
1.3 |
2 |
||
|
Branch |
Norcross, GA |
United States |
Furniture and Fixtures |
1.3 |
2 |
||
|
Branch |
Miller Place, NY |
United States |
Retail (Specialty) |
0.2 |
2 |
||
|
Branch |
Suffern, NY |
United States |
Retail (Specialty) |
0.2 |
2 |
||
|
Branch |
Madison, WI |
United States |
Retail (Specialty) |
0.2 |
2 |
||
|
Branch |
Flower Mound, TX |
United States |
Furniture and Fixtures |
0.6 |
1 |
||
|
Branch |
Columbia, CT |
United States |
Furniture and Fixtures |
0.6 |
1 |
||
|
Branch |
Roswell, GA |
United States |
Furniture and Fixtures |
0.6 |
1 |
||
|
Branch |
Louisville, KY |
United States |
Furniture and Fixtures |
0.6 |
1 |
||
|
Branch |
Alpharetta, GA |
United States |
Furniture and Fixtures |
0.6 |
1 |
||
|
Branch |
Albuquerque, NM |
United States |
Retail (Technology) |
0.6 |
1 |
||
|
Branch |
Virginia Beach, VA |
United States |
Furniture and Fixtures |
0.6 |
1 |
||
|
Branch |
Carlsbad, CA |
United States |
Computer Services |
0.6 |
1 |
||
|
Branch |
Matthews, NC |
United States |
Furniture and Fixtures |
0.6 |
1 |
||
|
Branch |
Danville, CA |
United States |
Furniture and Fixtures |
0.6 |
1 |
||
|
Branch |
Slingerlands, NY |
United States |
Furniture and Fixtures |
0.3 |
1 |
||
|
Branch |
Moorestown, NJ |
United States |
Retail (Technology) |
0.3 |
1 |
||
|
Branch |
Chestertown, MD |
United States |
Retail (Specialty) |
0.3 |
1 |
||
|
Branch |
Edmond, OK |
United States |
Furniture and Fixtures |
0.2 |
1 |
||
|
Branch |
Smithfield, RI |
United States |
Furniture and Fixtures |
0.2 |
1 |
||
|
Branch |
Ipswich, MA |
United States |
Furniture and Fixtures |
0.2 |
1 |
||
|
Division |
Marshall, MI |
United States |
Miscellaneous Capital Goods |
|
450 |
||
|
Branch |
Spencer, IA |
United States |
Auto and Truck Parts |
143.4 |
436 |
||
|
Branch |
Hutchinson, KS |
United States |
Recreational Activities |
113.3 |
425 |
||
|
Branch |
Searcy, AR |
United States |
Miscellaneous Fabricated Products |
137.5 |
418 |
||
|
Branch |
Beltsville, MD |
United States |
Miscellaneous Capital Goods |
199.5 |
350 |
||
|
Branch |
Athens, GA |
United States |
Auto and Truck Parts |
115.2 |
350 |
||
|
Subsidiary |
Iztapalapa, Federal District |
Mexico |
Miscellaneous Capital Goods |
65.0 |
350 |
||
|
Subsidiary |
Shanghai, Shanghai |
China |
Miscellaneous Capital Goods |
61.0 |
350 |
||
|
Subsidiary |
Changning District, Shanghai |
China |
Miscellaneous Capital Goods |
61.0 |
350 |
||
|
Division |
Jackson, MI |
United States |
Appliance and Tool |
|
350 |
||
|
Branch |
Shawnee, OK |
United States |
Miscellaneous Capital Goods |
198.4 |
348 |
||
|
Branch |
Sarasota, FL |
United States |
Aerospace and Defense |
111.9 |
340 |
||
|
Branch |
Roxboro, NC |
United States |
Business Services |
182.4 |
320 |
||
|
Joint Venture |
Troutman, NC |
United States |
Miscellaneous Fabricated Products |
17.1 |
301 |
||
|
Subsidiary |
Espoo |
Finland |
Electronic Instruments and Controls |
134.0 |
264 |
||
|
Subsidiary |
Altlußheim, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
43.7 |
260 |
||
|
Recently acquired (previously owned by Internormen Technology
GmbH).See corporate
structure news on Eaton Corporation for details |
|||||||
|
Holding |
Eden Prairie, MN |
United States |
Electronic Instruments and Controls |
345.9 |
250 |
||
|
Division |
Iselin, NJ |
United States |
Miscellaneous Capital Goods |
|
600 |
||
|
Unit |
Portage, MI |
United States |
Miscellaneous Capital Goods |
17.1 |
42 |
||
|
Joint Venture |
Queretaro |
Mexico |
Fabricated Plastic and Rubber |
0.4 |
500 |
||
|
Facility |
Spencer, IA |
United States |
Miscellaneous Capital Goods |
2.3 |
400 |
||
|
Division |
Jackson, MI |
United States |
Miscellaneous Capital Goods |
142.5 |
200 |
||
|
Facility |
Berea, OH |
United States |
Miscellaneous Fabricated Products |
|
200 |
||
|
Unit |
Havant |
United Kingdom |
Miscellaneous Fabricated Products |
|
135 |
||
|
Subsidiary |
Fuenlabrada, Madrid |
Spain |
Fabricated Plastic and Rubber |
15.4 |
73 |
||
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
138.3 |
30 |
||
|
Subsidiary |
Sha Tin |
Hong Kong |
Auto and Truck Parts |
7.4 |
30 |
||
|
Facility |
Guaratingueta, SP |
Brazil |
Miscellaneous Fabricated Products |
|
|
||
|
Branch |
Fremont, OH |
United States |
Fabricated Plastic and Rubber |
56.8 |
250 |
||
|
Branch |
Costa Mesa, CA |
United States |
Aerospace and Defense |
42.3 |
250 |
||
|
Subsidiary |
Nordhausen, Thüringen |
Germany |
Auto and Truck Parts |
50.4 |
245 |
||
|
Branch |
Horseheads, NY |
United States |
Electronic Instruments and Controls |
45.9 |
225 |
||
|
Branch |
Cleveland, TN |
United States |
Electronic Instruments and Controls |
69.1 |
210 |
||
|
Subsidiary |
Alcala De Henares, Madrid |
Spain |
Electronic Instruments and Controls |
26.7 |
209 |
||
|
Subsidiary |
Madrid |
Spain |
Miscellaneous Capital Goods |
34.0 |
134 |
||
|
Branch |
Warwick, RI |
United States |
Miscellaneous Fabricated Products |
78.4 |
200 |
||
|
Unit |
Cleveland, OH |
United States |
Auto and Truck Parts |
24.6 |
200 |
||
|
Branch |
Livingston, TN |
United States |
Fabricated Plastic and Rubber |
39.7 |
175 |
||
|
Branch |
Maumee, OH |
United States |
Electronic Instruments and Controls |
115.2 |
151 |
||
|
Branch |
North Charleston, SC |
United States |
Electronic Instruments and Controls |
114.5 |
150 |
||
|
Branch |
Bethel, CT |
United States |
Scientific and Technical Instruments |
41.0 |
150 |
||
|
Branch |
Forest City, NC |
United States |
Fabricated Plastic and Rubber |
34.1 |
150 |
||
|
Subsidiary |
México, D.F. |
Mexico |
Electronic Instruments and Controls |
20.0 |
150 |
||
|
Subsidiary |
Berea, OH |
United States |
Miscellaneous Capital Goods |
|
148 |
||
|
Branch |
Toccoa, GA |
United States |
Construction Services |
47.7 |
145 |
||
|
Branch |
Aurora, OH |
United States |
Fabricated Plastic and Rubber |
36.8 |
140 |
||
|
Branch |
Cleveland, OH |
United States |
Investment Services |
41.9 |
130 |
||
|
Subsidiary |
Sint-Niklaas |
Belgium |
Electronic Instruments and Controls |
23.8 |
121 |
||
|
Branch |
San Diego, CA |
United States |
Engineering Consultants |
76.3 |
100 |
||
|
Branch |
Cleveland, TN |
United States |
Miscellaneous Capital Goods |
57.0 |
100 |
||
|
Branch |
Decatur, AL |
United States |
Miscellaneous Fabricated Products |
57.0 |
100 |
||
|
Branch |
Glendale Heights, IL |
United States |
Electronic Instruments and Controls |
20.4 |
100 |
||
|
Subsidiary |
Riyadh, Ar Riyad |
Saudi Arabia |
Miscellaneous Capital Goods |
18.0 |
100 |
||
|
Subsidiary |
Changning District, Shanghai |
China |
Auto and Truck Manufacturers |
17.0 |
100 |
||
|
Subsidiary |
Shanghai, Shanghai |
China |
Miscellaneous Capital Goods |
17.0 |
100 |
||
|
Unit |
Laurinburg, NC |
United States |
Fabricated Plastic and Rubber |
5.3 |
100 |
||
|
Branch |
Gainesboro, TN |
United States |
Fabricated Plastic and Rubber |
21.6 |
95 |
||
|
Subsidiary |
Galesburg, MI |
United States |
Business Services |
|
90 |
||
|
Branch |
Middlesex, NC |
United States |
Fabricated Plastic and Rubber |
19.2 |
73 |
||
|
Subsidiary |
Aurora, OH |
United States |
Aerospace and Defense |
228.0 |
60 |
||
|
Subsidiary |
San Diego, CA |
United States |
Miscellaneous Fabricated Products |
115.8 |
200 |
||
|
Branch |
Houston, TX |
United States |
Fabricated Plastic and Rubber |
0.9 |
4 |
||
|
Branch |
Windsor, CT |
United States |
Business Services |
0.3 |
2 |
||
|
Branch |
Ravenna, OH |
United States |
Aerospace and Defense |
30.5 |
96 |
||
|
Branch |
Mickleton, NJ |
United States |
Fabricated Plastic and Rubber |
13.6 |
60 |
||
|
Branch |
Clearwater, FL |
United States |
Medical Equipment and Supplies |
6.4 |
30 |
||
|
Branch |
Garden Grove, CA |
United States |
Fabricated Plastic and Rubber |
4.1 |
18 |
||
|
Subsidiary |
Farmington Hills, MI |
United States |
Chemicals - Plastics and Rubber |
5.4 |
5 |
||
|
Branch |
Taunton, MA |
United States |
Miscellaneous Fabricated Products |
2.4 |
4 |
||
|
Branch |
Fenton, MO |
United States |
Office Supplies |
34.2 |
60 |
||
|
Subsidiary |
Bonn, Nordrhein-Westfalen |
Germany |
Electronic Instruments and Controls |
9.5 |
53 |
||
|
Branch |
Minnetonka, MN |
United States |
Electronic Instruments and Controls |
38.2 |
50 |
||
|
Branch |
Houston, TX |
United States |
Electronic Instruments and Controls |
38.2 |
50 |
||
|
Subsidiary |
Dubai |
United Arab Emirates |
Miscellaneous Capital Goods |
30.0 |
50 |
||
|
Subsidiary |
Lakewood, CO |
United States |
Engineering Consultants |
24.0 |
50 |
||
|
Branch |
Fitzgerald, GA |
United States |
Fabricated Plastic and Rubber |
16.5 |
50 |
||
|
Branch |
Pomona, CA |
United States |
Electronic Instruments and Controls |
13.0 |
50 |
||
|
Branch |
Memphis, TN |
United States |
Advertising |
11.3 |
50 |
||
|
Branch |
Williamsburg, VA |
United States |
Business Services |
5.9 |
50 |
||
|
Unit |
Milwaukee, WI |
United States |
Electronic Instruments and Controls |
3.4 |
50 |
||
|
Subsidiary |
Bogota, Cundinamarca |
Colombia |
Miscellaneous Capital Goods |
2.0 |
50 |
||
|
Recently acquired (previously owned by CI ESI de Colombia SA).See corporate
structure news on Eaton Corporation for details |
|||||||
|
Subsidiary |
Selles-Caspet |
France |
Nonclassifiable Industries |
|
50 |
||
|
Subsidiary |
Coignieres |
France |
Electronic Instruments and Controls |
|
50 |
||
|
Branch |
Lake Oswego, OR |
United States |
Electronic Instruments and Controls |
37.4 |
49 |
||
|
Holding |
Irvine, CA |
United States |
Aerospace and Defense |
14.8 |
45 |
||
|
Subsidiary |
Fareham |
United Kingdom |
Miscellaneous Capital Goods |
185.1 |
1,309 |
||
|
Unit |
Cleveland, OH |
United States |
Aerospace and Defense |
230.9 |
736 |
||
|
Unit |
Jackson, MS |
United States |
Miscellaneous Capital Goods |
|
550 |
||
|
Unit |
Jackson, MI |
United States |
Miscellaneous Fabricated Products |
151.9 |
350 |
||
|
Eaton
Aerospace LLC - Hydraulic Systems Division, Los Angeles |
Unit |
Los Angeles, CA |
United States |
Aerospace and Defense |
264.3 |
340 |
|
|
Eaton
Aerospace LLC - Electrical Sensing & Controls Division, Sarasota |
Unit |
Sarasota, FL |
United States |
Aerospace and Defense |
|
340 |
|
|
Eaton
Aerospace LLC - Electrical Sensing & Controls Division, Grand Rapids |
Unit |
Grand Rapids, MI |
United States |
Aerospace and Defense |
79.5 |
250 |
|
|
Eaton
Aerospace LLC - Electrical Sensing & Controls Division, Glenolden |
Unit |
Glenolden, PA |
United States |
Aerospace and Defense |
70.0 |
190 |
|
|
Eaton
Aerospace LLC - Electrical Sensing & Controls Division, Costa Mesa |
Unit |
Costa Mesa, CA |
United States |
Aerospace and Defense |
49.4 |
175 |
|
|
Subsidiary |
Coignieres |
France |
Miscellaneous Fabricated Products |
75.0 |
100 |
||
|
Eaton
Aviation S.A.S. - Conveyance Systems Division, Serres-Castet |
Unit |
Serres-Castet |
France |
Miscellaneous Fabricated Products |
|
50 |
|
|
Unit |
Gilching |
Germany |
Miscellaneous Fabricated Products |
|
50 |
||
|
Branch |
Boothwyn, PA |
United States |
Electronic Instruments and Controls |
30.5 |
40 |
||
|
Subsidiary |
Birmingham |
United Kingdom |
Electronic Instruments and Controls |
21.3 |
36 |
||
|
Branch |
Houston, TX |
United States |
Electronic Instruments and Controls |
26.7 |
35 |
||
|
Subsidiary |
Morges |
Switzerland |
Miscellaneous Financial Services |
|
35 |
||
|
Subsidiary |
Hengelo |
Netherlands |
Construction and Agriculture Machinery |
|
1,000 |
||
|
Division |
Eindhoven |
Netherlands |
Miscellaneous Capital Goods |
|
100 |
||
|
Subsidiary |
Baden-Baden |
Germany |
Business Services |
|
650 |
||
|
Subsidiary |
Bonn, Nordrhein-Westfalen |
Germany |
Electronic Instruments and Controls |
776.0 |
1,400 |
||
|
Subsidiary |
Schrems |
Austria |
Electronic Instruments and Controls |
475.6 |
1,210 |
||
|
Subsidiary |
Skedsmokorset, Akershus |
Norway |
Electronic Instruments and Controls |
62.4 |
76 |
||
|
Subsidiary |
Barcelona |
Spain |
Electronic Instruments and Controls |
36.8 |
72 |
||
|
Subsidiary |
Grombalia |
Tunisia |
Electronic Instruments and Controls |
|
36 |
||
|
Subsidiary |
Birmingham |
United Kingdom |
Electronic Instruments and Controls |
103.3 |
497 |
||
|
UK Branch/Trading address |
Holyhead |
United Kingdom |
Electronic Instruments and Controls |
103.3 |
350 |
||
|
Subsidiary |
Vejle |
Denmark |
Electronic Instruments and Controls |
33.4 |
132 |
||
|
Subsidiary |
Slough |
United Kingdom |
Construction Services |
60.6 |
119 |
||
|
Affiliates |
Saint Gallen |
Switzerland |
Miscellaneous Financial Services |
|
100 |
||
|
Subsidiary |
Saint Gallen |
Switzerland |
Scientific and Technical Instruments |
|
|
||
|
Joint Venture |
Detmold |
Germany |
Scientific and Technical Instruments |
|
|
||
|
Subsidiary |
Roissy-en-France |
France |
Electronic Instruments and Controls |
40.0 |
75 |
||
|
Subsidiary |
Morges |
Switzerland |
Electronic Instruments and Controls |
|
|
||
|
Branch |
Jackson, MS |
United States |
Aerospace and Defense |
10.5 |
32 |
||
|
Branch |
Williamsport, MD |
United States |
Fabricated Plastic and Rubber |
10.5 |
32 |
||
|
Branch |
Minnetonka, MN |
United States |
Electronic Instruments and Controls |
22.9 |
30 |
||
|
Branch |
Littleton, CO |
United States |
Electronic Instruments and Controls |
22.9 |
30 |
||
|
Branch |
Greenwood, SC |
United States |
Electronic Instruments and Controls |
22.9 |
30 |
||
|
Branch |
Franklin, MA |
United States |
Engineering Consultants |
22.9 |
30 |
||
|
Branch |
Windsor, CT |
United States |
Electronic Instruments and Controls |
9.7 |
30 |
||
|
Branch |
Tempe, AZ |
United States |
Engineering Consultants |
6.2 |
30 |
||
|
Branch |
Lafayette, CO |
United States |
Retail (Technology) |
22.1 |
29 |
||
|
Branch |
Edison, NJ |
United States |
Electronic Instruments and Controls |
22.1 |
29 |
||
|
Subsidiary |
Granby, QC |
Canada |
Electronic Instruments and Controls |
10.0 |
29 |
||
|
Subsidiary |
Kista |
Sweden |
Electronic Instruments and Controls |
13.3 |
27 |
||
|
Branch |
Chandler, AZ |
United States |
Electronic Instruments and Controls |
19.1 |
25 |
||
|
Branch |
Union, NJ |
United States |
Engineering Consultants |
14.3 |
25 |
||
|
Branch |
Ann Arbor, MI |
United States |
Aerospace and Defense |
8.0 |
25 |
||
|
Branch |
Bellevue, WA |
United States |
Electronic Instruments and Controls |
6.5 |
25 |
||
|
Subsidiary |
Mississauga, ON |
Canada |
Electric Utilities |
6.1 |
24 |
||
|
Branch |
Santa Fe Springs, CA |
United States |
Electronic Instruments and Controls |
7.4 |
23 |
||
|
Subsidiary |
Mukilteo, WA |
United States |
Semiconductors |
64.0 |
20 |
||
|
Branch |
Columbia, SC |
United States |
Electronic Instruments and Controls |
15.3 |
20 |
||
|
Branch |
Blue Ash, OH |
United States |
Electronic Instruments and Controls |
15.3 |
20 |
||
|
Branch |
Cleveland, OH |
United States |
Electronic Instruments and Controls |
15.3 |
20 |
||
|
Branch |
Louisville, KY |
United States |
Electronic Instruments and Controls |
15.3 |
20 |
||
|
Branch |
Inglewood, CA |
United States |
Business Services |
11.4 |
20 |
||
|
Branch |
Hayward, CA |
United States |
Miscellaneous Capital Goods |
11.4 |
20 |
||
|
Branch |
Gainesboro, TN |
United States |
Miscellaneous Fabricated Products |
11.4 |
20 |
||
|
Branch |
Carrollton, TX |
United States |
Miscellaneous Fabricated Products |
6.6 |
20 |
||
|
Branch |
New York, NY |
United States |
Electronic Instruments and Controls |
5.2 |
20 |
||
|
Branch |
Novi, MI |
United States |
Retail (Home Improvement) |
5.2 |
20 |
||
|
Branch |
Aurora, CO |
United States |
Electronic Instruments and Controls |
10.8 |
19 |
||
|
Branch |
Cleveland, OH |
United States |
Electronic Instruments and Controls |
13.7 |
18 |
||
|
Branch |
Auburn, WA |
United States |
Electronic Instruments and Controls |
5.6 |
17 |
||
|
Branch |
Orlando, FL |
United States |
Electronic Instruments and Controls |
4.4 |
17 |
||
|
Branch |
Houston, TX |
United States |
Electronic Instruments and Controls |
11.4 |
15 |
||
|
Branch |
Mt Holly, NJ |
United States |
Engineering Consultants |
8.6 |
15 |
||
|
Subsidiary |
Les Ulis Cedex |
France |
Business Services |
|
15 |
||
|
Branch |
Nashville, TN |
United States |
Electronic Instruments and Controls |
10.7 |
14 |
||
|
Subsidiary |
Aukland |
New Zealand |
Miscellaneous Capital Goods |
1.5 |
14 |
||
|
Branch |
Mira Loma, CA |
United States |
Electronic Instruments and Controls |
9.9 |
13 |
||
|
Subsidiary |
Malmo |
Sweden |
Electronic Instruments and Controls |
17.1 |
12 |
||
|
Branch |
Boothwyn, PA |
United States |
Engineering Consultants |
6.3 |
11 |
||
|
Branch |
Belmont, NC |
United States |
Electronic Instruments and Controls |
2.9 |
11 |
||
|
Branch |
Fairfield, OH |
United States |
Electronic Instruments and Controls |
2.9 |
11 |
||
|
Subsidiary |
Riga |
Latvia |
Electronic Instruments and Controls |
|
11 |
||
|
Branch |
Lenexa, KS |
United States |
Electronic Instruments and Controls |
7.6 |
10 |
||
|
Branch |
Greenwood, SC |
United States |
Electronic Instruments and Controls |
7.6 |
10 |
||
|
Branch |
Warrendale, PA |
United States |
Electronic Instruments and Controls |
7.6 |
10 |
||
|
Branch |
Appleton, WI |
United States |
Business Services |
5.7 |
10 |
||
|
Branch |
Arden, NC |
United States |
Electronic Instruments and Controls |
3.3 |
10 |
||
|
Branch |
Laurel Springs, NJ |
United States |
Miscellaneous Capital Goods |
3.3 |
10 |
||
|
Branch |
Wichita, KS |
United States |
Electronic Instruments and Controls |
2.6 |
10 |
||
|
Branch |
Austin, TX |
United States |
Electronic Instruments and Controls |
1.2 |
10 |
||
|
Subsidiary |
Neuss |
Germany |
Electronic Instruments and Controls |
|
10 |
||
|
Branch |
Fort Myers, FL |
United States |
Miscellaneous Fabricated Products |
5.1 |
9 |
||
|
Branch |
East Syracuse, NY |
United States |
Electronic Instruments and Controls |
6.1 |
8 |
||
|
Branch |
Tulsa, OK |
United States |
Electronic Instruments and Controls |
6.1 |
8 |
||
|
Branch |
Tampa, FL |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
El Dorado Spgs, MO |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Wayne, PA |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
South Bend, IN |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Pelham, AL |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Bozeman, MT |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Tampa, FL |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Westborough, MA |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Parkville, MD |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Raleigh, NC |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Brandon, MS |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Roseville, CA |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Jacksonville, FL |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Fort Worth, TX |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Corpus Christi, TX |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Selmer, TN |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
South Lyon, MI |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Branch |
Charlottesville, VA |
United States |
Electronic Instruments and Controls |
5.3 |
7 |
||
|
Subsidiary |
Gembloux |
Belgium |
Fabricated Plastic and Rubber |
3.4 |
7 |
||
|
Branch |
Allentown, PA |
United States |
Personal and Household Products |
2.3 |
7 |
||
|
Branch |
Richmond, VA |
United States |
Construction Services |
1.1 |
7 |
||
|
Branch |
Beckley, WV |
United States |
Business Services |
0.8 |
7 |
||
|
Branch |
Las Vegas, NV |
United States |
Electronic Instruments and Controls |
4.6 |
6 |
||
|
Branch |
York, PA |
United States |
Electronic Instruments and Controls |
4.6 |
6 |
||
|
Branch |
Vancouver, WA |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Tucson, AZ |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Duncan, SC |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Downers Grove, IL |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Union, MO |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
El Paso, TX |
United States |
Miscellaneous Financial Services |
3.4 |
6 |
||
|
Branch |
Spicewood, TX |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Maumee, OH |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Westerville, OH |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Littleton, CO |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Eden Prairie, MN |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Willoughby, OH |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Sandston, VA |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Pharr, TX |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Greenwood, SC |
United States |
Miscellaneous Capital Goods |
3.4 |
6 |
||
|
Branch |
Jacksonville, FL |
United States |
Retail (Specialty) |
3.4 |
6 |
||
|
Branch |
Plano, TX |
United States |
Business Services |
3.4 |
6 |
||
|
Branch |
Amarillo, TX |
United States |
Business Services |
3.4 |
6 |
||
|
Branch |
Sioux Falls, SD |
United States |
Miscellaneous Capital Goods |
2.0 |
6 |
||
|
Subsidiary |
Pittsburgh, PA |
United States |
Electronic Instruments and Controls |
|
6 |
||
|
Branch |
Urbandale, IA |
United States |
Electronic Instruments and Controls |
3.8 |
5 |
||
|
Branch |
Cordova, TN |
United States |
Electronic Instruments and Controls |
3.8 |
5 |
||
|
Branch |
Oklahoma City, OK |
United States |
Electronic Instruments and Controls |
3.8 |
5 |
||
|
Branch |
Beaumont, TX |
United States |
Engineering Consultants |
2.9 |
5 |
||
|
Branch |
Van Wert, OH |
United States |
Miscellaneous Fabricated Products |
2.9 |
5 |
||
|
Subsidiary |
Norton Shores, MI |
United States |
Miscellaneous Fabricated Products |
2.9 |
5 |
||
|
Branch |
Marshall, MI |
United States |
Business Services |
2.9 |
5 |
||
|
Branch |
Bellevue, WA |
United States |
Aerospace and Defense |
1.6 |
5 |
||
|
Branch |
Tyler, TX |
United States |
Electronic Instruments and Controls |
3.1 |
4 |
||
|
Branch |
Dodge Center, MN |
United States |
Miscellaneous Capital Goods |
2.3 |
4 |
||
|
Branch |
N Little Rock, AR |
United States |
Business Services |
2.3 |
4 |
||
|
Branch |
Marietta, GA |
United States |
Retail (Specialty) |
1.7 |
4 |
||
|
Branch |
Honolulu, HI |
United States |
Electronic Instruments and Controls |
1.0 |
4 |
||
|
Branch |
Bridgeport, WV |
United States |
Construction Services |
0.7 |
4 |
||
|
Branch |
Auburn, IN |
United States |
Business Services |
0.4 |
4 |
||
|
Branch |
Roanoke, VA |
United States |
Electronic Instruments and Controls |
2.3 |
3 |
||
|
Branch |
Cornelius, NC |
United States |
Electronic Instruments and Controls |
2.3 |
3 |
||
|
Branch |
Beavercreek Twp, OH |
United States |
Electronic Instruments and Controls |
2.3 |
3 |
||
|
Branch |
Kennewick, WA |
United States |
Electronic Instruments and Controls |
2.3 |
3 |
||
|
Branch |
Lexington, KY |
United States |
Electronic Instruments and Controls |
2.3 |
3 |
||
|
Branch |
Louisville, TN |
United States |
Miscellaneous Capital Goods |
1.7 |
3 |
||
|
Subsidiary |
West Chester, OH |
United States |
Miscellaneous Capital Goods |
1.7 |
3 |
||
|
Branch |
Clifton Park, NY |
United States |
Miscellaneous Capital Goods |
1.7 |
3 |
||
|
Branch |
Prentice, WI |
United States |
Miscellaneous Fabricated Products |
1.0 |
3 |
||
|
Branch |
Pensacola, FL |
United States |
Electronic Instruments and Controls |
0.8 |
3 |
||
|
Branch |
Ralston, NE |
United States |
Electronic Instruments and Controls |
0.8 |
3 |
||
|
Branch |
San Diego, CA |
United States |
Business Services |
0.5 |
3 |
||
|
Branch |
Wichita, KS |
United States |
Electronic Instruments and Controls |
1.5 |
2 |
||
|
Branch |
Paducah, KY |
United States |
Electronic Instruments and Controls |
1.5 |
2 |
||
|
Branch |
Deerfield Beach, FL |
United States |
Miscellaneous Capital Goods |
1.1 |
2 |
||
|
Branch |
Boise, ID |
United States |
Electronic Instruments and Controls |
0.5 |
2 |
||
|
Branch |
Columbus, GA |
United States |
Electronic Instruments and Controls |
0.8 |
1 |
||
|
Branch |
Duluth, MN |
United States |
Electronic Instruments and Controls |
0.8 |
1 |
||
|
Branch |
Medford, OR |
United States |
Electronic Instruments and Controls |
0.8 |
1 |
||
|
Branch |
Shreveport, LA |
United States |
Electronic Instruments and Controls |
0.8 |
1 |
||
|
Branch |
Springfield, MO |
United States |
Electronic Instruments and Controls |
0.8 |
1 |
||
|
Branch |
Farmington, IL |
United States |
Electronic Instruments and Controls |
0.8 |
1 |
||
|
Branch |
Rockford, IL |
United States |
Electronic Instruments and Controls |
0.8 |
1 |
||
|
Branch |
Fort Wayne, IN |
United States |
Electronic Instruments and Controls |
0.8 |
1 |
||
|
Branch |
Powell, OH |
United States |
Miscellaneous Capital Goods |
0.6 |
1 |
||
|
Branch |
Weston, FL |
United States |
Miscellaneous Capital Goods |
0.6 |
1 |
||
|
Branch |
Canfield, OH |
United States |
Miscellaneous Capital Goods |
0.6 |
1 |
||
|
Branch |
Bettendorf, IA |
United States |
Electronic Instruments and Controls |
0.3 |
1 |
||
|
Branch |
Cedar Rapids, IA |
United States |
Electronic Instruments and Controls |
0.3 |
1 |
||
|
Branch |
Greensboro, MD |
United States |
Business Services |
0.1 |
1 |
||
|
Branch |
Shenandoah, IA |
United States |
Consumer Financial Services |
|
1 |
||
|
Subsidiary |
Bonn |
Germany |
Miscellaneous Capital Goods |
1,750.0 |
|
||
|
Subsidiary |
Rodano, Milano |
Italy |
Electronic Instruments and Controls |
72.5 |
99 |
||
|
Subsidiary |
Houston, TX |
United States |
Auto and Truck Parts |
4.6 |
6 |
||
|
Branch |
Mississauga, ON |
Canada |
Electronic Instruments and Controls |
|
80 |
||
|
Subsidiary |
Rivarolo Canavese |
Italy |
Auto and Truck Parts |
175.0 |
|
||
|
Subsidiary |
Houston, TX |
United States |
Electronic Instruments and Controls |
35.0 |
|
||
|
Subsidiary |
Hong Kong |
Hong Kong |
Scientific and Technical Instruments |
1.0 |
|
||
|
Subsidiary |
Worcester, MA |
United States |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Mascot, NSW |
Australia |
Metal Mining |
|
|
||
|
Subsidiary |
Fareham |
United Kingdom |
Nonclassifiable Industries |
|
|
||
|
Subsidiary |
Havant |
United Kingdom |
Miscellaneous Fabricated Products |
205.3 |
771 |
||
|
UK Branch/Trading address |
Redditch |
United Kingdom |
Aerospace and Defense |
205.3 |
135 |
||
|
Subsidiary |
Bognor Regis |
United Kingdom |
Electronic Instruments and Controls |
33.6 |
73 |
||
|
Subsidiary |
Rowland'S Castle |
United Kingdom |
Nonclassifiable Industries |
|
|
||
|
Subsidiary |
Brierley Hill |
United Kingdom |
Nonclassifiable Industries |
|
|
||
|
Subsidiary |
Rowland'S Castle |
United Kingdom |
Nonclassifiable Industries |
|
|
||
|
Subsidiary |
Rowland'S Castle |
United Kingdom |
Nonclassifiable Industries |
|
|
||
|
Subsidiary |
Cheltenham |
United Kingdom |
Miscellaneous Fabricated Products |
0.4 |
14 |
||
|
Subsidiary |
Fareham |
United Kingdom |
Business Services |
|
|
||
|
Subsidiary |
Slough |
United Kingdom |
Electronic Instruments and Controls |
4.4 |
18 |
||
|
Subsidiary |
Fareham |
United Kingdom |
Nonclassifiable Industries |
|
|
||
|
Subsidiary |
New Delhi |
India |
Metal Mining |
|
|
||
|
Subsidiary |
Seoul |
Korea, Republic of |
Construction Services |
|
|
||
|
Subsidiary |
North Point, Hong Kong Island |
Hong Kong |
Metal Mining |
|
|
||
|
Subsidiary |
Taipei |
Taiwan |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Pimpri, Pune |
India |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Shanghai |
China |
Miscellaneous Financial Services |
|
|
||
|
Unit |
Penang |
Malaysia |
Electronic Instruments and Controls |
|
247 |
||
|
Subsidiary |
Mascot, NSW |
Australia |
Electronic Instruments and Controls |
12.6 |
120 |
||
|
Branch |
Garbutt, QLD |
Australia |
Business Services |
|
|
||
|
Subsidiary |
Kowloon |
Hong Kong |
Business Services |
|
|
||
|
Subsidiary |
Shanghai |
China |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Yangzhong, Jiangsu |
China |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Kilsyth, VIC |
Australia |
Miscellaneous Capital Goods |
|
|
||
|
Subsidiary |
Hanoi |
Viet Nam |
Metal Mining |
|
|
||
|
Subsidiary |
Pittsburgh, PA |
United States |
Miscellaneous Capital Goods |
|
|
||
|
Subsidiary |
Pune, Maharashtra |
India |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Caracas |
Venezuela |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Torino, Torino |
Italy |
Electronic Instruments and Controls |
158.3 |
849 |
||
|
Subsidiary |
Pessano Con Bornago, Milano |
Italy |
Construction and Agriculture Machinery |
23.5 |
33 |
||
|
Subsidiary |
Espoo |
Finland |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
North Point, Hong Kong Island |
Hong Kong |
Metal Mining |
|
|
||
|
Subsidiary |
Reynosa, Tamaulipas |
Mexico |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Reynosa, TAM |
Mexico |
Electronic Instruments and Controls |
|
|
||
|
Subsidiary |
Taipei |
Taiwan |
Electronic Instruments and Controls |
|
|
||
|
Executives Report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Developments
|
|
|
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
Revenue |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
Total Revenue |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11,261.0 |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
|
Cost of Revenue, Total |
11,261.0 |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
|
Gross Profit |
4,788.0 |
4,082.0 |
3,091.0 |
4,185.0 |
3,651.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2,738.0 |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
|
Total Selling/General/Administrative Expenses |
2,738.0 |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
|
Research & Development |
417.0 |
425.0 |
395.0 |
417.0 |
335.0 |
|
Interest Expense (Income) - Net Operating |
118.0 |
136.0 |
150.0 |
157.0 |
- |
|
Interest Expense (Income) - Net Operating Total |
118.0 |
136.0 |
150.0 |
157.0 |
- |
|
Other, Net |
-38.0 |
-1.0 |
-9.0 |
-42.0 |
- |
|
Other Operating Expenses, Total |
-38.0 |
-1.0 |
-9.0 |
-42.0 |
- |
|
Total Operating Expense |
14,496.0 |
12,679.0 |
11,570.0 |
14,236.0 |
11,856.0 |
|
|
|
|
|
|
|
|
Operating Income |
1,553.0 |
1,036.0 |
303.0 |
1,140.0 |
1,177.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
- |
- |
- |
-147.0 |
|
Interest Expense, Net Non-Operating |
- |
- |
- |
- |
-147.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
- |
- |
- |
-147.0 |
|
Other Non-Operating Income (Expense) |
- |
- |
- |
- |
25.0 |
|
Other, Net |
- |
- |
- |
- |
25.0 |
|
Income Before Tax |
1,553.0 |
1,036.0 |
303.0 |
1,140.0 |
1,055.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
201.0 |
99.0 |
-82.0 |
73.0 |
82.0 |
|
Income After Tax |
1,352.0 |
937.0 |
385.0 |
1,067.0 |
973.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.0 |
-8.0 |
-2.0 |
-12.0 |
-14.0 |
|
Net Income Before Extraord Items |
1,350.0 |
929.0 |
383.0 |
1,055.0 |
959.0 |
|
Discontinued Operations |
- |
0.0 |
0.0 |
3.0 |
35.0 |
|
Total Extraord Items |
- |
0.0 |
0.0 |
3.0 |
35.0 |
|
Net Income |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
1,350.0 |
929.0 |
383.0 |
1,055.0 |
959.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
338.3 |
335.5 |
332.7 |
320.4 |
294.6 |
|
Basic EPS Excl Extraord Items |
3.99 |
2.77 |
1.15 |
3.29 |
3.26 |
|
Basic/Primary EPS Incl Extraord Items |
3.99 |
2.77 |
1.15 |
3.30 |
3.37 |
|
Diluted Net Income |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
Diluted Weighted Average Shares |
342.8 |
339.5 |
335.8 |
324.6 |
300.6 |
|
Diluted EPS Excl Extraord Items |
3.94 |
2.74 |
1.14 |
3.25 |
3.19 |
|
Diluted EPS Incl Extraord Items |
3.94 |
2.74 |
1.14 |
3.26 |
3.31 |
|
Dividends per Share - Common Stock Primary Issue |
1.36 |
1.08 |
1.00 |
1.00 |
0.86 |
|
Gross Dividends - Common Stock |
462.0 |
363.0 |
334.0 |
320.0 |
251.0 |
|
Interest Expense, Supplemental |
154.0 |
162.0 |
170.0 |
192.0 |
193.0 |
|
Interest Capitalized, Supplemental |
-5.0 |
-8.0 |
-7.0 |
-13.0 |
-14.0 |
|
Depreciation, Supplemental |
367.0 |
369.0 |
398.0 |
409.0 |
368.0 |
|
Total Special Items |
14.0 |
40.0 |
82.0 |
77.0 |
64.0 |
|
Normalized Income Before Tax |
1,567.0 |
1,076.0 |
385.0 |
1,217.0 |
1,119.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
28.7 |
4.9 |
5.0 |
|
Inc Tax Ex Impact of Sp Items |
201.0 |
99.0 |
-53.3 |
77.9 |
87.0 |
|
Normalized Income After Tax |
1,366.0 |
977.0 |
438.3 |
1,139.1 |
1,032.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,364.0 |
969.0 |
436.3 |
1,127.1 |
1,018.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.03 |
2.89 |
1.31 |
3.52 |
3.46 |
|
Diluted Normalized EPS |
3.98 |
2.85 |
1.30 |
3.47 |
3.39 |
|
Amort of Intangibles, Supplemental |
190.0 |
181.0 |
170.0 |
161.0 |
79.0 |
|
Rental Expenses |
194.0 |
172.0 |
177.0 |
173.0 |
133.0 |
|
Research & Development Exp, Supplemental |
417.0 |
425.0 |
395.0 |
417.0 |
335.0 |
|
Normalized EBIT |
1,685.0 |
1,212.0 |
535.0 |
1,374.0 |
1,241.0 |
|
Normalized EBITDA |
2,242.0 |
1,762.0 |
1,103.0 |
1,944.0 |
1,688.0 |
|
Current Tax - Domestic |
85.0 |
-2.0 |
40.0 |
36.0 |
7.0 |
|
Current Tax - Foreign |
186.0 |
107.0 |
69.0 |
219.0 |
140.0 |
|
Current Tax - Local |
2.0 |
1.0 |
5.0 |
4.0 |
9.0 |
|
Current Tax - Total |
273.0 |
106.0 |
114.0 |
259.0 |
156.0 |
|
Deferred Tax - Domestic |
-2.0 |
95.0 |
-174.0 |
-17.0 |
-15.0 |
|
Deferred Tax - Foreign |
-78.0 |
-87.0 |
-18.0 |
-127.0 |
-39.0 |
|
Deferred Tax - Local |
8.0 |
-15.0 |
-4.0 |
-42.0 |
-20.0 |
|
Deferred Tax - Total |
-72.0 |
-7.0 |
-196.0 |
-186.0 |
-74.0 |
|
Income Tax - Total |
201.0 |
99.0 |
-82.0 |
73.0 |
82.0 |
|
Interest Cost - Domestic |
132.0 |
131.0 |
133.0 |
190.0 |
163.0 |
|
Service Cost - Domestic |
93.0 |
80.0 |
76.0 |
137.0 |
147.0 |
|
Expected Return on Assets - Domestic |
-164.0 |
-156.0 |
-131.0 |
-198.0 |
-179.0 |
|
Curtailments & Settlements - Domestic |
17.0 |
17.0 |
100.0 |
36.0 |
42.0 |
|
Other Pension, Net - Domestic |
75.0 |
53.0 |
34.0 |
49.0 |
74.0 |
|
Domestic Pension Plan Expense |
153.0 |
125.0 |
212.0 |
214.0 |
247.0 |
|
Interest Cost - Foreign |
78.0 |
69.0 |
70.0 |
- |
- |
|
Service Cost - Foreign |
48.0 |
39.0 |
34.0 |
- |
- |
|
Expected Return on Assets - Foreign |
-70.0 |
-62.0 |
-58.0 |
- |
- |
|
Curtailments & Settlements - Foreign |
5.0 |
0.0 |
8.0 |
- |
- |
|
Other Pension, Net - Foreign |
13.0 |
8.0 |
4.0 |
- |
- |
|
Foreign Pension Plan Expense |
74.0 |
54.0 |
58.0 |
- |
- |
|
Interest Cost - Post-Retirement |
41.0 |
46.0 |
49.0 |
49.0 |
47.0 |
|
Service Cost - Post-Retirement |
15.0 |
16.0 |
15.0 |
15.0 |
15.0 |
|
Curtailments & Settlements - Post-Retir. |
0.0 |
0.0 |
1.0 |
0.0 |
0.0 |
|
Other Post-Retirement, Net |
12.0 |
10.0 |
1.0 |
11.0 |
11.0 |
|
Post-Retirement Plan Expense |
68.0 |
72.0 |
66.0 |
75.0 |
73.0 |
|
Defined Contribution Expense - Domestic |
65.0 |
33.0 |
25.0 |
64.0 |
59.0 |
|
Total Pension Expense |
360.0 |
284.0 |
361.0 |
353.0 |
379.0 |
|
Discount Rate - Domestic |
5.50% |
6.00% |
6.30% |
6.00% |
5.60% |
|
Discount Rate - Foreign |
5.40% |
5.59% |
6.26% |
- |
- |
|
Discount Rate - Post-Retirement |
5.20% |
5.70% |
6.30% |
6.00% |
5.60% |
|
Expected Rate of Return - Domestic |
8.50% |
8.95% |
8.94% |
8.94% |
8.75% |
|
Expected Rate of Return - Foreign |
7.17% |
7.20% |
7.06% |
- |
- |
|
Compensation Rate - Domestic |
3.61% |
3.62% |
3.64% |
3.64% |
3.50% |
|
Compensation Rate - Foreign |
3.63% |
3.58% |
3.56% |
- |
- |
|
Total Plan Interest Cost |
251.0 |
246.0 |
252.0 |
239.0 |
210.0 |
|
Total Plan Service Cost |
156.0 |
135.0 |
125.0 |
152.0 |
162.0 |
|
Total Plan Expected Return |
-234.0 |
-218.0 |
-189.0 |
-198.0 |
-179.0 |
|
Total Plan Other Expense |
100.0 |
71.0 |
39.0 |
60.0 |
85.0 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
385.0 |
333.0 |
340.0 |
188.0 |
142.0 |
|
Short Term Investments |
699.0 |
838.0 |
433.0 |
342.0 |
504.0 |
|
Cash and Short Term Investments |
1,084.0 |
1,171.0 |
773.0 |
530.0 |
646.0 |
|
Accounts Receivable -
Trade, Gross |
2,492.0 |
2,290.0 |
1,966.0 |
2,333.0 |
2,231.0 |
|
Provision for Doubtful
Accounts |
-48.0 |
-51.0 |
-67.0 |
-38.0 |
-23.0 |
|
Trade Accounts Receivable - Net |
2,444.0 |
2,239.0 |
1,899.0 |
2,295.0 |
2,208.0 |
|
Total Receivables, Net |
2,444.0 |
2,239.0 |
1,899.0 |
2,295.0 |
2,208.0 |
|
Inventories - Finished Goods |
867.0 |
800.0 |
601.0 |
702.0 |
533.0 |
|
Inventories - Work In Progress |
272.0 |
229.0 |
222.0 |
285.0 |
384.0 |
|
Inventories - Raw Materials |
706.0 |
651.0 |
608.0 |
683.0 |
674.0 |
|
LIFO Reserve |
-144.0 |
-116.0 |
-105.0 |
-116.0 |
-108.0 |
|
Total Inventory |
1,701.0 |
1,564.0 |
1,326.0 |
1,554.0 |
1,483.0 |
|
Deferred Income Tax - Current Asset |
398.0 |
303.0 |
377.0 |
239.0 |
291.0 |
|
Other Current Assets |
199.0 |
229.0 |
149.0 |
177.0 |
139.0 |
|
Other Current Assets, Total |
597.0 |
532.0 |
526.0 |
416.0 |
430.0 |
|
Total Current Assets |
5,826.0 |
5,506.0 |
4,524.0 |
4,795.0 |
4,767.0 |
|
|
|
|
|
|
|
|
Land/Improvements |
1,525.0 |
1,494.0 |
1,459.0 |
1,425.0 |
1,175.0 |
|
Machinery/Equipment |
4,669.0 |
4,485.0 |
4,241.0 |
4,142.0 |
4,067.0 |
|
Property/Plant/Equipment - Gross |
6,194.0 |
5,979.0 |
5,700.0 |
5,567.0 |
5,242.0 |
|
Accumulated Depreciation |
-3,592.0 |
-3,502.0 |
-3,255.0 |
-2,928.0 |
-2,909.0 |
|
Property/Plant/Equipment - Net |
2,602.0 |
2,477.0 |
2,445.0 |
2,639.0 |
2,333.0 |
|
Goodwill, Net |
5,537.0 |
5,454.0 |
5,435.0 |
5,232.0 |
3,982.0 |
|
Intangibles - Gross |
2,954.0 |
2,914.0 |
2,973.0 |
2,914.0 |
1,811.0 |
|
Accumulated Intangible Amortization |
-762.0 |
-642.0 |
-532.0 |
-396.0 |
-254.0 |
|
Intangibles, Net |
2,192.0 |
2,272.0 |
2,441.0 |
2,518.0 |
1,557.0 |
|
Deferred Income Tax - Long Term Asset |
1,134.0 |
1,001.0 |
973.0 |
971.0 |
498.0 |
|
Other Long Term Assets |
582.0 |
542.0 |
464.0 |
500.0 |
293.0 |
|
Other Long Term Assets, Total |
1,716.0 |
1,543.0 |
1,437.0 |
1,471.0 |
791.0 |
|
Total Assets |
17,873.0 |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,491.0 |
1,408.0 |
1,057.0 |
1,121.0 |
1,170.0 |
|
Accrued Expenses |
420.0 |
465.0 |
256.0 |
297.0 |
355.0 |
|
Notes Payable/Short Term Debt |
86.0 |
72.0 |
113.0 |
812.0 |
825.0 |
|
Current Portion - Long Term Debt/Capital Leases |
321.0 |
4.0 |
5.0 |
269.0 |
160.0 |
|
Other Current Liabilities |
1,319.0 |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
|
Other Current liabilities, Total |
1,319.0 |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
|
Total Current Liabilities |
3,637.0 |
3,233.0 |
2,689.0 |
3,745.0 |
3,659.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,366.0 |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
|
Total Long Term Debt |
3,366.0 |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
|
Total Debt |
3,773.0 |
3,458.0 |
3,467.0 |
4,271.0 |
3,417.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
442.0 |
487.0 |
550.0 |
543.0 |
224.0 |
|
Deferred Income Tax |
442.0 |
487.0 |
550.0 |
543.0 |
224.0 |
|
Minority Interest |
23.0 |
41.0 |
41.0 |
48.0 |
- |
|
Pension Benefits - Underfunded |
2,435.0 |
2,172.0 |
2,340.0 |
2,353.0 |
1,453.0 |
|
Other Long Term Liabilities |
501.0 |
575.0 |
536.0 |
459.0 |
490.0 |
|
Other Liabilities, Total |
2,936.0 |
2,747.0 |
2,876.0 |
2,812.0 |
1,943.0 |
|
Total Liabilities |
10,404.0 |
9,890.0 |
9,505.0 |
10,338.0 |
8,258.0 |
|
|
|
|
|
|
|
|
Common Stock |
167.0 |
170.0 |
166.0 |
82.0 |
73.0 |
|
Common Stock |
167.0 |
170.0 |
166.0 |
82.0 |
73.0 |
|
Additional Paid-In Capital |
4,169.0 |
4,093.0 |
3,947.0 |
3,879.0 |
2,290.0 |
|
Retained Earnings (Accumulated Deficit) |
5,103.0 |
4,455.0 |
3,893.0 |
3,917.0 |
3,257.0 |
|
Translation Adjustment |
-1,964.0 |
-1,348.0 |
-1,208.0 |
-1,538.0 |
-423.0 |
|
Other Comprehensive Income |
-6.0 |
-8.0 |
-21.0 |
-23.0 |
-25.0 |
|
Other Equity, Total |
-1,970.0 |
-1,356.0 |
-1,229.0 |
-1,561.0 |
-448.0 |
|
Total Equity |
7,469.0 |
7,362.0 |
6,777.0 |
6,317.0 |
5,172.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
17,873.0 |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
334.4 |
339.9 |
332.3 |
330.0 |
292.0 |
|
Total Common Shares Outstanding |
334.4 |
339.9 |
332.3 |
330.0 |
292.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
- |
- |
|
Employees |
73,000 |
70,000 |
70,000 |
75,000 |
64,000 |
|
Number of Common Shareholders |
8,191 |
8,113 |
8,452 |
8,548 |
8,501 |
|
Accumulated Intangible Amort, Suppl. |
762.0 |
642.0 |
532.0 |
396.0 |
254.0 |
|
Total Long Term Debt, Supplemental |
3,502.0 |
3,204.0 |
3,346.0 |
3,453.0 |
2,592.0 |
|
Long Term Debt Maturing within 1 Year |
321.0 |
4.0 |
5.0 |
269.0 |
160.0 |
|
Long Term Debt Maturing in Year 2 |
310.0 |
317.0 |
0.0 |
281.0 |
267.0 |
|
Long Term Debt Maturing in Year 3 |
570.0 |
310.0 |
312.0 |
0.0 |
285.0 |
|
Long Term Debt Maturing in Year 4 |
103.0 |
262.0 |
307.0 |
312.0 |
1.0 |
|
Long Term Debt Maturing in Year 5 |
1.0 |
104.0 |
259.0 |
307.0 |
313.0 |
|
Long Term Debt Maturing in 2-3 Years |
880.0 |
627.0 |
312.0 |
281.0 |
552.0 |
|
Long Term Debt Maturing in 4-5 Years |
104.0 |
366.0 |
566.0 |
619.0 |
314.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2,197.0 |
2,207.0 |
2,463.0 |
2,284.0 |
1,566.0 |
|
Total Operating Leases, Supplemental |
550.0 |
476.0 |
400.0 |
427.0 |
332.0 |
|
Operating Lease Payments Due in Year 1 |
146.0 |
145.0 |
121.0 |
117.0 |
102.0 |
|
Operating Lease Payments Due in Year 2 |
122.0 |
106.0 |
96.0 |
97.0 |
77.0 |
|
Operating Lease Payments Due in Year 3 |
88.0 |
78.0 |
64.0 |
73.0 |
55.0 |
|
Operating Lease Payments Due in Year 4 |
64.0 |
49.0 |
45.0 |
50.0 |
38.0 |
|
Operating Lease Payments Due in Year 5 |
51.0 |
39.0 |
27.0 |
36.0 |
26.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
210.0 |
184.0 |
160.0 |
170.0 |
132.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
115.0 |
88.0 |
72.0 |
86.0 |
64.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
79.0 |
59.0 |
47.0 |
54.0 |
34.0 |
|
Pension Obligation - Domestic |
2,899.0 |
2,458.0 |
3,610.0 |
3,288.0 |
3,092.0 |
|
Pension Obligation - Foreign |
1,505.0 |
1,460.0 |
- |
- |
- |
|
Post-Retirement Obligation |
853.0 |
826.0 |
830.0 |
779.0 |
859.0 |
|
Plan Assets - Domestic |
1,664.0 |
1,572.0 |
2,042.0 |
1,674.0 |
2,403.0 |
|
Plan Assets - Foreign |
989.0 |
937.0 |
- |
- |
- |
|
Plan Assets - Post-Retirement |
156.0 |
0.0 |
- |
- |
- |
|
Funded Status - Domestic |
-1,235.0 |
-886.0 |
-1,568.0 |
-1,614.0 |
-689.0 |
|
Funded Status - Foreign |
-516.0 |
-523.0 |
- |
- |
- |
|
Funded Status - Post-Retirement |
-697.0 |
-826.0 |
-830.0 |
-779.0 |
-859.0 |
|
Accumulated Obligation - Domestic |
2,762.0 |
2,366.0 |
3,404.0 |
3,083.0 |
2,874.0 |
|
Accumulated Obligation - Foreign |
1,364.0 |
1,330.0 |
- |
- |
- |
|
Accumulated Obligation - Post-Retirement |
853.0 |
826.0 |
830.0 |
779.0 |
859.0 |
|
Total Funded Status |
-2,448.0 |
-2,235.0 |
-2,398.0 |
-2,393.0 |
-1,548.0 |
|
Discount Rate - Domestic |
4.70% |
5.50% |
6.00% |
6.30% |
6.00% |
|
Discount Rate - Foreign |
5.12% |
5.40% |
5.59% |
- |
- |
|
Discount Rate - Post-Retirement |
4.60% |
5.20% |
5.70% |
6.30% |
6.00% |
|
Compensation Rate - Domestic |
3.15% |
3.61% |
3.62% |
3.50% |
3.50% |
|
Compensation Rate - Foreign |
3.62% |
3.63% |
3.58% |
- |
- |
|
Prepaid Benefits - Domestic |
0.0 |
0.0 |
50.0 |
67.0 |
10.0 |
|
Prepaid Benefits - Foreign |
78.0 |
52.0 |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-1,235.0 |
-886.0 |
-1,618.0 |
-1,681.0 |
-692.0 |
|
Accrued Liabilities - Foreign |
-594.0 |
-575.0 |
- |
- |
- |
|
Accrued Liabilities - Post-Retirement |
-697.0 |
-826.0 |
-830.0 |
-779.0 |
-854.0 |
|
Other Assets, Net - Domestic |
1,602.0 |
1,142.0 |
1,370.0 |
1,413.0 |
767.0 |
|
Other Assets, Net - Foreign |
358.0 |
319.0 |
- |
- |
- |
|
Other Assets, Net - Post-Retirement |
248.0 |
221.0 |
216.0 |
146.0 |
226.0 |
|
Net Assets Recognized on Balance Sheet |
-240.0 |
-553.0 |
-812.0 |
-834.0 |
-543.0 |
|
Equity % - Domestic |
- |
- |
- |
70.00% |
80.00% |
|
Debt Securities % - Domestic |
- |
- |
- |
24.00% |
18.00% |
|
Other Investments % - Domestic |
- |
- |
- |
6.00% |
2.00% |
|
Total Plan Obligations |
5,257.0 |
4,744.0 |
4,440.0 |
4,067.0 |
3,951.0 |
|
Total Plan Assets |
2,809.0 |
2,509.0 |
2,042.0 |
1,674.0 |
2,403.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1,352.0 |
937.0 |
385.0 |
1,070.0 |
1,008.0 |
|
Depreciation |
556.0 |
551.0 |
573.0 |
571.0 |
439.0 |
|
Depreciation/Depletion |
556.0 |
551.0 |
573.0 |
571.0 |
439.0 |
|
Deferred Taxes |
-113.0 |
26.0 |
-191.0 |
-225.0 |
-51.0 |
|
Unusual Items |
- |
- |
-9.0 |
-19.0 |
-46.0 |
|
Other Non-Cash Items |
-425.0 |
-224.0 |
-17.0 |
94.0 |
80.0 |
|
Non-Cash Items |
-425.0 |
-224.0 |
-26.0 |
75.0 |
34.0 |
|
Accounts Receivable |
-219.0 |
-305.0 |
440.0 |
128.0 |
-72.0 |
|
Inventories |
-113.0 |
-219.0 |
292.0 |
118.0 |
-79.0 |
|
Other Assets |
11.0 |
- |
- |
- |
- |
|
Accounts Payable |
92.0 |
322.0 |
-73.0 |
-208.0 |
27.0 |
|
Accrued Expenses |
85.0 |
- |
30.0 |
-31.0 |
-41.0 |
|
Other Liabilities |
-30.0 |
- |
- |
- |
- |
|
Other Assets & Liabilities, Net |
- |
- |
56.0 |
-206.0 |
21.0 |
|
Other Operating Cash Flow |
52.0 |
194.0 |
-78.0 |
149.0 |
-128.0 |
|
Changes in Working Capital |
-122.0 |
-8.0 |
667.0 |
-50.0 |
-272.0 |
|
Cash from Operating Activities |
1,248.0 |
1,282.0 |
1,408.0 |
1,441.0 |
1,158.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-568.0 |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
|
Capital Expenditures |
-568.0 |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
|
Acquisition of Business |
-325.0 |
-222.0 |
-10.0 |
-2,807.0 |
-1,433.0 |
|
Sale of Business |
- |
- |
24.0 |
25.0 |
119.0 |
|
Investment, Net |
103.0 |
-392.0 |
-64.0 |
100.0 |
247.0 |
|
Other Investing Cash Flow |
-10.0 |
-4.0 |
20.0 |
-60.0 |
-35.0 |
|
Other Investing Cash Flow Items, Total |
-232.0 |
-618.0 |
-30.0 |
-2,742.0 |
-1,102.0 |
|
Cash from Investing Activities |
-800.0 |
-1,012.0 |
-225.0 |
-3,190.0 |
-1,456.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
53.0 |
-8.0 |
-1.0 |
-1.0 |
35.0 |
|
Financing Cash Flow Items |
53.0 |
-8.0 |
-1.0 |
-1.0 |
35.0 |
|
Cash Dividends Paid - Common |
-462.0 |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
|
Total Cash Dividends Paid |
-462.0 |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
|
Sale/Issuance of
Common |
- |
- |
- |
1,522.0 |
- |
|
Repurchase/Retirement
of Common |
-343.0 |
0.0 |
- |
-100.0 |
-340.0 |
|
Common Stock, Net |
-343.0 |
0.0 |
- |
1,422.0 |
-340.0 |
|
Options Exercised |
71.0 |
157.0 |
27.0 |
47.0 |
141.0 |
|
Issuance (Retirement) of Stock, Net |
-272.0 |
157.0 |
27.0 |
1,469.0 |
-199.0 |
|
Short Term Debt, Net |
12.0 |
-37.0 |
-424.0 |
-5.0 |
62.0 |
|
Long Term Debt Issued |
353.0 |
55.0 |
558.0 |
1,656.0 |
1,652.0 |
|
Long Term Debt
Reduction |
-65.0 |
-65.0 |
-887.0 |
-984.0 |
-979.0 |
|
Long Term Debt, Net |
288.0 |
-10.0 |
-329.0 |
672.0 |
673.0 |
|
Issuance (Retirement) of Debt, Net |
300.0 |
-47.0 |
-753.0 |
667.0 |
735.0 |
|
Cash from Financing Activities |
-381.0 |
-261.0 |
-1,061.0 |
1,815.0 |
320.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.0 |
-16.0 |
30.0 |
-20.0 |
6.0 |
|
Net Change in Cash |
52.0 |
-7.0 |
152.0 |
46.0 |
28.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Net Cash - Ending Balance |
385.0 |
333.0 |
340.0 |
188.0 |
142.0 |
|
Cash Interest Paid |
174.0 |
170.0 |
180.0 |
206.0 |
204.0 |
|
Cash Taxes Paid |
191.0 |
141.0 |
124.0 |
185.0 |
141.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net sales |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
Total Revenue |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
|
|
|
|
|
|
|
Cost of Products Sold |
11,261.0 |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
|
Selling and Administrative Expenses |
2,738.0 |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
|
Research and Development |
417.0 |
425.0 |
395.0 |
417.0 |
335.0 |
|
Interest expense-net |
118.0 |
136.0 |
150.0 |
157.0 |
- |
|
Other (income) expense-net |
-38.0 |
-1.0 |
-9.0 |
-42.0 |
- |
|
Total Operating Expense |
14,496.0 |
12,679.0 |
11,570.0 |
14,236.0 |
11,856.0 |
|
|
|
|
|
|
|
|
Net Other Income or Expense |
- |
- |
- |
- |
25.0 |
|
Interest expense |
- |
- |
- |
- |
-147.0 |
|
Net Income Before Taxes |
1,553.0 |
1,036.0 |
303.0 |
1,140.0 |
1,055.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
201.0 |
99.0 |
-82.0 |
73.0 |
82.0 |
|
Net Income After Taxes |
1,352.0 |
937.0 |
385.0 |
1,067.0 |
973.0 |
|
|
|
|
|
|
|
|
Less net income for noncontrolling inter |
-2.0 |
-8.0 |
-2.0 |
-12.0 |
-14.0 |
|
Net Income Before Extra. Items |
1,350.0 |
929.0 |
383.0 |
1,055.0 |
959.0 |
|
Discontinued Operations |
- |
0.0 |
0.0 |
3.0 |
35.0 |
|
Net Income |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
1,350.0 |
929.0 |
383.0 |
1,055.0 |
959.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
338.3 |
335.5 |
332.7 |
320.4 |
294.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
3.99 |
2.77 |
1.15 |
3.29 |
3.26 |
|
Basic EPS Including ExtraOrdinary Item |
3.99 |
2.77 |
1.15 |
3.30 |
3.37 |
|
Diluted Net Income |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
Diluted Weighted Average Shares |
342.8 |
339.5 |
335.8 |
324.6 |
300.6 |
|
Diluted EPS Excluding ExtraOrd Items |
3.94 |
2.74 |
1.14 |
3.25 |
3.19 |
|
Diluted EPS Including ExtraOrd Items |
3.94 |
2.74 |
1.14 |
3.26 |
3.31 |
|
DPS-Common Stock |
1.36 |
1.08 |
1.00 |
1.00 |
0.86 |
|
Gross Dividends - Common Stock |
462.0 |
363.0 |
334.0 |
320.0 |
251.0 |
|
Normalized Income Before Taxes |
1,567.0 |
1,076.0 |
385.0 |
1,217.0 |
1,119.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
- |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
201.0 |
99.0 |
-53.3 |
77.9 |
87.0 |
|
Normalized Income After Taxes |
1,366.0 |
977.0 |
438.3 |
1,139.1 |
1,032.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,364.0 |
969.0 |
436.3 |
1,127.1 |
1,018.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.03 |
2.89 |
1.31 |
3.52 |
3.46 |
|
Diluted Normalized EPS |
3.98 |
2.85 |
1.30 |
3.47 |
3.39 |
|
Interest Expense |
154.0 |
162.0 |
170.0 |
192.0 |
193.0 |
|
Interest Capitalized |
-5.0 |
-8.0 |
-7.0 |
-13.0 |
-14.0 |
|
Depreciation |
367.0 |
369.0 |
398.0 |
409.0 |
368.0 |
|
Research & Development Exp |
417.0 |
425.0 |
395.0 |
417.0 |
335.0 |
|
Amort of Intangibles |
190.0 |
181.0 |
170.0 |
161.0 |
79.0 |
|
Rental Expense |
194.0 |
172.0 |
177.0 |
173.0 |
133.0 |
|
Current Tax - Federal |
85.0 |
-2.0 |
40.0 |
36.0 |
7.0 |
|
Current Tax - State & Local |
2.0 |
1.0 |
5.0 |
4.0 |
9.0 |
|
Current Tax - Foreign |
186.0 |
107.0 |
69.0 |
219.0 |
140.0 |
|
Current Tax - Total |
273.0 |
106.0 |
114.0 |
259.0 |
156.0 |
|
Deferred Tax - Federal |
-2.0 |
95.0 |
-174.0 |
-17.0 |
-15.0 |
|
Deferred Tax - Local |
8.0 |
-15.0 |
-4.0 |
-42.0 |
-20.0 |
|
Deferrred Tax - Foreign |
-78.0 |
-87.0 |
-18.0 |
-127.0 |
-39.0 |
|
Deferred Tax - Total |
-72.0 |
-7.0 |
-196.0 |
-186.0 |
-74.0 |
|
Income Tax - Total |
201.0 |
99.0 |
-82.0 |
73.0 |
82.0 |
|
Service Cost - Pension |
93.0 |
80.0 |
76.0 |
137.0 |
147.0 |
|
Interest Cost - Pension |
132.0 |
131.0 |
133.0 |
190.0 |
163.0 |
|
Expected Return on Assets - Pension |
-164.0 |
-156.0 |
-131.0 |
-198.0 |
-179.0 |
|
Amortization |
75.0 |
53.0 |
34.0 |
49.0 |
74.0 |
|
Curtailment Losses - Pension |
0.0 |
1.0 |
17.0 |
1.0 |
1.0 |
|
Settlement Losses - Pension |
17.0 |
16.0 |
83.0 |
35.0 |
41.0 |
|
Domestic Pension Plan Expense |
153.0 |
125.0 |
212.0 |
214.0 |
247.0 |
|
Service cost |
48.0 |
39.0 |
34.0 |
- |
- |
|
Interest cost |
78.0 |
69.0 |
70.0 |
- |
- |
|
Expected return on plan assets |
-70.0 |
-62.0 |
-58.0 |
- |
- |
|
Amortization |
13.0 |
8.0 |
4.0 |
- |
- |
|
Curtailment loss |
1.0 |
0.0 |
5.0 |
- |
- |
|
Settlement loss |
4.0 |
0.0 |
3.0 |
- |
- |
|
Foreign Pension Plan Expense |
74.0 |
54.0 |
58.0 |
- |
- |
|
Service Cost - Post-Retirement |
15.0 |
16.0 |
15.0 |
15.0 |
15.0 |
|
Interest Cost - Post-Retirement |
41.0 |
46.0 |
49.0 |
49.0 |
47.0 |
|
Other/Net Amortization - Post-Retirement |
12.0 |
10.0 |
1.0 |
11.0 |
11.0 |
|
Curtailment Losses/Gain - P.Retirement |
0.0 |
0.0 |
1.0 |
0.0 |
0.0 |
|
Settlement Losses - P.Retirement |
0.0 |
0.0 |
0.0 |
- |
- |
|
Post-Retirement Plan Expense |
68.0 |
72.0 |
66.0 |
75.0 |
73.0 |
|
Defined Contribution Plans - Pension |
65.0 |
33.0 |
25.0 |
64.0 |
59.0 |
|
Total Pension Expense |
360.0 |
284.0 |
361.0 |
353.0 |
379.0 |
|
Discount Rate - Pension |
5.50% |
6.00% |
6.30% |
6.00% |
5.60% |
|
Expected Rate of Return - Pension |
8.50% |
8.95% |
8.94% |
8.94% |
8.75% |
|
Compensation Rate - Pension |
3.61% |
3.62% |
3.64% |
3.64% |
3.50% |
|
Discount Rate - Foreign |
5.40% |
5.59% |
6.26% |
- |
- |
|
Expected Rate of Return - Foreign |
7.17% |
7.20% |
7.06% |
- |
- |
|
Compensation Rate - Foreign |
3.63% |
3.58% |
3.56% |
- |
- |
|
Discount Rate - Post-Retirement |
5.20% |
5.70% |
6.30% |
6.00% |
5.60% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
385.0 |
333.0 |
340.0 |
188.0 |
142.0 |
|
Short-Term Investments |
699.0 |
838.0 |
433.0 |
342.0 |
504.0 |
|
Prepaid expenses and other current asset |
199.0 |
229.0 |
149.0 |
177.0 |
139.0 |
|
Accounts Receivable |
2,492.0 |
2,290.0 |
1,966.0 |
2,333.0 |
2,231.0 |
|
Allowance for doubtful accounts |
-48.0 |
-51.0 |
-67.0 |
-38.0 |
-23.0 |
|
Raw Materials |
706.0 |
651.0 |
608.0 |
683.0 |
674.0 |
|
Work in Process |
272.0 |
229.0 |
222.0 |
285.0 |
384.0 |
|
Finished Goods |
867.0 |
800.0 |
601.0 |
702.0 |
533.0 |
|
Excess of Current Cost over FIFO Cost |
-144.0 |
-116.0 |
-105.0 |
-116.0 |
-108.0 |
|
Deferred income taxes and other current |
398.0 |
303.0 |
377.0 |
239.0 |
291.0 |
|
Total Current Assets |
5,826.0 |
5,506.0 |
4,524.0 |
4,795.0 |
4,767.0 |
|
|
|
|
|
|
|
|
Land and Buildings |
1,525.0 |
1,494.0 |
1,459.0 |
1,425.0 |
1,175.0 |
|
Machinery and Equipment |
4,669.0 |
4,485.0 |
4,241.0 |
4,142.0 |
4,067.0 |
|
Depreciation |
-3,592.0 |
-3,502.0 |
-3,255.0 |
-2,928.0 |
-2,909.0 |
|
Goodwill |
5,537.0 |
5,454.0 |
5,435.0 |
5,232.0 |
3,982.0 |
|
Deferred income taxes and other noncurre |
1,134.0 |
1,001.0 |
973.0 |
971.0 |
498.0 |
|
Other assets |
582.0 |
542.0 |
464.0 |
500.0 |
293.0 |
|
Intangible Assets |
2,954.0 |
2,914.0 |
2,973.0 |
2,914.0 |
1,811.0 |
|
Amortization |
-762.0 |
-642.0 |
-532.0 |
-396.0 |
-254.0 |
|
Total Assets |
17,873.0 |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
|
|
|
|
|
|
|
|
Short-Term Debt |
86.0 |
72.0 |
113.0 |
812.0 |
825.0 |
|
Current Portion of Long-Term Debt |
321.0 |
4.0 |
5.0 |
269.0 |
160.0 |
|
Accounts Payable |
1,491.0 |
1,408.0 |
1,057.0 |
1,121.0 |
1,170.0 |
|
Accrued Compensation |
420.0 |
465.0 |
256.0 |
297.0 |
355.0 |
|
Other Current Liabilities |
1,319.0 |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
|
Total Current Liabilities |
3,637.0 |
3,233.0 |
2,689.0 |
3,745.0 |
3,659.0 |
|
|
|
|
|
|
|
|
Long-term debt |
3,366.0 |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
|
Total Long Term Debt |
3,366.0 |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
|
|
|
|
|
|
|
|
Deferred income taxes and other noncurre |
442.0 |
487.0 |
550.0 |
543.0 |
224.0 |
|
Postretirement Benefits |
642.0 |
743.0 |
754.0 |
703.0 |
772.0 |
|
Pensions |
1,793.0 |
1,429.0 |
1,586.0 |
1,650.0 |
681.0 |
|
Noncontrolling interests |
23.0 |
41.0 |
41.0 |
48.0 |
- |
|
Other liabilities |
501.0 |
575.0 |
536.0 |
459.0 |
490.0 |
|
Total Liabilities |
10,404.0 |
9,890.0 |
9,505.0 |
10,338.0 |
8,258.0 |
|
|
|
|
|
|
|
|
Common Shares |
167.0 |
170.0 |
166.0 |
82.0 |
73.0 |
|
Paid-in Capital |
4,169.0 |
4,093.0 |
3,947.0 |
3,879.0 |
2,290.0 |
|
Retained Earnings |
5,103.0 |
4,455.0 |
3,893.0 |
3,917.0 |
3,257.0 |
|
Translation Adjustments |
-1,964.0 |
-1,348.0 |
-1,208.0 |
-1,538.0 |
-423.0 |
|
Deferred Compensation Plans |
-6.0 |
-8.0 |
-21.0 |
-23.0 |
-25.0 |
|
Total Equity |
7,469.0 |
7,362.0 |
6,777.0 |
6,317.0 |
5,172.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
17,873.0 |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
334.4 |
339.9 |
332.3 |
330.0 |
292.0 |
|
Total Common Shares Outstanding |
334.4 |
339.9 |
332.3 |
330.0 |
292.0 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
- |
- |
|
Accumulated Intangible Amortization |
762.0 |
642.0 |
532.0 |
396.0 |
254.0 |
|
Full-Time Employees |
73,000 |
70,000 |
70,000 |
75,000 |
64,000 |
|
Number of Common Shareholders |
8,191 |
8,113 |
8,452 |
8,548 |
8,501 |
|
LT Debt Maturing Within 1 Year |
321.0 |
4.0 |
5.0 |
269.0 |
160.0 |
|
LT Debt Maturing Within 2 Year |
310.0 |
317.0 |
0.0 |
281.0 |
267.0 |
|
LT Debt Maturing Within 3 Years |
570.0 |
310.0 |
312.0 |
0.0 |
285.0 |
|
LT Debt Maturing Within 4 Year |
103.0 |
262.0 |
307.0 |
312.0 |
1.0 |
|
LT Debt Maturing Within 5 Years |
1.0 |
104.0 |
259.0 |
307.0 |
313.0 |
|
LT Debt Maturing After 5 Years |
2,197.0 |
2,207.0 |
2,463.0 |
2,284.0 |
1,566.0 |
|
Total Long Term Debt, Supplemental |
3,502.0 |
3,204.0 |
3,346.0 |
3,453.0 |
2,592.0 |
|
Operating Lease Within 1 Year |
146.0 |
145.0 |
121.0 |
117.0 |
102.0 |
|
Operating Lease Within 2 Years |
122.0 |
106.0 |
96.0 |
97.0 |
77.0 |
|
Operating Lease Within 2-3 Years |
88.0 |
78.0 |
64.0 |
73.0 |
55.0 |
|
Operating Lease Within 3 Years |
64.0 |
49.0 |
45.0 |
50.0 |
38.0 |
|
Operating Lease Within 4-5 Years |
51.0 |
39.0 |
27.0 |
36.0 |
26.0 |
|
Operating Lease After 5 Years |
79.0 |
59.0 |
47.0 |
54.0 |
34.0 |
|
Total Operating Leases |
550.0 |
476.0 |
400.0 |
427.0 |
332.0 |
|
FV of Plan Assets - Pension |
1,664.0 |
1,572.0 |
2,042.0 |
1,674.0 |
2,403.0 |
|
Projected Benefit Obligation - Pension |
2,899.0 |
2,458.0 |
3,610.0 |
3,288.0 |
3,092.0 |
|
Funded Status - Pension |
-1,235.0 |
-886.0 |
-1,568.0 |
-1,614.0 |
-689.0 |
|
Plan Assets - Foreign |
989.0 |
937.0 |
- |
- |
- |
|
Pension Obligation - Foreign |
1,505.0 |
1,460.0 |
- |
- |
- |
|
Funded Status - Foreign |
-516.0 |
-523.0 |
- |
- |
- |
|
Plan Assets - Post-Retirement |
156.0 |
0.0 |
- |
- |
- |
|
Projected Benefit Obligation - Post-Ret. |
853.0 |
826.0 |
830.0 |
779.0 |
859.0 |
|
Funded Status - Post-Retirement |
-697.0 |
-826.0 |
-830.0 |
-779.0 |
-859.0 |
|
Accumulated Benefit Obligation - Pension |
2,762.0 |
2,366.0 |
3,404.0 |
3,083.0 |
2,874.0 |
|
Accumulated Obligation - Foreign |
1,364.0 |
1,330.0 |
- |
- |
- |
|
Accumulated Benefit Obligation - Post-Re |
853.0 |
826.0 |
830.0 |
779.0 |
859.0 |
|
Total Funded Status |
-2,448.0 |
-2,235.0 |
-2,398.0 |
-2,393.0 |
-1,548.0 |
|
Discount Rate - Pension |
4.70% |
5.50% |
6.00% |
6.30% |
6.00% |
|
Compensation Rate - Pension |
3.15% |
3.61% |
3.62% |
3.50% |
3.50% |
|
Discount Rate - Foreign |
5.12% |
5.40% |
5.59% |
- |
- |
|
Compensation Rate - Foreign |
3.62% |
3.63% |
3.58% |
- |
- |
|
Discount Rate - Post-Retirement |
4.60% |
5.20% |
5.70% |
6.30% |
6.00% |
|
Non-Current Assets - Pension |
0.0 |
0.0 |
50.0 |
67.0 |
10.0 |
|
Current Liabilities - Pension |
-12.0 |
-9.0 |
-32.0 |
-31.0 |
-11.0 |
|
Non-Current Liabilities - Pension |
-1,223.0 |
-877.0 |
-1,586.0 |
-1,650.0 |
-681.0 |
|
Prepaid Benefits - Foreign |
78.0 |
52.0 |
- |
- |
- |
|
Accrued Liabilities - Foreign |
-24.0 |
-23.0 |
- |
- |
- |
|
Accrued Liabilities - Foreign |
-570.0 |
-552.0 |
- |
- |
- |
|
Current Liabilities - Post-Retirement |
-55.0 |
-83.0 |
-76.0 |
-76.0 |
-82.0 |
|
Non-Current Liabilities- Post-Retirement |
-642.0 |
-743.0 |
-754.0 |
-703.0 |
-772.0 |
|
AOCI-Actuarial Loss - Pension |
1,601.0 |
1,142.0 |
1,363.0 |
1,410.0 |
764.0 |
|
AOCI-Prior Service Cost - Pension |
1.0 |
0.0 |
7.0 |
3.0 |
3.0 |
|
Other Assets, Net - Foreign |
348.0 |
311.0 |
- |
- |
- |
|
Other Assets, Net - Foreign |
10.0 |
8.0 |
- |
- |
- |
|
AOCI-Actuarial Loss - Post-Ret. |
257.0 |
232.0 |
228.0 |
159.0 |
232.0 |
|
AOCI-Prior Service Cost - Post-Ret. |
-9.0 |
-11.0 |
-12.0 |
-13.0 |
-6.0 |
|
Net Assets Recognized on Balance Sheet |
-240.0 |
-553.0 |
-812.0 |
-834.0 |
-543.0 |
|
Equity Securities % - Pension |
- |
- |
- |
70.00% |
80.00% |
|
Debt Securities % - Pension |
- |
- |
- |
24.00% |
18.00% |
|
Other Investments % - Pension |
- |
- |
- |
6.00% |
2.00% |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net income |
1,352.0 |
937.0 |
385.0 |
1,070.0 |
1,008.0 |
|
Depreciation |
556.0 |
551.0 |
573.0 |
571.0 |
439.0 |
|
Deferred income taxes |
-113.0 |
26.0 |
-191.0 |
-225.0 |
-51.0 |
|
Pension expense |
227.0 |
179.0 |
- |
- |
- |
|
Contributions to pension plans |
-372.0 |
-403.0 |
- |
- |
- |
|
Contributions to other postretirement be |
-223.0 |
- |
-1.0 |
5.0 |
26.0 |
|
Excess tax benefit from equity-based com |
-57.0 |
- |
- |
- |
- |
|
Accounts receivable-net |
-219.0 |
-305.0 |
440.0 |
128.0 |
-72.0 |
|
Inventory |
-113.0 |
-219.0 |
292.0 |
118.0 |
-79.0 |
|
Accounts payable |
92.0 |
322.0 |
-73.0 |
-208.0 |
27.0 |
|
Accrued compensation |
-38.0 |
- |
- |
- |
- |
|
Accrued income and other taxes |
123.0 |
- |
30.0 |
-31.0 |
-41.0 |
|
Other current assets |
11.0 |
- |
- |
- |
- |
|
Other current liabilities |
-30.0 |
- |
- |
- |
- |
|
Other-net |
52.0 |
194.0 |
-78.0 |
149.0 |
-128.0 |
|
Other Long-Term Liabilities |
- |
- |
-16.0 |
-40.0 |
-25.0 |
|
Gain on Sale of Businesses |
- |
- |
-9.0 |
-19.0 |
-46.0 |
|
Other non-cash items in income |
- |
- |
-15.0 |
44.0 |
60.0 |
|
Cash received from termination of intere |
- |
- |
15.0 |
85.0 |
19.0 |
|
Other working capital accounts |
- |
- |
56.0 |
-206.0 |
21.0 |
|
Cash from Operating Activities |
1,248.0 |
1,282.0 |
1,408.0 |
1,441.0 |
1,158.0 |
|
|
|
|
|
|
|
|
Capital expenditures for property, plant |
-568.0 |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
|
Cash paid for acquisitions of businesses |
-325.0 |
-222.0 |
-10.0 |
-2,807.0 |
-1,433.0 |
|
Sales (purchases) of short-term investme |
103.0 |
-392.0 |
-64.0 |
100.0 |
247.0 |
|
Other-net |
-10.0 |
-4.0 |
20.0 |
-60.0 |
-35.0 |
|
Sale of Business |
- |
- |
24.0 |
25.0 |
119.0 |
|
Cash from Investing Activities |
-800.0 |
-1,012.0 |
-225.0 |
-3,190.0 |
-1,456.0 |
|
|
|
|
|
|
|
|
Proceeds from Long-Term Debt |
353.0 |
55.0 |
558.0 |
1,656.0 |
1,652.0 |
|
Payments of Long-Term Debt |
-65.0 |
-65.0 |
-887.0 |
-984.0 |
-979.0 |
|
Borrowings with original maturities of l |
12.0 |
-37.0 |
-424.0 |
-5.0 |
62.0 |
|
Cash dividends paid |
-462.0 |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
|
Exercise of employee stock options |
71.0 |
157.0 |
27.0 |
47.0 |
141.0 |
|
Repurchase of shares |
-343.0 |
0.0 |
- |
-100.0 |
-340.0 |
|
Excess tax benefit from equity-based com |
57.0 |
0.0 |
- |
- |
- |
|
Other-net |
-4.0 |
-8.0 |
-5.0 |
-14.0 |
-7.0 |
|
Proceeds from issuance of Common Shares |
- |
- |
- |
1,522.0 |
- |
|
Income Tax Benefit from Empl. Stok. Op |
- |
- |
4.0 |
13.0 |
42.0 |
|
Cash from Financing Activities |
-381.0 |
-261.0 |
-1,061.0 |
1,815.0 |
320.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.0 |
-16.0 |
30.0 |
-20.0 |
6.0 |
|
Net Change in Cash |
52.0 |
-7.0 |
152.0 |
46.0 |
28.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Net Cash - Ending Balance |
385.0 |
333.0 |
340.0 |
188.0 |
142.0 |
|
Cash Interest Paid |
174.0 |
170.0 |
180.0 |
206.0 |
204.0 |
|
Cash Taxes Paid |
191.0 |
141.0 |
124.0 |
185.0 |
141.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
Revenue |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
Total Revenue |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11,261.0 |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
|
Cost of Revenue, Total |
11,261.0 |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
|
Gross Profit |
4,788.0 |
4,082.0 |
3,091.0 |
4,185.0 |
3,651.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2,738.0 |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
|
Total Selling/General/Administrative Expenses |
2,738.0 |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
|
Research & Development |
417.0 |
425.0 |
395.0 |
417.0 |
335.0 |
|
Interest Expense (Income) - Net Operating |
118.0 |
136.0 |
150.0 |
157.0 |
- |
|
Interest Expense (Income) - Net Operating Total |
118.0 |
136.0 |
150.0 |
157.0 |
- |
|
Other, Net |
-38.0 |
-1.0 |
-9.0 |
-42.0 |
- |
|
Other Operating Expenses, Total |
-38.0 |
-1.0 |
-9.0 |
-42.0 |
- |
|
Total Operating Expense |
14,496.0 |
12,679.0 |
11,570.0 |
14,236.0 |
11,856.0 |
|
|
|
|
|
|
|
|
Operating Income |
1,553.0 |
1,036.0 |
303.0 |
1,140.0 |
1,177.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
- |
- |
- |
-147.0 |
|
Interest Expense, Net Non-Operating |
- |
- |
- |
- |
-147.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
- |
- |
- |
-147.0 |
|
Other Non-Operating Income (Expense) |
- |
- |
- |
- |
25.0 |
|
Other, Net |
- |
- |
- |
- |
25.0 |
|
Income Before Tax |
1,553.0 |
1,036.0 |
303.0 |
1,140.0 |
1,055.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
201.0 |
99.0 |
-82.0 |
73.0 |
82.0 |
|
Income After Tax |
1,352.0 |
937.0 |
385.0 |
1,067.0 |
973.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.0 |
-8.0 |
-2.0 |
-12.0 |
-14.0 |
|
Net Income Before Extraord Items |
1,350.0 |
929.0 |
383.0 |
1,055.0 |
959.0 |
|
Discontinued Operations |
- |
0.0 |
0.0 |
3.0 |
35.0 |
|
Total Extraord Items |
- |
0.0 |
0.0 |
3.0 |
35.0 |
|
Net Income |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
1,350.0 |
929.0 |
383.0 |
1,055.0 |
959.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
338.3 |
335.5 |
332.7 |
320.4 |
294.6 |
|
Basic EPS Excl Extraord Items |
3.99 |
2.77 |
1.15 |
3.29 |
3.26 |
|
Basic/Primary EPS Incl Extraord Items |
3.99 |
2.77 |
1.15 |
3.30 |
3.37 |
|
Diluted Net Income |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
Diluted Weighted Average Shares |
342.8 |
339.5 |
335.8 |
324.6 |
300.6 |
|
Diluted EPS Excl Extraord Items |
3.94 |
2.74 |
1.14 |
3.25 |
3.19 |
|
Diluted EPS Incl Extraord Items |
3.94 |
2.74 |
1.14 |
3.26 |
3.31 |
|
Dividends per Share - Common Stock Primary Issue |
1.36 |
1.08 |
1.00 |
1.00 |
0.86 |
|
Gross Dividends - Common Stock |
462.0 |
363.0 |
334.0 |
320.0 |
251.0 |
|
Interest Expense, Supplemental |
154.0 |
162.0 |
170.0 |
192.0 |
193.0 |
|
Interest Capitalized, Supplemental |
-5.0 |
-8.0 |
-7.0 |
-13.0 |
-14.0 |
|
Depreciation, Supplemental |
367.0 |
369.0 |
398.0 |
409.0 |
368.0 |
|
Total Special Items |
14.0 |
40.0 |
82.0 |
77.0 |
64.0 |
|
Normalized Income Before Tax |
1,567.0 |
1,076.0 |
385.0 |
1,217.0 |
1,119.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
28.7 |
4.9 |
5.0 |
|
Inc Tax Ex Impact of Sp Items |
201.0 |
99.0 |
-53.3 |
77.9 |
87.0 |
|
Normalized Income After Tax |
1,366.0 |
977.0 |
438.3 |
1,139.1 |
1,032.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,364.0 |
969.0 |
436.3 |
1,127.1 |
1,018.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.03 |
2.89 |
1.31 |
3.52 |
3.46 |
|
Diluted Normalized EPS |
3.98 |
2.85 |
1.30 |
3.47 |
3.39 |
|
Amort of Intangibles, Supplemental |
190.0 |
181.0 |
170.0 |
161.0 |
79.0 |
|
Rental Expenses |
194.0 |
172.0 |
177.0 |
173.0 |
133.0 |
|
Research & Development Exp, Supplemental |
417.0 |
425.0 |
395.0 |
417.0 |
335.0 |
|
Normalized EBIT |
1,685.0 |
1,212.0 |
535.0 |
1,374.0 |
1,241.0 |
|
Normalized EBITDA |
2,242.0 |
1,762.0 |
1,103.0 |
1,944.0 |
1,688.0 |
|
Current Tax - Domestic |
85.0 |
-2.0 |
40.0 |
36.0 |
7.0 |
|
Current Tax - Foreign |
186.0 |
107.0 |
69.0 |
219.0 |
140.0 |
|
Current Tax - Local |
2.0 |
1.0 |
5.0 |
4.0 |
9.0 |
|
Current Tax - Total |
273.0 |
106.0 |
114.0 |
259.0 |
156.0 |
|
Deferred Tax - Domestic |
-2.0 |
95.0 |
-174.0 |
-17.0 |
-15.0 |
|
Deferred Tax - Foreign |
-78.0 |
-87.0 |
-18.0 |
-127.0 |
-39.0 |
|
Deferred Tax - Local |
8.0 |
-15.0 |
-4.0 |
-42.0 |
-20.0 |
|
Deferred Tax - Total |
-72.0 |
-7.0 |
-196.0 |
-186.0 |
-74.0 |
|
Income Tax - Total |
201.0 |
99.0 |
-82.0 |
73.0 |
82.0 |
|
Interest Cost - Domestic |
132.0 |
131.0 |
133.0 |
190.0 |
163.0 |
|
Service Cost - Domestic |
93.0 |
80.0 |
76.0 |
137.0 |
147.0 |
|
Expected Return on Assets - Domestic |
-164.0 |
-156.0 |
-131.0 |
-198.0 |
-179.0 |
|
Curtailments & Settlements - Domestic |
17.0 |
17.0 |
100.0 |
36.0 |
42.0 |
|
Other Pension, Net - Domestic |
75.0 |
53.0 |
34.0 |
49.0 |
74.0 |
|
Domestic Pension Plan Expense |
153.0 |
125.0 |
212.0 |
214.0 |
247.0 |
|
Interest Cost - Foreign |
78.0 |
69.0 |
70.0 |
- |
- |
|
Service Cost - Foreign |
48.0 |
39.0 |
34.0 |
- |
- |
|
Expected Return on Assets - Foreign |
-70.0 |
-62.0 |
-58.0 |
- |
- |
|
Curtailments & Settlements - Foreign |
5.0 |
0.0 |
8.0 |
- |
- |
|
Other Pension, Net - Foreign |
13.0 |
8.0 |
4.0 |
- |
- |
|
Foreign Pension Plan Expense |
74.0 |
54.0 |
58.0 |
- |
- |
|
Interest Cost - Post-Retirement |
41.0 |
46.0 |
49.0 |
49.0 |
47.0 |
|
Service Cost - Post-Retirement |
15.0 |
16.0 |
15.0 |
15.0 |
15.0 |
|
Curtailments & Settlements - Post-Retir. |
0.0 |
0.0 |
1.0 |
0.0 |
0.0 |
|
Other Post-Retirement, Net |
12.0 |
10.0 |
1.0 |
11.0 |
11.0 |
|
Post-Retirement Plan Expense |
68.0 |
72.0 |
66.0 |
75.0 |
73.0 |
|
Defined Contribution Expense - Domestic |
65.0 |
33.0 |
25.0 |
64.0 |
59.0 |
|
Total Pension Expense |
360.0 |
284.0 |
361.0 |
353.0 |
379.0 |
|
Discount Rate - Domestic |
5.50% |
6.00% |
6.30% |
6.00% |
5.60% |
|
Discount Rate - Foreign |
5.40% |
5.59% |
6.26% |
- |
- |
|
Discount Rate - Post-Retirement |
5.20% |
5.70% |
6.30% |
6.00% |
5.60% |
|
Expected Rate of Return - Domestic |
8.50% |
8.95% |
8.94% |
8.94% |
8.75% |
|
Expected Rate of Return - Foreign |
7.17% |
7.20% |
7.06% |
- |
- |
|
Compensation Rate - Domestic |
3.61% |
3.62% |
3.64% |
3.64% |
3.50% |
|
Compensation Rate - Foreign |
3.63% |
3.58% |
3.56% |
- |
- |
|
Total Plan Interest Cost |
251.0 |
246.0 |
252.0 |
239.0 |
210.0 |
|
Total Plan Service Cost |
156.0 |
135.0 |
125.0 |
152.0 |
162.0 |
|
Total Plan Expected Return |
-234.0 |
-218.0 |
-189.0 |
-198.0 |
-179.0 |
|
Total Plan Other Expense |
100.0 |
71.0 |
39.0 |
60.0 |
85.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
3,960.0 |
4,033.0 |
4,123.0 |
4,090.0 |
3,803.0 |
|
Revenue |
3,960.0 |
4,033.0 |
4,123.0 |
4,090.0 |
3,803.0 |
|
Total Revenue |
3,960.0 |
4,033.0 |
4,123.0 |
4,090.0 |
3,803.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,754.0 |
2,817.0 |
2,900.0 |
2,862.0 |
2,682.0 |
|
Cost of Revenue, Total |
2,754.0 |
2,817.0 |
2,900.0 |
2,862.0 |
2,682.0 |
|
Gross Profit |
1,206.0 |
1,216.0 |
1,223.0 |
1,228.0 |
1,121.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
702.0 |
707.0 |
668.0 |
698.0 |
665.0 |
|
Total Selling/General/Administrative Expenses |
702.0 |
707.0 |
668.0 |
698.0 |
665.0 |
|
Research & Development |
105.0 |
101.0 |
104.0 |
107.0 |
105.0 |
|
Interest Expense (Income) - Net Operating |
28.0 |
26.0 |
29.0 |
31.0 |
32.0 |
|
Interest Expense (Income) - Net Operating Total |
28.0 |
26.0 |
29.0 |
31.0 |
32.0 |
|
Other, Net |
3.0 |
-8.0 |
-10.0 |
-4.0 |
-16.0 |
|
Other Operating Expenses, Total |
3.0 |
-8.0 |
-10.0 |
-4.0 |
-16.0 |
|
Total Operating Expense |
3,592.0 |
3,643.0 |
3,691.0 |
3,694.0 |
3,468.0 |
|
|
|
|
|
|
|
|
Operating Income |
368.0 |
390.0 |
432.0 |
396.0 |
335.0 |
|
|
|
|
|
|
|
|
Income Before Tax |
368.0 |
390.0 |
432.0 |
396.0 |
335.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
57.0 |
29.0 |
65.0 |
58.0 |
49.0 |
|
Income After Tax |
311.0 |
361.0 |
367.0 |
338.0 |
286.0 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
1.0 |
-2.0 |
-2.0 |
1.0 |
|
Net Income Before Extraord Items |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
Net Income |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
335.4 |
334.2 |
338.1 |
340.9 |
340.1 |
|
Basic EPS Excl Extraord Items |
0.93 |
1.08 |
1.08 |
0.99 |
0.84 |
|
Basic/Primary EPS Incl Extraord Items |
0.93 |
1.08 |
1.08 |
0.99 |
0.84 |
|
Diluted Net Income |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
Diluted Weighted Average Shares |
339.8 |
338.1 |
341.9 |
345.7 |
345.7 |
|
Diluted EPS Excl Extraord Items |
0.92 |
1.07 |
1.07 |
0.97 |
0.83 |
|
Diluted EPS Incl Extraord Items |
0.92 |
1.07 |
1.07 |
0.97 |
0.83 |
|
Dividends per Share - Common Stock Primary Issue |
0.38 |
0.34 |
0.34 |
0.34 |
0.34 |
|
Gross Dividends - Common Stock |
127.0 |
114.0 |
116.0 |
116.0 |
116.0 |
|
Interest Expense, Supplemental |
36.0 |
38.0 |
38.0 |
39.0 |
39.0 |
|
Interest Capitalized, Supplemental |
-6.0 |
- |
-5.0 |
-4.0 |
-4.0 |
|
Depreciation, Supplemental |
98.0 |
91.0 |
92.0 |
93.0 |
91.0 |
|
Total Special Items |
3.0 |
5.0 |
4.0 |
2.0 |
3.0 |
|
Normalized Income Before Tax |
371.0 |
395.0 |
436.0 |
398.0 |
338.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.5 |
0.4 |
0.6 |
0.3 |
0.4 |
|
Inc Tax Ex Impact of Sp Items |
57.5 |
29.4 |
65.6 |
58.3 |
49.4 |
|
Normalized Income After Tax |
313.5 |
365.6 |
370.4 |
339.7 |
288.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
313.5 |
366.6 |
368.4 |
337.7 |
289.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.93 |
1.10 |
1.09 |
0.99 |
0.85 |
|
Diluted Normalized EPS |
0.92 |
1.08 |
1.08 |
0.98 |
0.84 |
|
Amort of Intangibles, Supplemental |
42.0 |
47.0 |
47.0 |
48.0 |
48.0 |
|
Research & Development Exp, Supplemental |
105.0 |
101.0 |
104.0 |
107.0 |
105.0 |
|
Normalized EBIT |
399.0 |
421.0 |
465.0 |
429.0 |
370.0 |
|
Normalized EBITDA |
539.0 |
559.0 |
604.0 |
570.0 |
509.0 |
|
Interest Cost - Domestic |
34.0 |
33.0 |
33.0 |
33.0 |
33.0 |
|
Service Cost - Domestic |
29.0 |
24.0 |
23.0 |
23.0 |
23.0 |
|
Expected Return on Assets - Domestic |
-45.0 |
-41.0 |
-41.0 |
-41.0 |
-41.0 |
|
Curtailments & Settlements - Domestic |
4.0 |
5.0 |
5.0 |
4.0 |
3.0 |
|
Other Pension, Net - Domestic |
29.0 |
18.0 |
19.0 |
19.0 |
19.0 |
|
Domestic Pension Plan Expense |
51.0 |
39.0 |
39.0 |
38.0 |
37.0 |
|
Interest Cost - Foreign |
19.0 |
19.0 |
19.0 |
20.0 |
20.0 |
|
Service Cost - Foreign |
12.0 |
11.0 |
12.0 |
12.0 |
13.0 |
|
Expected Return on Assets - Foreign |
-19.0 |
-17.0 |
-17.0 |
-18.0 |
-18.0 |
|
Curtailments & Settlements - Foreign |
2.0 |
1.0 |
1.0 |
3.0 |
0.0 |
|
Other Pension, Net - Foreign |
4.0 |
4.0 |
3.0 |
3.0 |
3.0 |
|
Foreign Pension Plan Expense |
18.0 |
18.0 |
18.0 |
20.0 |
18.0 |
|
Interest Cost - Post-Retirement |
9.0 |
11.0 |
10.0 |
10.0 |
10.0 |
|
Service Cost - Post-Retirement |
4.0 |
3.0 |
4.0 |
4.0 |
4.0 |
|
Expected Return on Assets - Post-Retir. |
-1.0 |
- |
- |
- |
0.0 |
|
Curtailments & Settlements - Post-Retir. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Post-Retirement, Net |
4.0 |
3.0 |
3.0 |
3.0 |
3.0 |
|
Post-Retirement Plan Expense |
16.0 |
17.0 |
17.0 |
17.0 |
17.0 |
|
Total Pension Expense |
85.0 |
74.0 |
74.0 |
75.0 |
72.0 |
|
Total Plan Interest Cost |
62.0 |
63.0 |
62.0 |
63.0 |
63.0 |
|
Total Plan Service Cost |
45.0 |
38.0 |
39.0 |
39.0 |
40.0 |
|
Total Plan Expected Return |
-65.0 |
-58.0 |
-58.0 |
-59.0 |
-59.0 |
|
Total Plan Other Expense |
37.0 |
25.0 |
25.0 |
25.0 |
25.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
385.0 |
333.0 |
340.0 |
188.0 |
142.0 |
|
Short Term Investments |
699.0 |
838.0 |
433.0 |
342.0 |
504.0 |
|
Cash and Short Term Investments |
1,084.0 |
1,171.0 |
773.0 |
530.0 |
646.0 |
|
Accounts Receivable -
Trade, Gross |
2,492.0 |
2,290.0 |
1,966.0 |
2,333.0 |
2,231.0 |
|
Provision for Doubtful
Accounts |
-48.0 |
-51.0 |
-67.0 |
-38.0 |
-23.0 |
|
Trade Accounts Receivable - Net |
2,444.0 |
2,239.0 |
1,899.0 |
2,295.0 |
2,208.0 |
|
Total Receivables, Net |
2,444.0 |
2,239.0 |
1,899.0 |
2,295.0 |
2,208.0 |
|
Inventories - Finished Goods |
867.0 |
800.0 |
601.0 |
702.0 |
533.0 |
|
Inventories - Work In Progress |
272.0 |
229.0 |
222.0 |
285.0 |
384.0 |
|
Inventories - Raw Materials |
706.0 |
651.0 |
608.0 |
683.0 |
674.0 |
|
LIFO Reserve |
-144.0 |
-116.0 |
-105.0 |
-116.0 |
-108.0 |
|
Total Inventory |
1,701.0 |
1,564.0 |
1,326.0 |
1,554.0 |
1,483.0 |
|
Deferred Income Tax - Current Asset |
398.0 |
303.0 |
377.0 |
239.0 |
291.0 |
|
Other Current Assets |
199.0 |
229.0 |
149.0 |
177.0 |
139.0 |
|
Other Current Assets, Total |
597.0 |
532.0 |
526.0 |
416.0 |
430.0 |
|
Total Current Assets |
5,826.0 |
5,506.0 |
4,524.0 |
4,795.0 |
4,767.0 |
|
|
|
|
|
|
|
|
Land/Improvements |
1,525.0 |
1,494.0 |
1,459.0 |
1,425.0 |
1,175.0 |
|
Machinery/Equipment |
4,669.0 |
4,485.0 |
4,241.0 |
4,142.0 |
4,067.0 |
|
Property/Plant/Equipment - Gross |
6,194.0 |
5,979.0 |
5,700.0 |
5,567.0 |
5,242.0 |
|
Accumulated Depreciation |
-3,592.0 |
-3,502.0 |
-3,255.0 |
-2,928.0 |
-2,909.0 |
|
Property/Plant/Equipment - Net |
2,602.0 |
2,477.0 |
2,445.0 |
2,639.0 |
2,333.0 |
|
Goodwill, Net |
5,537.0 |
5,454.0 |
5,435.0 |
5,232.0 |
3,982.0 |
|
Intangibles - Gross |
2,954.0 |
2,914.0 |
2,973.0 |
2,914.0 |
1,811.0 |
|
Accumulated Intangible Amortization |
-762.0 |
-642.0 |
-532.0 |
-396.0 |
-254.0 |
|
Intangibles, Net |
2,192.0 |
2,272.0 |
2,441.0 |
2,518.0 |
1,557.0 |
|
Deferred Income Tax - Long Term Asset |
1,134.0 |
1,001.0 |
973.0 |
971.0 |
498.0 |
|
Other Long Term Assets |
582.0 |
542.0 |
464.0 |
500.0 |
293.0 |
|
Other Long Term Assets, Total |
1,716.0 |
1,543.0 |
1,437.0 |
1,471.0 |
791.0 |
|
Total Assets |
17,873.0 |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,491.0 |
1,408.0 |
1,057.0 |
1,121.0 |
1,170.0 |
|
Accrued Expenses |
420.0 |
465.0 |
256.0 |
297.0 |
355.0 |
|
Notes Payable/Short Term Debt |
86.0 |
72.0 |
113.0 |
812.0 |
825.0 |
|
Current Portion - Long Term Debt/Capital Leases |
321.0 |
4.0 |
5.0 |
269.0 |
160.0 |
|
Other Current Liabilities |
1,319.0 |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
|
Other Current liabilities, Total |
1,319.0 |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
|
Total Current Liabilities |
3,637.0 |
3,233.0 |
2,689.0 |
3,745.0 |
3,659.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,366.0 |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
|
Total Long Term Debt |
3,366.0 |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
|
Total Debt |
3,773.0 |
3,458.0 |
3,467.0 |
4,271.0 |
3,417.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
442.0 |
487.0 |
550.0 |
543.0 |
224.0 |
|
Deferred Income Tax |
442.0 |
487.0 |
550.0 |
543.0 |
224.0 |
|
Minority Interest |
23.0 |
41.0 |
41.0 |
48.0 |
- |
|
Pension Benefits - Underfunded |
2,435.0 |
2,172.0 |
2,340.0 |
2,353.0 |
1,453.0 |
|
Other Long Term Liabilities |
501.0 |
575.0 |
536.0 |
459.0 |
490.0 |
|
Other Liabilities, Total |
2,936.0 |
2,747.0 |
2,876.0 |
2,812.0 |
1,943.0 |
|
Total Liabilities |
10,404.0 |
9,890.0 |
9,505.0 |
10,338.0 |
8,258.0 |
|
|
|
|
|
|
|
|
Common Stock |
167.0 |
170.0 |
166.0 |
82.0 |
73.0 |
|
Common Stock |
167.0 |
170.0 |
166.0 |
82.0 |
73.0 |
|
Additional Paid-In Capital |
4,169.0 |
4,093.0 |
3,947.0 |
3,879.0 |
2,290.0 |
|
Retained Earnings (Accumulated Deficit) |
5,103.0 |
4,455.0 |
3,893.0 |
3,917.0 |
3,257.0 |
|
Translation Adjustment |
-1,964.0 |
-1,348.0 |
-1,208.0 |
-1,538.0 |
-423.0 |
|
Other Comprehensive Income |
-6.0 |
-8.0 |
-21.0 |
-23.0 |
-25.0 |
|
Other Equity, Total |
-1,970.0 |
-1,356.0 |
-1,229.0 |
-1,561.0 |
-448.0 |
|
Total Equity |
7,469.0 |
7,362.0 |
6,777.0 |
6,317.0 |
5,172.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
17,873.0 |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
334.4 |
339.9 |
332.3 |
330.0 |
292.0 |
|
Total Common Shares Outstanding |
334.4 |
339.9 |
332.3 |
330.0 |
292.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
- |
- |
|
Employees |
73,000 |
70,000 |
70,000 |
75,000 |
64,000 |
|
Number of Common Shareholders |
8,191 |
8,113 |
8,452 |
8,548 |
8,501 |
|
Accumulated Intangible Amort, Suppl. |
762.0 |
642.0 |
532.0 |
396.0 |
254.0 |
|
Total Long Term Debt, Supplemental |
3,502.0 |
3,204.0 |
3,346.0 |
3,453.0 |
2,592.0 |
|
Long Term Debt Maturing within 1 Year |
321.0 |
4.0 |
5.0 |
269.0 |
160.0 |
|
Long Term Debt Maturing in Year 2 |
310.0 |
317.0 |
0.0 |
281.0 |
267.0 |
|
Long Term Debt Maturing in Year 3 |
570.0 |
310.0 |
312.0 |
0.0 |
285.0 |
|
Long Term Debt Maturing in Year 4 |
103.0 |
262.0 |
307.0 |
312.0 |
1.0 |
|
Long Term Debt Maturing in Year 5 |
1.0 |
104.0 |
259.0 |
307.0 |
313.0 |
|
Long Term Debt Maturing in 2-3 Years |
880.0 |
627.0 |
312.0 |
281.0 |
552.0 |
|
Long Term Debt Maturing in 4-5 Years |
104.0 |
366.0 |
566.0 |
619.0 |
314.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2,197.0 |
2,207.0 |
2,463.0 |
2,284.0 |
1,566.0 |
|
Total Operating Leases, Supplemental |
550.0 |
476.0 |
400.0 |
427.0 |
332.0 |
|
Operating Lease Payments Due in Year 1 |
146.0 |
145.0 |
121.0 |
117.0 |
102.0 |
|
Operating Lease Payments Due in Year 2 |
122.0 |
106.0 |
96.0 |
97.0 |
77.0 |
|
Operating Lease Payments Due in Year 3 |
88.0 |
78.0 |
64.0 |
73.0 |
55.0 |
|
Operating Lease Payments Due in Year 4 |
64.0 |
49.0 |
45.0 |
50.0 |
38.0 |
|
Operating Lease Payments Due in Year 5 |
51.0 |
39.0 |
27.0 |
36.0 |
26.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
210.0 |
184.0 |
160.0 |
170.0 |
132.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
115.0 |
88.0 |
72.0 |
86.0 |
64.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
79.0 |
59.0 |
47.0 |
54.0 |
34.0 |
|
Pension Obligation - Domestic |
2,899.0 |
2,458.0 |
3,610.0 |
3,288.0 |
3,092.0 |
|
Pension Obligation - Foreign |
1,505.0 |
1,460.0 |
- |
- |
- |
|
Post-Retirement Obligation |
853.0 |
826.0 |
830.0 |
779.0 |
859.0 |
|
Plan Assets - Domestic |
1,664.0 |
1,572.0 |
2,042.0 |
1,674.0 |
2,403.0 |
|
Plan Assets - Foreign |
989.0 |
937.0 |
- |
- |
- |
|
Plan Assets - Post-Retirement |
156.0 |
0.0 |
- |
- |
- |
|
Funded Status - Domestic |
-1,235.0 |
-886.0 |
-1,568.0 |
-1,614.0 |
-689.0 |
|
Funded Status - Foreign |
-516.0 |
-523.0 |
- |
- |
- |
|
Funded Status - Post-Retirement |
-697.0 |
-826.0 |
-830.0 |
-779.0 |
-859.0 |
|
Accumulated Obligation - Domestic |
2,762.0 |
2,366.0 |
3,404.0 |
3,083.0 |
2,874.0 |
|
Accumulated Obligation - Foreign |
1,364.0 |
1,330.0 |
- |
- |
- |
|
Accumulated Obligation - Post-Retirement |
853.0 |
826.0 |
830.0 |
779.0 |
859.0 |
|
Total Funded Status |
-2,448.0 |
-2,235.0 |
-2,398.0 |
-2,393.0 |
-1,548.0 |
|
Discount Rate - Domestic |
4.70% |
5.50% |
6.00% |
6.30% |
6.00% |
|
Discount Rate - Foreign |
5.12% |
5.40% |
5.59% |
- |
- |
|
Discount Rate - Post-Retirement |
4.60% |
5.20% |
5.70% |
6.30% |
6.00% |
|
Compensation Rate - Domestic |
3.15% |
3.61% |
3.62% |
3.50% |
3.50% |
|
Compensation Rate - Foreign |
3.62% |
3.63% |
3.58% |
- |
- |
|
Prepaid Benefits - Domestic |
0.0 |
0.0 |
50.0 |
67.0 |
10.0 |
|
Prepaid Benefits - Foreign |
78.0 |
52.0 |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-1,235.0 |
-886.0 |
-1,618.0 |
-1,681.0 |
-692.0 |
|
Accrued Liabilities - Foreign |
-594.0 |
-575.0 |
- |
- |
- |
|
Accrued Liabilities - Post-Retirement |
-697.0 |
-826.0 |
-830.0 |
-779.0 |
-854.0 |
|
Other Assets, Net - Domestic |
1,602.0 |
1,142.0 |
1,370.0 |
1,413.0 |
767.0 |
|
Other Assets, Net - Foreign |
358.0 |
319.0 |
- |
- |
- |
|
Other Assets, Net - Post-Retirement |
248.0 |
221.0 |
216.0 |
146.0 |
226.0 |
|
Net Assets Recognized on Balance Sheet |
-240.0 |
-553.0 |
-812.0 |
-834.0 |
-543.0 |
|
Equity % - Domestic |
- |
- |
- |
70.00% |
80.00% |
|
Debt Securities % - Domestic |
- |
- |
- |
24.00% |
18.00% |
|
Other Investments % - Domestic |
- |
- |
- |
6.00% |
2.00% |
|
Total Plan Obligations |
5,257.0 |
4,744.0 |
4,440.0 |
4,067.0 |
3,951.0 |
|
Total Plan Assets |
2,809.0 |
2,509.0 |
2,042.0 |
1,674.0 |
2,403.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash |
367.0 |
385.0 |
278.0 |
282.0 |
201.0 |
|
Short Term Investments |
444.0 |
699.0 |
536.0 |
601.0 |
496.0 |
|
Cash and Short Term Investments |
811.0 |
1,084.0 |
814.0 |
883.0 |
697.0 |
|
Trade Accounts Receivable - Net |
2,588.0 |
2,444.0 |
2,549.0 |
2,625.0 |
2,466.0 |
|
Total Receivables, Net |
2,588.0 |
2,444.0 |
2,549.0 |
2,625.0 |
2,466.0 |
|
Inventories - Finished Goods |
890.0 |
867.0 |
907.0 |
915.0 |
849.0 |
|
Inventories - Work In Progress |
291.0 |
272.0 |
243.0 |
255.0 |
245.0 |
|
Inventories - Raw Materials |
747.0 |
706.0 |
747.0 |
721.0 |
692.0 |
|
LIFO Reserve |
-149.0 |
-144.0 |
-128.0 |
-125.0 |
-119.0 |
|
Total Inventory |
1,779.0 |
1,701.0 |
1,769.0 |
1,766.0 |
1,667.0 |
|
Deferred Income Tax - Current Asset |
- |
398.0 |
- |
- |
- |
|
Other Current Assets |
704.0 |
199.0 |
601.0 |
643.0 |
640.0 |
|
Other Current Assets, Total |
704.0 |
597.0 |
601.0 |
643.0 |
640.0 |
|
Total Current Assets |
5,882.0 |
5,826.0 |
5,733.0 |
5,917.0 |
5,470.0 |
|
|
|
|
|
|
|
|
Land/Improvements |
- |
1,525.0 |
- |
- |
- |
|
Machinery/Equipment |
- |
4,669.0 |
- |
- |
- |
|
Property/Plant/Equipment - Gross |
- |
6,194.0 |
- |
- |
- |
|
Accumulated Depreciation |
- |
-3,592.0 |
- |
- |
- |
|
Property/Plant/Equipment - Net |
2,660.0 |
2,602.0 |
2,537.0 |
2,589.0 |
2,523.0 |
|
Goodwill, Net |
5,605.0 |
5,537.0 |
5,571.0 |
5,723.0 |
5,569.0 |
|
Intangibles, Net |
2,192.0 |
2,192.0 |
2,253.0 |
2,360.0 |
2,304.0 |
|
Deferred Income Tax - Long Term Asset |
1,057.0 |
1,134.0 |
971.0 |
961.0 |
960.0 |
|
Other Long Term Assets |
597.0 |
582.0 |
562.0 |
571.0 |
511.0 |
|
Other Long Term Assets, Total |
1,654.0 |
1,716.0 |
1,533.0 |
1,532.0 |
1,471.0 |
|
Total Assets |
17,993.0 |
17,873.0 |
17,627.0 |
18,121.0 |
17,337.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,530.0 |
1,491.0 |
1,527.0 |
1,534.0 |
1,456.0 |
|
Accrued Expenses |
297.0 |
420.0 |
401.0 |
367.0 |
300.0 |
|
Notes Payable/Short Term Debt |
86.0 |
86.0 |
86.0 |
101.0 |
93.0 |
|
Current Portion - Long Term Debt/Capital Leases |
319.0 |
321.0 |
321.0 |
16.0 |
4.0 |
|
Other Current Liabilities |
1,333.0 |
1,319.0 |
1,445.0 |
1,385.0 |
1,348.0 |
|
Other Current liabilities, Total |
1,333.0 |
1,319.0 |
1,445.0 |
1,385.0 |
1,348.0 |
|
Total Current Liabilities |
3,565.0 |
3,637.0 |
3,780.0 |
3,403.0 |
3,201.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,345.0 |
3,366.0 |
3,368.0 |
3,650.0 |
3,354.0 |
|
Total Long Term Debt |
3,345.0 |
3,366.0 |
3,368.0 |
3,650.0 |
3,354.0 |
|
Total Debt |
3,750.0 |
3,773.0 |
3,775.0 |
3,767.0 |
3,451.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
450.0 |
442.0 |
456.0 |
499.0 |
495.0 |
|
Deferred Income Tax |
450.0 |
442.0 |
456.0 |
499.0 |
495.0 |
|
Minority Interest |
21.0 |
23.0 |
23.0 |
35.0 |
41.0 |
|
Pension Benefits - Underfunded |
2,151.0 |
2,435.0 |
1,816.0 |
1,861.0 |
1,948.0 |
|
Other Long Term Liabilities |
528.0 |
501.0 |
461.0 |
521.0 |
515.0 |
|
Other Liabilities, Total |
2,679.0 |
2,936.0 |
2,277.0 |
2,382.0 |
2,463.0 |
|
Total Liabilities |
10,060.0 |
10,404.0 |
9,904.0 |
9,969.0 |
9,554.0 |
|
|
|
|
|
|
|
|
Common Stock |
- |
167.0 |
- |
- |
- |
|
Common Stock |
- |
167.0 |
- |
- |
- |
|
Additional Paid-In Capital |
- |
4,169.0 |
- |
- |
- |
|
Retained Earnings (Accumulated Deficit) |
- |
5,103.0 |
- |
- |
- |
|
Translation Adjustment |
- |
-1,964.0 |
- |
- |
- |
|
Other Equity |
7,933.0 |
- |
7,723.0 |
8,152.0 |
7,783.0 |
|
Other Comprehensive Income |
- |
-6.0 |
- |
- |
- |
|
Other Equity, Total |
7,933.0 |
-1,970.0 |
7,723.0 |
8,152.0 |
7,783.0 |
|
Total Equity |
7,933.0 |
7,469.0 |
7,723.0 |
8,152.0 |
7,783.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
17,993.0 |
17,873.0 |
17,627.0 |
18,121.0 |
17,337.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
336.5 |
334.4 |
334.2 |
341.1 |
341.2 |
|
Total Common Shares Outstanding |
336.5 |
334.4 |
334.2 |
341.1 |
341.2 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
72,000 |
73,000 |
73,000 |
73,000 |
70,000 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1,352.0 |
937.0 |
385.0 |
1,070.0 |
1,008.0 |
|
Depreciation |
556.0 |
551.0 |
573.0 |
571.0 |
439.0 |
|
Depreciation/Depletion |
556.0 |
551.0 |
573.0 |
571.0 |
439.0 |
|
Deferred Taxes |
-113.0 |
26.0 |
-191.0 |
-225.0 |
-51.0 |
|
Unusual Items |
- |
- |
-9.0 |
-19.0 |
-46.0 |
|
Other Non-Cash Items |
-425.0 |
-224.0 |
-17.0 |
94.0 |
80.0 |
|
Non-Cash Items |
-425.0 |
-224.0 |
-26.0 |
75.0 |
34.0 |
|
Accounts Receivable |
-219.0 |
-305.0 |
440.0 |
128.0 |
-72.0 |
|
Inventories |
-113.0 |
-219.0 |
292.0 |
118.0 |
-79.0 |
|
Other Assets |
11.0 |
- |
- |
- |
- |
|
Accounts Payable |
92.0 |
322.0 |
-73.0 |
-208.0 |
27.0 |
|
Accrued Expenses |
85.0 |
- |
30.0 |
-31.0 |
-41.0 |
|
Other Liabilities |
-30.0 |
- |
- |
- |
- |
|
Other Assets & Liabilities, Net |
- |
- |
56.0 |
-206.0 |
21.0 |
|
Other Operating Cash Flow |
52.0 |
194.0 |
-78.0 |
149.0 |
-128.0 |
|
Changes in Working Capital |
-122.0 |
-8.0 |
667.0 |
-50.0 |
-272.0 |
|
Cash from Operating Activities |
1,248.0 |
1,282.0 |
1,408.0 |
1,441.0 |
1,158.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-568.0 |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
|
Capital Expenditures |
-568.0 |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
|
Acquisition of Business |
-325.0 |
-222.0 |
-10.0 |
-2,807.0 |
-1,433.0 |
|
Sale of Business |
- |
- |
24.0 |
25.0 |
119.0 |
|
Investment, Net |
103.0 |
-392.0 |
-64.0 |
100.0 |
247.0 |
|
Other Investing Cash Flow |
-10.0 |
-4.0 |
20.0 |
-60.0 |
-35.0 |
|
Other Investing Cash Flow Items, Total |
-232.0 |
-618.0 |
-30.0 |
-2,742.0 |
-1,102.0 |
|
Cash from Investing Activities |
-800.0 |
-1,012.0 |
-225.0 |
-3,190.0 |
-1,456.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
53.0 |
-8.0 |
-1.0 |
-1.0 |
35.0 |
|
Financing Cash Flow Items |
53.0 |
-8.0 |
-1.0 |
-1.0 |
35.0 |
|
Cash Dividends Paid - Common |
-462.0 |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
|
Total Cash Dividends Paid |
-462.0 |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
|
Sale/Issuance of
Common |
- |
- |
- |
1,522.0 |
- |
|
Repurchase/Retirement
of Common |
-343.0 |
0.0 |
- |
-100.0 |
-340.0 |
|
Common Stock, Net |
-343.0 |
0.0 |
- |
1,422.0 |
-340.0 |
|
Options Exercised |
71.0 |
157.0 |
27.0 |
47.0 |
141.0 |
|
Issuance (Retirement) of Stock, Net |
-272.0 |
157.0 |
27.0 |
1,469.0 |
-199.0 |
|
Short Term Debt, Net |
12.0 |
-37.0 |
-424.0 |
-5.0 |
62.0 |
|
Long Term Debt Issued |
353.0 |
55.0 |
558.0 |
1,656.0 |
1,652.0 |
|
Long Term Debt
Reduction |
-65.0 |
-65.0 |
-887.0 |
-984.0 |
-979.0 |
|
Long Term Debt, Net |
288.0 |
-10.0 |
-329.0 |
672.0 |
673.0 |
|
Issuance (Retirement) of Debt, Net |
300.0 |
-47.0 |
-753.0 |
667.0 |
735.0 |
|
Cash from Financing Activities |
-381.0 |
-261.0 |
-1,061.0 |
1,815.0 |
320.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.0 |
-16.0 |
30.0 |
-20.0 |
6.0 |
|
Net Change in Cash |
52.0 |
-7.0 |
152.0 |
46.0 |
28.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Net Cash - Ending Balance |
385.0 |
333.0 |
340.0 |
188.0 |
142.0 |
|
Cash Interest Paid |
174.0 |
170.0 |
180.0 |
206.0 |
204.0 |
|
Cash Taxes Paid |
191.0 |
141.0 |
124.0 |
185.0 |
141.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
311.0 |
1,352.0 |
991.0 |
624.0 |
286.0 |
|
Depreciation |
140.0 |
556.0 |
419.0 |
280.0 |
139.0 |
|
Depreciation/Depletion |
140.0 |
556.0 |
419.0 |
280.0 |
139.0 |
|
Deferred Taxes |
- |
-113.0 |
- |
- |
- |
|
Other Non-Cash Items |
-345.0 |
-425.0 |
-491.0 |
-441.0 |
-282.0 |
|
Non-Cash Items |
-345.0 |
-425.0 |
-491.0 |
-441.0 |
-282.0 |
|
Accounts Receivable |
- |
-219.0 |
- |
- |
- |
|
Inventories |
- |
-113.0 |
- |
- |
- |
|
Other Assets |
- |
11.0 |
- |
- |
- |
|
Accounts Payable |
- |
92.0 |
- |
- |
- |
|
Accrued Expenses |
- |
85.0 |
- |
- |
- |
|
Other Liabilities |
- |
-30.0 |
- |
- |
- |
|
Other Assets & Liabilities, Net |
-388.0 |
- |
-290.0 |
-472.0 |
-418.0 |
|
Other Operating Cash Flow |
184.0 |
52.0 |
60.0 |
56.0 |
-29.0 |
|
Changes in Working Capital |
-204.0 |
-122.0 |
-230.0 |
-416.0 |
-447.0 |
|
Cash from Operating Activities |
-98.0 |
1,248.0 |
689.0 |
47.0 |
-304.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-105.0 |
-568.0 |
-384.0 |
-221.0 |
-88.0 |
|
Capital Expenditures |
-105.0 |
-568.0 |
-384.0 |
-221.0 |
-88.0 |
|
Acquisition of Business |
- |
-325.0 |
-298.0 |
-212.0 |
- |
|
Investment, Net |
262.0 |
103.0 |
272.0 |
251.0 |
348.0 |
|
Other Investing Cash Flow |
-16.0 |
-10.0 |
1.0 |
7.0 |
6.0 |
|
Other Investing Cash Flow Items, Total |
246.0 |
-232.0 |
-25.0 |
46.0 |
354.0 |
|
Cash from Investing Activities |
141.0 |
-800.0 |
-409.0 |
-175.0 |
266.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
16.0 |
53.0 |
-4.0 |
-5.0 |
0.0 |
|
Financing Cash Flow Items |
16.0 |
53.0 |
-4.0 |
-5.0 |
0.0 |
|
Cash Dividends Paid - Common |
-127.0 |
-462.0 |
-348.0 |
-232.0 |
-116.0 |
|
Total Cash Dividends Paid |
-127.0 |
-462.0 |
-348.0 |
-232.0 |
-116.0 |
|
Repurchase/Retirement
of Common |
0.0 |
-343.0 |
-343.0 |
-68.0 |
-50.0 |
|
Common Stock, Net |
0.0 |
-343.0 |
-343.0 |
-68.0 |
-50.0 |
|
Options Exercised |
43.0 |
71.0 |
66.0 |
62.0 |
53.0 |
|
Issuance (Retirement) of Stock, Net |
43.0 |
-272.0 |
-277.0 |
-6.0 |
3.0 |
|
Short Term Debt, Net |
1.0 |
12.0 |
-38.0 |
18.0 |
19.0 |
|
Long Term Debt Issued |
0.0 |
353.0 |
352.0 |
307.0 |
5.0 |
|
Long Term Debt
Reduction |
-2.0 |
-65.0 |
-14.0 |
-17.0 |
-17.0 |
|
Long Term Debt, Net |
-2.0 |
288.0 |
338.0 |
290.0 |
-12.0 |
|
Issuance (Retirement) of Debt, Net |
-1.0 |
300.0 |
300.0 |
308.0 |
7.0 |
|
Cash from Financing Activities |
-69.0 |
-381.0 |
-329.0 |
65.0 |
-106.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.0 |
-15.0 |
-6.0 |
12.0 |
12.0 |
|
Net Change in Cash |
-18.0 |
52.0 |
-55.0 |
-51.0 |
-132.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
385.0 |
333.0 |
333.0 |
333.0 |
333.0 |
|
Net Cash - Ending Balance |
367.0 |
385.0 |
278.0 |
282.0 |
201.0 |
|
Cash Interest Paid |
- |
174.0 |
- |
- |
- |
|
Cash Taxes Paid |
- |
191.0 |
- |
- |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net sales |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
Total Revenue |
16,049.0 |
13,715.0 |
11,873.0 |
15,376.0 |
13,033.0 |
|
|
|
|
|
|
|
|
Cost of Products Sold |
11,261.0 |
9,633.0 |
8,782.0 |
11,191.0 |
9,382.0 |
|
Selling and Administrative Expenses |
2,738.0 |
2,486.0 |
2,252.0 |
2,513.0 |
2,139.0 |
|
Research and Development |
417.0 |
425.0 |
395.0 |
417.0 |
335.0 |
|
Interest expense-net |
118.0 |
136.0 |
150.0 |
157.0 |
- |
|
Other (income) expense-net |
-38.0 |
-1.0 |
-9.0 |
-42.0 |
- |
|
Total Operating Expense |
14,496.0 |
12,679.0 |
11,570.0 |
14,236.0 |
11,856.0 |
|
|
|
|
|
|
|
|
Net Other Income or Expense |
- |
- |
- |
- |
25.0 |
|
Interest expense |
- |
- |
- |
- |
-147.0 |
|
Net Income Before Taxes |
1,553.0 |
1,036.0 |
303.0 |
1,140.0 |
1,055.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
201.0 |
99.0 |
-82.0 |
73.0 |
82.0 |
|
Net Income After Taxes |
1,352.0 |
937.0 |
385.0 |
1,067.0 |
973.0 |
|
|
|
|
|
|
|
|
Less net income for noncontrolling inter |
-2.0 |
-8.0 |
-2.0 |
-12.0 |
-14.0 |
|
Net Income Before Extra. Items |
1,350.0 |
929.0 |
383.0 |
1,055.0 |
959.0 |
|
Discontinued Operations |
- |
0.0 |
0.0 |
3.0 |
35.0 |
|
Net Income |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
1,350.0 |
929.0 |
383.0 |
1,055.0 |
959.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
338.3 |
335.5 |
332.7 |
320.4 |
294.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
3.99 |
2.77 |
1.15 |
3.29 |
3.26 |
|
Basic EPS Including ExtraOrdinary Item |
3.99 |
2.77 |
1.15 |
3.30 |
3.37 |
|
Diluted Net Income |
1,350.0 |
929.0 |
383.0 |
1,058.0 |
994.0 |
|
Diluted Weighted Average Shares |
342.8 |
339.5 |
335.8 |
324.6 |
300.6 |
|
Diluted EPS Excluding ExtraOrd Items |
3.94 |
2.74 |
1.14 |
3.25 |
3.19 |
|
Diluted EPS Including ExtraOrd Items |
3.94 |
2.74 |
1.14 |
3.26 |
3.31 |
|
DPS-Common Stock |
1.36 |
1.08 |
1.00 |
1.00 |
0.86 |
|
Gross Dividends - Common Stock |
462.0 |
363.0 |
334.0 |
320.0 |
251.0 |
|
Normalized Income Before Taxes |
1,567.0 |
1,076.0 |
385.0 |
1,217.0 |
1,119.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
- |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
201.0 |
99.0 |
-53.3 |
77.9 |
87.0 |
|
Normalized Income After Taxes |
1,366.0 |
977.0 |
438.3 |
1,139.1 |
1,032.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,364.0 |
969.0 |
436.3 |
1,127.1 |
1,018.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.03 |
2.89 |
1.31 |
3.52 |
3.46 |
|
Diluted Normalized EPS |
3.98 |
2.85 |
1.30 |
3.47 |
3.39 |
|
Interest Expense |
154.0 |
162.0 |
170.0 |
192.0 |
193.0 |
|
Interest Capitalized |
-5.0 |
-8.0 |
-7.0 |
-13.0 |
-14.0 |
|
Depreciation |
367.0 |
369.0 |
398.0 |
409.0 |
368.0 |
|
Research & Development Exp |
417.0 |
425.0 |
395.0 |
417.0 |
335.0 |
|
Amort of Intangibles |
190.0 |
181.0 |
170.0 |
161.0 |
79.0 |
|
Rental Expense |
194.0 |
172.0 |
177.0 |
173.0 |
133.0 |
|
Current Tax - Federal |
85.0 |
-2.0 |
40.0 |
36.0 |
7.0 |
|
Current Tax - State & Local |
2.0 |
1.0 |
5.0 |
4.0 |
9.0 |
|
Current Tax - Foreign |
186.0 |
107.0 |
69.0 |
219.0 |
140.0 |
|
Current Tax - Total |
273.0 |
106.0 |
114.0 |
259.0 |
156.0 |
|
Deferred Tax - Federal |
-2.0 |
95.0 |
-174.0 |
-17.0 |
-15.0 |
|
Deferred Tax - Local |
8.0 |
-15.0 |
-4.0 |
-42.0 |
-20.0 |
|
Deferrred Tax - Foreign |
-78.0 |
-87.0 |
-18.0 |
-127.0 |
-39.0 |
|
Deferred Tax - Total |
-72.0 |
-7.0 |
-196.0 |
-186.0 |
-74.0 |
|
Income Tax - Total |
201.0 |
99.0 |
-82.0 |
73.0 |
82.0 |
|
Service Cost - Pension |
93.0 |
80.0 |
76.0 |
137.0 |
147.0 |
|
Interest Cost - Pension |
132.0 |
131.0 |
133.0 |
190.0 |
163.0 |
|
Expected Return on Assets - Pension |
-164.0 |
-156.0 |
-131.0 |
-198.0 |
-179.0 |
|
Amortization |
75.0 |
53.0 |
34.0 |
49.0 |
74.0 |
|
Curtailment Losses - Pension |
0.0 |
1.0 |
17.0 |
1.0 |
1.0 |
|
Settlement Losses - Pension |
17.0 |
16.0 |
83.0 |
35.0 |
41.0 |
|
Domestic Pension Plan Expense |
153.0 |
125.0 |
212.0 |
214.0 |
247.0 |
|
Service cost |
48.0 |
39.0 |
34.0 |
- |
- |
|
Interest cost |
78.0 |
69.0 |
70.0 |
- |
- |
|
Expected return on plan assets |
-70.0 |
-62.0 |
-58.0 |
- |
- |
|
Amortization |
13.0 |
8.0 |
4.0 |
- |
- |
|
Curtailment loss |
1.0 |
0.0 |
5.0 |
- |
- |
|
Settlement loss |
4.0 |
0.0 |
3.0 |
- |
- |
|
Foreign Pension Plan Expense |
74.0 |
54.0 |
58.0 |
- |
- |
|
Service Cost - Post-Retirement |
15.0 |
16.0 |
15.0 |
15.0 |
15.0 |
|
Interest Cost - Post-Retirement |
41.0 |
46.0 |
49.0 |
49.0 |
47.0 |
|
Other/Net Amortization - Post-Retirement |
12.0 |
10.0 |
1.0 |
11.0 |
11.0 |
|
Curtailment Losses/Gain - P.Retirement |
0.0 |
0.0 |
1.0 |
0.0 |
0.0 |
|
Settlement Losses - P.Retirement |
0.0 |
0.0 |
0.0 |
- |
- |
|
Post-Retirement Plan Expense |
68.0 |
72.0 |
66.0 |
75.0 |
73.0 |
|
Defined Contribution Plans - Pension |
65.0 |
33.0 |
25.0 |
64.0 |
59.0 |
|
Total Pension Expense |
360.0 |
284.0 |
361.0 |
353.0 |
379.0 |
|
Discount Rate - Pension |
5.50% |
6.00% |
6.30% |
6.00% |
5.60% |
|
Expected Rate of Return - Pension |
8.50% |
8.95% |
8.94% |
8.94% |
8.75% |
|
Compensation Rate - Pension |
3.61% |
3.62% |
3.64% |
3.64% |
3.50% |
|
Discount Rate - Foreign |
5.40% |
5.59% |
6.26% |
- |
- |
|
Expected Rate of Return - Foreign |
7.17% |
7.20% |
7.06% |
- |
- |
|
Compensation Rate - Foreign |
3.63% |
3.58% |
3.56% |
- |
- |
|
Discount Rate - Post-Retirement |
5.20% |
5.70% |
6.30% |
6.00% |
5.60% |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net sales |
3,960.0 |
4,033.0 |
4,123.0 |
4,090.0 |
3,803.0 |
|
Total Revenue |
3,960.0 |
4,033.0 |
4,123.0 |
4,090.0 |
3,803.0 |
|
|
|
|
|
|
|
|
Cost of products sold |
2,754.0 |
2,817.0 |
2,900.0 |
2,862.0 |
2,682.0 |
|
Selling and administrative expense |
702.0 |
707.0 |
668.0 |
698.0 |
665.0 |
|
Research and development expense |
105.0 |
101.0 |
104.0 |
107.0 |
105.0 |
|
Interest expense-net |
28.0 |
26.0 |
29.0 |
31.0 |
32.0 |
|
Other Expense |
3.0 |
-8.0 |
-10.0 |
-4.0 |
-16.0 |
|
Total Operating Expense |
3,592.0 |
3,643.0 |
3,691.0 |
3,694.0 |
3,468.0 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
368.0 |
390.0 |
432.0 |
396.0 |
335.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
57.0 |
29.0 |
65.0 |
58.0 |
49.0 |
|
Net Income After Taxes |
311.0 |
361.0 |
367.0 |
338.0 |
286.0 |
|
|
|
|
|
|
|
|
Less net income for noncontrolling inter |
0.0 |
1.0 |
-2.0 |
-2.0 |
1.0 |
|
Net Income Before Extra. Items |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
Net Income |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
335.4 |
334.2 |
338.1 |
340.9 |
340.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.93 |
1.08 |
1.08 |
0.99 |
0.84 |
|
Basic EPS Including ExtraOrdinary Item |
0.93 |
1.08 |
1.08 |
0.99 |
0.84 |
|
Diluted Net Income |
311.0 |
362.0 |
365.0 |
336.0 |
287.0 |
|
Diluted Weighted Average Shares |
339.8 |
338.1 |
341.9 |
345.7 |
345.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.92 |
1.07 |
1.07 |
0.97 |
0.83 |
|
Diluted EPS Including ExtraOrd Items |
0.92 |
1.07 |
1.07 |
0.97 |
0.83 |
|
DPS-Common Stock |
0.38 |
0.34 |
0.34 |
0.34 |
0.34 |
|
Gross Dividends - Common Stock |
127.0 |
114.0 |
116.0 |
116.0 |
116.0 |
|
Normalized Income Before Taxes |
371.0 |
395.0 |
436.0 |
398.0 |
338.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
57.5 |
29.4 |
65.6 |
58.3 |
49.4 |
|
Normalized Income After Taxes |
313.5 |
365.6 |
370.4 |
339.7 |
288.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
313.5 |
366.6 |
368.4 |
337.7 |
289.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.93 |
1.10 |
1.09 |
0.99 |
0.85 |
|
Diluted Normalized EPS |
0.92 |
1.08 |
1.08 |
0.98 |
0.84 |
|
Research & Development Exp |
105.0 |
101.0 |
104.0 |
107.0 |
105.0 |
|
Depreciation |
98.0 |
91.0 |
92.0 |
93.0 |
91.0 |
|
Amort of Intangibles |
42.0 |
47.0 |
47.0 |
48.0 |
48.0 |
|
Interest Expense |
36.0 |
38.0 |
38.0 |
39.0 |
39.0 |
|
Interest Capitalized |
-6.0 |
- |
-5.0 |
-4.0 |
-4.0 |
|
Service cost - U.S |
29.0 |
24.0 |
23.0 |
23.0 |
23.0 |
|
Interest cost - U.S |
34.0 |
33.0 |
33.0 |
33.0 |
33.0 |
|
Expected return on plan assets - U.S |
-45.0 |
-41.0 |
-41.0 |
-41.0 |
-41.0 |
|
Amortization - U.S |
29.0 |
18.0 |
19.0 |
19.0 |
19.0 |
|
Curtainment loss-U.S |
- |
0.0 |
0.0 |
- |
- |
|
Settlement loss - U.S |
4.0 |
5.0 |
5.0 |
4.0 |
3.0 |
|
Domestic Pension Plan Expense |
51.0 |
39.0 |
39.0 |
38.0 |
37.0 |
|
Service Cost - Foreign |
12.0 |
11.0 |
12.0 |
12.0 |
13.0 |
|
Interest Cost - Foreign |
19.0 |
19.0 |
19.0 |
20.0 |
20.0 |
|
Expected Return on Assets - Foreign |
-19.0 |
-17.0 |
-17.0 |
-18.0 |
-18.0 |
|
Other Pension, Net - Foreign |
4.0 |
4.0 |
3.0 |
3.0 |
3.0 |
|
Curtailments & Settlements - Foreign |
2.0 |
-3.0 |
1.0 |
3.0 |
0.0 |
|
Curtailments & Settlements - Foreign |
- |
4.0 |
0.0 |
0.0 |
- |
|
Foreign Pension Plan Expense |
18.0 |
18.0 |
18.0 |
20.0 |
18.0 |
|
Service cost - Post retirement |
4.0 |
3.0 |
4.0 |
4.0 |
4.0 |
|
Interest cost - Post Retirement |
9.0 |
11.0 |
10.0 |
10.0 |
10.0 |
|
Expected Return on Assets - Post-Retir. |
-1.0 |
- |
- |
- |
0.0 |
|
Amortization - Post Retirement |
4.0 |
3.0 |
3.0 |
3.0 |
3.0 |
|
Curtailment loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Post-Retirement Plan Expense |
16.0 |
17.0 |
17.0 |
17.0 |
17.0 |
|
Total Pension Expense |
85.0 |
74.0 |
74.0 |
75.0 |
72.0 |
|
|
|
|
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
385.0 |
333.0 |
340.0 |
188.0 |
142.0 |
|
Short-Term Investments |
699.0 |
838.0 |
433.0 |
342.0 |
504.0 |
|
Prepaid expenses and other current asset |
199.0 |
229.0 |
149.0 |
177.0 |
139.0 |
|
Accounts Receivable |
2,492.0 |
2,290.0 |
1,966.0 |
2,333.0 |
2,231.0 |
|
Allowance for doubtful accounts |
-48.0 |
-51.0 |
-67.0 |
-38.0 |
-23.0 |
|
Raw Materials |
706.0 |
651.0 |
608.0 |
683.0 |
674.0 |
|
Work in Process |
272.0 |
229.0 |
222.0 |
285.0 |
384.0 |
|
Finished Goods |
867.0 |
800.0 |
601.0 |
702.0 |
533.0 |
|
Excess of Current Cost over FIFO Cost |
-144.0 |
-116.0 |
-105.0 |
-116.0 |
-108.0 |
|
Deferred income taxes and other current |
398.0 |
303.0 |
377.0 |
239.0 |
291.0 |
|
Total Current Assets |
5,826.0 |
5,506.0 |
4,524.0 |
4,795.0 |
4,767.0 |
|
|
|
|
|
|
|
|
Land and Buildings |
1,525.0 |
1,494.0 |
1,459.0 |
1,425.0 |
1,175.0 |
|
Machinery and Equipment |
4,669.0 |
4,485.0 |
4,241.0 |
4,142.0 |
4,067.0 |
|
Depreciation |
-3,592.0 |
-3,502.0 |
-3,255.0 |
-2,928.0 |
-2,909.0 |
|
Goodwill |
5,537.0 |
5,454.0 |
5,435.0 |
5,232.0 |
3,982.0 |
|
Deferred income taxes and other noncurre |
1,134.0 |
1,001.0 |
973.0 |
971.0 |
498.0 |
|
Other assets |
582.0 |
542.0 |
464.0 |
500.0 |
293.0 |
|
Intangible Assets |
2,954.0 |
2,914.0 |
2,973.0 |
2,914.0 |
1,811.0 |
|
Amortization |
-762.0 |
-642.0 |
-532.0 |
-396.0 |
-254.0 |
|
Total Assets |
17,873.0 |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
|
|
|
|
|
|
|
|
Short-Term Debt |
86.0 |
72.0 |
113.0 |
812.0 |
825.0 |
|
Current Portion of Long-Term Debt |
321.0 |
4.0 |
5.0 |
269.0 |
160.0 |
|
Accounts Payable |
1,491.0 |
1,408.0 |
1,057.0 |
1,121.0 |
1,170.0 |
|
Accrued Compensation |
420.0 |
465.0 |
256.0 |
297.0 |
355.0 |
|
Other Current Liabilities |
1,319.0 |
1,284.0 |
1,258.0 |
1,246.0 |
1,149.0 |
|
Total Current Liabilities |
3,637.0 |
3,233.0 |
2,689.0 |
3,745.0 |
3,659.0 |
|
|
|
|
|
|
|
|
Long-term debt |
3,366.0 |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
|
Total Long Term Debt |
3,366.0 |
3,382.0 |
3,349.0 |
3,190.0 |
2,432.0 |
|
|
|
|
|
|
|
|
Deferred income taxes and other noncurre |
442.0 |
487.0 |
550.0 |
543.0 |
224.0 |
|
Postretirement Benefits |
642.0 |
743.0 |
754.0 |
703.0 |
772.0 |
|
Pensions |
1,793.0 |
1,429.0 |
1,586.0 |
1,650.0 |
681.0 |
|
Noncontrolling interests |
23.0 |
41.0 |
41.0 |
48.0 |
- |
|
Other liabilities |
501.0 |
575.0 |
536.0 |
459.0 |
490.0 |
|
Total Liabilities |
10,404.0 |
9,890.0 |
9,505.0 |
10,338.0 |
8,258.0 |
|
|
|
|
|
|
|
|
Common Shares |
167.0 |
170.0 |
166.0 |
82.0 |
73.0 |
|
Paid-in Capital |
4,169.0 |
4,093.0 |
3,947.0 |
3,879.0 |
2,290.0 |
|
Retained Earnings |
5,103.0 |
4,455.0 |
3,893.0 |
3,917.0 |
3,257.0 |
|
Translation Adjustments |
-1,964.0 |
-1,348.0 |
-1,208.0 |
-1,538.0 |
-423.0 |
|
Deferred Compensation Plans |
-6.0 |
-8.0 |
-21.0 |
-23.0 |
-25.0 |
|
Total Equity |
7,469.0 |
7,362.0 |
6,777.0 |
6,317.0 |
5,172.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
17,873.0 |
17,252.0 |
16,282.0 |
16,655.0 |
13,430.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
334.4 |
339.9 |
332.3 |
330.0 |
292.0 |
|
Total Common Shares Outstanding |
334.4 |
339.9 |
332.3 |
330.0 |
292.0 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
- |
- |
|
Accumulated Intangible Amortization |
762.0 |
642.0 |
532.0 |
396.0 |
254.0 |
|
Full-Time Employees |
73,000 |
70,000 |
70,000 |
75,000 |
64,000 |
|
Number of Common Shareholders |
8,191 |
8,113 |
8,452 |
8,548 |
8,501 |
|
LT Debt Maturing Within 1 Year |
321.0 |
4.0 |
5.0 |
269.0 |
160.0 |
|
LT Debt Maturing Within 2 Year |
310.0 |
317.0 |
0.0 |
281.0 |
267.0 |
|
LT Debt Maturing Within 3 Years |
570.0 |
310.0 |
312.0 |
0.0 |
285.0 |
|
LT Debt Maturing Within 4 Year |
103.0 |
262.0 |
307.0 |
312.0 |
1.0 |
|
LT Debt Maturing Within 5 Years |
1.0 |
104.0 |
259.0 |
307.0 |
313.0 |
|
LT Debt Maturing After 5 Years |
2,197.0 |
2,207.0 |
2,463.0 |
2,284.0 |
1,566.0 |
|
Total Long Term Debt, Supplemental |
3,502.0 |
3,204.0 |
3,346.0 |
3,453.0 |
2,592.0 |
|
Operating Lease Within 1 Year |
146.0 |
145.0 |
121.0 |
117.0 |
102.0 |
|
Operating Lease Within 2 Years |
122.0 |
106.0 |
96.0 |
97.0 |
77.0 |
|
Operating Lease Within 2-3 Years |
88.0 |
78.0 |
64.0 |
73.0 |
55.0 |
|
Operating Lease Within 3 Years |
64.0 |
49.0 |
45.0 |
50.0 |
38.0 |
|
Operating Lease Within 4-5 Years |
51.0 |
39.0 |
27.0 |
36.0 |
26.0 |
|
Operating Lease After 5 Years |
79.0 |
59.0 |
47.0 |
54.0 |
34.0 |
|
Total Operating Leases |
550.0 |
476.0 |
400.0 |
427.0 |
332.0 |
|
FV of Plan Assets - Pension |
1,664.0 |
1,572.0 |
2,042.0 |
1,674.0 |
2,403.0 |
|
Projected Benefit Obligation - Pension |
2,899.0 |
2,458.0 |
3,610.0 |
3,288.0 |
3,092.0 |
|
Funded Status - Pension |
-1,235.0 |
-886.0 |
-1,568.0 |
-1,614.0 |
-689.0 |
|
Plan Assets - Foreign |
989.0 |
937.0 |
- |
- |
- |
|
Pension Obligation - Foreign |
1,505.0 |
1,460.0 |
- |
- |
- |
|
Funded Status - Foreign |
-516.0 |
-523.0 |
- |
- |
- |
|
Plan Assets - Post-Retirement |
156.0 |
0.0 |
- |
- |
- |
|
Projected Benefit Obligation - Post-Ret. |
853.0 |
826.0 |
830.0 |
779.0 |
859.0 |
|
Funded Status - Post-Retirement |
-697.0 |
-826.0 |
-830.0 |
-779.0 |
-859.0 |
|
Accumulated Benefit Obligation - Pension |
2,762.0 |
2,366.0 |
3,404.0 |
3,083.0 |
2,874.0 |
|
Accumulated Obligation - Foreign |
1,364.0 |
1,330.0 |
- |
- |
- |
|
Accumulated Benefit Obligation - Post-Re |
853.0 |
826.0 |
830.0 |
779.0 |
859.0 |
|
Total Funded Status |
-2,448.0 |
-2,235.0 |
-2,398.0 |
-2,393.0 |
-1,548.0 |
|
Discount Rate - Pension |
4.70% |
5.50% |
6.00% |
6.30% |
6.00% |
|
Compensation Rate - Pension |
3.15% |
3.61% |
3.62% |
3.50% |
3.50% |
|
Discount Rate - Foreign |
5.12% |
5.40% |
5.59% |
- |
- |
|
Compensation Rate - Foreign |
3.62% |
3.63% |
3.58% |
- |
- |
|
Discount Rate - Post-Retirement |
4.60% |
5.20% |
5.70% |
6.30% |
6.00% |
|
Non-Current Assets - Pension |
0.0 |
0.0 |
50.0 |
67.0 |
10.0 |
|
Current Liabilities - Pension |
-12.0 |
-9.0 |
-32.0 |
-31.0 |
-11.0 |
|
Non-Current Liabilities - Pension |
-1,223.0 |
-877.0 |
-1,586.0 |
-1,650.0 |
-681.0 |
|
Prepaid Benefits - Foreign |
78.0 |
52.0 |
- |
- |
- |
|
Accrued Liabilities - Foreign |
-24.0 |
-23.0 |
- |
- |
- |
|
Accrued Liabilities - Foreign |
-570.0 |
-552.0 |
- |
- |
- |
|
Current Liabilities - Post-Retirement |
-55.0 |
-83.0 |
-76.0 |
-76.0 |
-82.0 |
|
Non-Current Liabilities- Post-Retirement |
-642.0 |
-743.0 |
-754.0 |
-703.0 |
-772.0 |
|
AOCI-Actuarial Loss - Pension |
1,601.0 |
1,142.0 |
1,363.0 |
1,410.0 |
764.0 |
|
AOCI-Prior Service Cost - Pension |
1.0 |
0.0 |
7.0 |
3.0 |
3.0 |
|
Other Assets, Net - Foreign |
348.0 |
311.0 |
- |
- |
- |
|
Other Assets, Net - Foreign |
10.0 |
8.0 |
- |
- |
- |
|
AOCI-Actuarial Loss - Post-Ret. |
257.0 |
232.0 |
228.0 |
159.0 |
232.0 |
|
AOCI-Prior Service Cost - Post-Ret. |
-9.0 |
-11.0 |
-12.0 |
-13.0 |
-6.0 |
|
Net Assets Recognized on Balance Sheet |
-240.0 |
-553.0 |
-812.0 |
-834.0 |
-543.0 |
|
Equity Securities % - Pension |
- |
- |
- |
70.00% |
80.00% |
|
Debt Securities % - Pension |
- |
- |
- |
24.00% |
18.00% |
|
Other Investments % - Pension |
- |
- |
- |
6.00% |
2.00% |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash |
367.0 |
385.0 |
278.0 |
282.0 |
201.0 |
|
Short Term Investments |
444.0 |
699.0 |
536.0 |
601.0 |
496.0 |
|
Accounts Receivable |
2,588.0 |
2,444.0 |
2,549.0 |
2,625.0 |
2,466.0 |
|
Raw Materials |
747.0 |
706.0 |
747.0 |
721.0 |
692.0 |
|
Work-in-process & finished goods |
291.0 |
272.0 |
243.0 |
255.0 |
245.0 |
|
Finished goods |
890.0 |
867.0 |
907.0 |
915.0 |
849.0 |
|
Excess of FIFO Over LIFO Costs |
-149.0 |
-144.0 |
-128.0 |
-125.0 |
-119.0 |
|
Other current assets |
704.0 |
- |
601.0 |
643.0 |
640.0 |
|
Deferred income taxes and other current |
- |
398.0 |
- |
- |
- |
|
Prepaid expenses and other current asset |
- |
199.0 |
- |
- |
- |
|
Total Current Assets |
5,882.0 |
5,826.0 |
5,733.0 |
5,917.0 |
5,470.0 |
|
|
|
|
|
|
|
|
Property, plant and equipment-net |
2,660.0 |
- |
2,537.0 |
2,589.0 |
2,523.0 |
|
Land & buildings |
- |
1,525.0 |
- |
- |
- |
|
Machinery & equipment |
- |
4,669.0 |
- |
- |
- |
|
Accumulated depreciation |
- |
-3,592.0 |
- |
- |
- |
|
Goodwill |
5,605.0 |
5,537.0 |
5,571.0 |
5,723.0 |
5,569.0 |
|
Other Intangibles Assets |
2,192.0 |
2,192.0 |
2,253.0 |
2,360.0 |
2,304.0 |
|
Deferred income taxes |
1,057.0 |
1,134.0 |
971.0 |
961.0 |
960.0 |
|
Other assets |
597.0 |
582.0 |
562.0 |
571.0 |
511.0 |
|
Total Assets |
17,993.0 |
17,873.0 |
17,627.0 |
18,121.0 |
17,337.0 |
|
|
|
|
|
|
|
|
Short Term Debt |
86.0 |
86.0 |
86.0 |
101.0 |
93.0 |
|
Current Portion ofLong Term Debt |
319.0 |
321.0 |
321.0 |
16.0 |
4.0 |
|
Accounts Payable |
1,530.0 |
1,491.0 |
1,527.0 |
1,534.0 |
1,456.0 |
|
Accrued Compensation |
297.0 |
420.0 |
401.0 |
367.0 |
300.0 |
|
Other Liabilities |
1,333.0 |
1,319.0 |
1,445.0 |
1,385.0 |
1,348.0 |
|
Total Current Liabilities |
3,565.0 |
3,637.0 |
3,780.0 |
3,403.0 |
3,201.0 |
|
|
|
|
|
|
|
|
Long-term debt |
3,345.0 |
3,366.0 |
3,368.0 |
3,650.0 |
3,354.0 |
|
Total Long Term Debt |
3,345.0 |
3,366.0 |
3,368.0 |
3,650.0 |
3,354.0 |
|
|
|
|
|
|
|
|
Pension Liabilities |
1,511.0 |
1,793.0 |
1,182.0 |
1,222.0 |
1,207.0 |
|
Postretirement Benefits & Other Pensions |
640.0 |
642.0 |
634.0 |
639.0 |
741.0 |
|
Deferred income taxes |
450.0 |
442.0 |
456.0 |
499.0 |
495.0 |
|
other long-term |
528.0 |
501.0 |
461.0 |
521.0 |
515.0 |
|
Noncontrolling interests |
21.0 |
23.0 |
23.0 |
35.0 |
41.0 |
|
Total Liabilities |
10,060.0 |
10,404.0 |
9,904.0 |
9,969.0 |
9,554.0 |
|
|
|
|
|
|
|
|
Common shares |
- |
167.0 |
- |
- |
- |
|
Capital in excess of par value |
- |
4,169.0 |
- |
- |
- |
|
Retained earnings |
- |
5,103.0 |
- |
- |
- |
|
Accumulated other comprehensive loss |
- |
-1,964.0 |
- |
- |
- |
|
Deferred compensation plans |
- |
-6.0 |
- |
- |
- |
|
Eaton shareholders' equity |
7,933.0 |
- |
7,723.0 |
8,152.0 |
7,783.0 |
|
Total Equity |
7,933.0 |
7,469.0 |
7,723.0 |
8,152.0 |
7,783.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
17,993.0 |
17,873.0 |
17,627.0 |
18,121.0 |
17,337.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
336.5 |
334.4 |
334.2 |
341.1 |
341.2 |
|
Total Common Shares Outstanding |
336.5 |
334.4 |
334.2 |
341.1 |
341.2 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
72,000 |
73,000 |
73,000 |
73,000 |
70,000 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net income |
1,352.0 |
937.0 |
385.0 |
1,070.0 |
1,008.0 |
|
Depreciation |
556.0 |
551.0 |
573.0 |
571.0 |
439.0 |
|
Deferred income taxes |
-113.0 |
26.0 |
-191.0 |
-225.0 |
-51.0 |
|
Pension expense |
227.0 |
179.0 |
- |
- |
- |
|
Contributions to pension plans |
-372.0 |
-403.0 |
- |
- |
- |
|
Contributions to other postretirement be |
-223.0 |
- |
-1.0 |
5.0 |
26.0 |
|
Excess tax benefit from equity-based com |
-57.0 |
- |
- |
- |
- |
|
Accounts receivable-net |
-219.0 |
-305.0 |
440.0 |
128.0 |
-72.0 |
|
Inventory |
-113.0 |
-219.0 |
292.0 |
118.0 |
-79.0 |
|
Accounts payable |
92.0 |
322.0 |
-73.0 |
-208.0 |
27.0 |
|
Accrued compensation |
-38.0 |
- |
- |
- |
- |
|
Accrued income and other taxes |
123.0 |
- |
30.0 |
-31.0 |
-41.0 |
|
Other current assets |
11.0 |
- |
- |
- |
- |
|
Other current liabilities |
-30.0 |
- |
- |
- |
- |
|
Other-net |
52.0 |
194.0 |
-78.0 |
149.0 |
-128.0 |
|
Other Long-Term Liabilities |
- |
- |
-16.0 |
-40.0 |
-25.0 |
|
Gain on Sale of Businesses |
- |
- |
-9.0 |
-19.0 |
-46.0 |
|
Other non-cash items in income |
- |
- |
-15.0 |
44.0 |
60.0 |
|
Cash received from termination of intere |
- |
- |
15.0 |
85.0 |
19.0 |
|
Other working capital accounts |
- |
- |
56.0 |
-206.0 |
21.0 |
|
Cash from Operating Activities |
1,248.0 |
1,282.0 |
1,408.0 |
1,441.0 |
1,158.0 |
|
|
|
|
|
|
|
|
Capital expenditures for property, plant |
-568.0 |
-394.0 |
-195.0 |
-448.0 |
-354.0 |
|
Cash paid for acquisitions of businesses |
-325.0 |
-222.0 |
-10.0 |
-2,807.0 |
-1,433.0 |
|
Sales (purchases) of short-term investme |
103.0 |
-392.0 |
-64.0 |
100.0 |
247.0 |
|
Other-net |
-10.0 |
-4.0 |
20.0 |
-60.0 |
-35.0 |
|
Sale of Business |
- |
- |
24.0 |
25.0 |
119.0 |
|
Cash from Investing Activities |
-800.0 |
-1,012.0 |
-225.0 |
-3,190.0 |
-1,456.0 |
|
|
|
|
|
|
|
|
Proceeds from Long-Term Debt |
353.0 |
55.0 |
558.0 |
1,656.0 |
1,652.0 |
|
Payments of Long-Term Debt |
-65.0 |
-65.0 |
-887.0 |
-984.0 |
-979.0 |
|
Borrowings with original maturities of l |
12.0 |
-37.0 |
-424.0 |
-5.0 |
62.0 |
|
Cash dividends paid |
-462.0 |
-363.0 |
-334.0 |
-320.0 |
-251.0 |
|
Exercise of employee stock options |
71.0 |
157.0 |
27.0 |
47.0 |
141.0 |
|
Repurchase of shares |
-343.0 |
0.0 |
- |
-100.0 |
-340.0 |
|
Excess tax benefit from equity-based com |
57.0 |
0.0 |
- |
- |
- |
|
Other-net |
-4.0 |
-8.0 |
-5.0 |
-14.0 |
-7.0 |
|
Proceeds from issuance of Common Shares |
- |
- |
- |
1,522.0 |
- |
|
Income Tax Benefit from Empl. Stok. Op |
- |
- |
4.0 |
13.0 |
42.0 |
|
Cash from Financing Activities |
-381.0 |
-261.0 |
-1,061.0 |
1,815.0 |
320.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.0 |
-16.0 |
30.0 |
-20.0 |
6.0 |
|
Net Change in Cash |
52.0 |
-7.0 |
152.0 |
46.0 |
28.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
333.0 |
340.0 |
188.0 |
142.0 |
114.0 |
|
Net Cash - Ending Balance |
385.0 |
333.0 |
340.0 |
188.0 |
142.0 |
|
Cash Interest Paid |
174.0 |
170.0 |
180.0 |
206.0 |
204.0 |
|
Cash Taxes Paid |
191.0 |
141.0 |
124.0 |
185.0 |
141.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net income |
311.0 |
1,352.0 |
991.0 |
624.0 |
286.0 |
|
Depreciation |
140.0 |
556.0 |
419.0 |
280.0 |
139.0 |
|
Deferred income taxes |
- |
-113.0 |
- |
- |
- |
|
Pension expense |
- |
227.0 |
- |
- |
- |
|
Contributions to pension plans |
-330.0 |
-372.0 |
-341.0 |
-309.0 |
-282.0 |
|
Contributions to other postretirement be |
-15.0 |
-223.0 |
-150.0 |
-132.0 |
0.0 |
|
Excess tax benefit from equity-based com |
- |
-57.0 |
- |
- |
- |
|
Accounts receivable-net |
- |
-219.0 |
- |
- |
- |
|
Inventory |
- |
-113.0 |
- |
- |
- |
|
Accounts payable |
- |
92.0 |
- |
- |
- |
|
Accrued compensation |
- |
-38.0 |
- |
- |
- |
|
Accrued income and other taxes |
- |
123.0 |
- |
- |
- |
|
Other current assets |
- |
11.0 |
- |
- |
- |
|
Other current liabilities |
- |
-30.0 |
- |
- |
- |
|
Other-net |
184.0 |
52.0 |
60.0 |
56.0 |
-29.0 |
|
Changes in working capital excluding ac |
-388.0 |
- |
-290.0 |
-472.0 |
-418.0 |
|
Cash from Operating Activities |
-98.0 |
1,248.0 |
689.0 |
47.0 |
-304.0 |
|
|
|
|
|
|
|
|
Capital expenditures for property, plant |
-105.0 |
-568.0 |
-384.0 |
-221.0 |
-88.0 |
|
Cash paid for acquisitions of businesses |
- |
-325.0 |
-298.0 |
-212.0 |
- |
|
Sales (purchases) of short-term investme |
262.0 |
103.0 |
272.0 |
251.0 |
348.0 |
|
Other-net |
-16.0 |
-10.0 |
1.0 |
7.0 |
6.0 |
|
Cash from Investing Activities |
141.0 |
-800.0 |
-409.0 |
-175.0 |
266.0 |
|
|
|
|
|
|
|
|
LT Borrowings |
0.0 |
353.0 |
352.0 |
307.0 |
5.0 |
|
Repay.- LT Debt |
-2.0 |
-65.0 |
-14.0 |
-17.0 |
-17.0 |
|
Short Term Debt |
1.0 |
12.0 |
-38.0 |
18.0 |
19.0 |
|
Cash dividends paid |
-127.0 |
-462.0 |
-348.0 |
-232.0 |
-116.0 |
|
Exercise of employee stock options |
43.0 |
71.0 |
66.0 |
62.0 |
53.0 |
|
Repurchase of shares |
0.0 |
-343.0 |
-343.0 |
-68.0 |
-50.0 |
|
Excess tax benefit from equity-based com |
13.0 |
57.0 |
- |
- |
0.0 |
|
Other-net |
3.0 |
-4.0 |
-4.0 |
-5.0 |
0.0 |
|
Income Tax Benefit from Options |
- |
- |
- |
- |
0.0 |
|
Cash from Financing Activities |
-69.0 |
-381.0 |
-329.0 |
65.0 |
-106.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.0 |
-15.0 |
-6.0 |
12.0 |
12.0 |
|
Net Change in Cash |
-18.0 |
52.0 |
-55.0 |
-51.0 |
-132.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
385.0 |
333.0 |
333.0 |
333.0 |
333.0 |
|
Net Cash - Ending Balance |
367.0 |
385.0 |
278.0 |
282.0 |
201.0 |
|
Cash Interest Paid |
- |
174.0 |
- |
- |
- |
|
Cash Taxes Paid |
- |
191.0 |
- |
- |
- |
|
|
|
Financials in: As Reported (mil)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: As Reported (mil)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: As Reported (mil)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.55.59 |
|
|
1 |
Rs.87.34 |
|
Euro |
1 |
Rs.70.66 |
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.