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0001193125-11-041286.txt : 20110222
0001193125-11-041286.hdr.sgml : 20110221
20110222073051
ACCESSION NUMBER: 0001193125-11-041286
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20110222
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20110222
DATE AS OF CHANGE: 20110222
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: HOME DEPOT INC
CENTRAL INDEX KEY: 0000354950
STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211]
IRS NUMBER: 953261426
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0128
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-08207
FILM NUMBER: 11626450
BUSINESS ADDRESS:
STREET 1: 2455 PACES FERRY ROAD
CITY: ATLANTA
STATE: GA
ZIP: 30339-4024
BUSINESS PHONE: 770-433-82
MAIL ADDRESS:
STREET 1: 2455 PACES FERRY ROAD
CITY: ATLANTA
STATE: GA
ZIP: 30339-4024
8-K
1
d8k.htm
FORM 8-K
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of
1934
Date of Report (Date of Earliest Event Reported): February 22, 2011
THE HOME DEPOT, INC.
(Exact Name of Registrant as Specified in Charter)
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Delaware |
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1-8207 |
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95-3261426 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
2455 Paces Ferry Road, N.W., Atlanta, Georgia 30339
(Address of
Principal Executive Offices) (Zip Code)
(770) 433-8211
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last
Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. |
Results of Operations and Financial Condition. |
On February 22, 2011, The Home Depot, Inc. (the Company) issued a press release, attached as Exhibit 99.1 and incorporated herein by reference, announcing the Companys financial
results for the fiscal year and quarter ended January 30, 2011.
The information contained in this report, including
Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the
information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
Item 9.01. |
Financial Statements and Exhibits. |
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Exhibit |
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Description |
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99.1 |
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Press Release of The Home Depot, Inc. |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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THE HOME DEPOT, INC. |
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By: |
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/s/ Carol B. Tomé |
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Name: |
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Carol B. Tomé |
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Title: |
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Chief Financial Officer and Executive Vice President Corporate Services |
Date:
February 21, 2011
3
EXHIBIT INDEX
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Exhibit |
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Description |
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99.1 |
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Press Release of The Home Depot, Inc. |
4
EX-99.1
2
dex991.htm
PRESS RELEASE
Press Release
Exhibit 99.1
THE HOME DEPOT ANNOUNCES FOURTH QUARTER RESULTS;
UPDATES FISCAL YEAR 2011 GUIDANCE
ATLANTA, February 22, 2011 The Home Depot®, the
worlds largest home improvement retailer, today reported sales of $15.1 billion for the fourth quarter of fiscal 2010, a 3.8 percent increase from the fourth quarter of fiscal 2009. Comparable store sales for the fourth quarter of fiscal 2010
were positive 3.9 percent, and comp sales for U.S. stores were positive 4.8 percent.
Net earnings from continuing operations for the fourth
quarter were $587 million, or $0.36 per diluted share, compared with net earnings from continuing operations of $301 million, or $0.18 per diluted share, in the same period of fiscal 2009. On an adjusted basis, net earnings from continuing
operations for the fourth quarter of fiscal 2009 were $402 million or $0.24 per diluted share.
Fourth quarter fiscal 2009 consolidated net
earnings of $342 million include $41 million of net earnings from discontinued operations.
Fiscal 2010
Sales for fiscal 2010 were $68.0 billion, an increase of 2.8 percent from fiscal 2009. Total company comparable store sales for the year increased 2.9
percent, and comps for U.S. stores were positive 2.5 percent for the year.
Earnings per diluted share from continuing operations in fiscal
2010 were $2.01, compared to $1.55 per diluted share from continuing operations in fiscal 2009, an increase of 29.7 percent.
Fiscal 2010
results reflect a first quarter net impact to earnings of $33 million related to the extension of the Companys guarantee of an HD Supply senior secured loan. In fiscal 2009, results include strategic charges recorded earlier in the year and
the write-down of the Companys investment in HD Supply. On an adjusted basis, the Company reported fiscal 2010 net earnings from continuing operations of $3.4 billion, or $2.03 per diluted share, compared with adjusted net earnings from
continuing operations of $2.8 billion, or $1.66 per diluted share, for fiscal 2009.
For fiscal 2010, consolidated net earnings per diluted
share were $2.01 on consolidated net earnings of $3.3 billion, compared to consolidated net earnings per diluted share of $1.57 on net earnings of $2.7 billion in fiscal 2009.
In 2010, we continued to invest in our business and made solid progress against our key initiatives, said Frank Blake, chairman & CEO. We completed the rollout of our Rapid
Deployment Centers, an important part of our distribution network; we saw year-over-year improvement in customer service ratings; and we continued progress on our merchandising transformation. Our actions, coupled with an improving economy, resulted
in positive sales growth for the year, the first time since 2006.
Our associates did an outstanding job in 2010, said Blake.
Their hard work and dedication made these accomplishments possible.
Dividend Increase
The Company today announced that its board of directors declared a 6 percent increase in its quarterly cash dividend to 25 cents per share. As a testament to our confidence in the Companys
strategic initiatives and our commitment to returning capital to our shareholders, the board increased the dividend for the second consecutive year, said Blake. It is our intent to increase our dividend every year. Our longer-term
targeted dividend payout ratio is 40 percent. The dividend is payable on March 24, 2011, to shareholders of record on the close of business on March 10, 2011. This is the 96th consecutive quarter the Company has paid a cash dividend.
Updated Fiscal 2011 Guidance
Today the Company updated its fiscal 2011 guidance and now expects sales to be up approximately 2.5 percent for the year. The Company expects diluted
earnings per share from continuing operations to be up approximately 9.5 percent to $2.20, excluding the impact of future share repurchases. Using excess cash, the Company intends to repurchase approximately $2.5 billion of outstanding shares
throughout the year.
The Company gave the following additional guidance for fiscal 2011, in-line with the guidance it provided to investors
and analysts in December 2010:
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Positive low single digit comparable store sales growth |
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Moderate gross margin expansion |
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Modest expense leverage |
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Operating margin expansion of approximately 40 basis points |
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Tax rate of approximately 37% |
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Capital spending of approximately $1.35 billion |
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Depreciation and amortization expense of approximately $1.7 billion |
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Cash flow from the business of approximately $5.7 billion |
The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a
webcast and replay at http://earnings.homedepot.com.
At the end of the fourth quarter, the Company operated a total of 2,248 retail stores,
which included 1,976 The Home Depot stores in the United States (including the Commonwealth of Puerto Rico, the territory of the U.S. Virgin Islands and the territory of Guam), 179 stores in Canada, 85 stores in Mexico and 8 stores in China. The
Company employs more than 300,000 associates. The Home Depots stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poors 500 index.
###
To provide clarity,
internally and externally, about the Companys operating performance for recently completed fiscal periods, the Company supplemented its reporting with non-GAAP financial measures to reflect the impact of the store rationalization charges,
business rationalization charges, related restructuring charges, an investment impairment charge related to HD Supply and the charge related to the extension of the Companys guarantee of the HD Supply senior secured loan. The Company
believes that these non-GAAP financial measures better enable management and investors to understand and analyze the Companys performance by providing them with meaningful information
relevant to events of unusual nature or frequency that impact the comparability of underlying business results from period to period. However, this supplemental information should not be considered in isolation or as a substitute for the related
GAAP measures. A reconciliation of the non-GAAP financial measures to the comparable GAAP measures can be found attached to this press release and at http://earnings.homedepot.com.
Certain statements contained herein constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among
other things, the demand for our products and services, net sales growth, comparable store sales, state of the economy, state of the residential construction, housing and home improvement markets, state of the credit markets, including mortgages,
home equity loans and consumer credit, inventory and in-stock positions, commodity price inflation and deflation, implementation of store initiatives, implementation of supply chain initiatives, continuation of reinvestment plans, net earnings
performance, earnings per share, stock-based compensation expense, capital allocation and expenditures, liquidity, the effect of adopting certain accounting standards, return on invested capital, management of our purchasing or customer credit
policies, the effect of accounting charges, the planned recapitalization of the Company and the timing of its completion, the ability to issue debt on terms and at rates acceptable to us, store openings and closures, expense leverage, fiscal 2011
guidance and financial outlook. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You are cautioned not to place undue reliance on our
forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties many of which are beyond our control or are currently unknown to us as well as potentially
inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to those described in Item 1A, Risk Factors, and elsewhere
in our Annual Report on Form 10-K for our fiscal year ended January 31, 2010, and in Part II, Item 1A, Risk Factors and elsewhere in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2010.
Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as
required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the Securities and Exchange Commission.
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For more information, contact: |
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Financial Community |
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News Media |
Diane Dayhoff |
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Ron DeFeo |
Vice President of Investor Relations |
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Sr. Director, Corporate Communications |
770-384-2666 |
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770-384-3179 |
diane_dayhoff@homedepot.com |
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ron_defeo@homedepot.com |
THE HOME DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS AND FISCAL YEARS ENDED JANUARY 30, 2011 AND JANUARY 31, 2010
(Unaudited)
(Amounts in Millions Except Per Share Data and as Otherwise
Noted)
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Three Months Ended |
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% Increase |
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Fiscal Year Ended |
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% Increase |
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1-30-11 |
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1-31-10 |
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(Decrease) |
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1-30-11 |
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1-31-10 |
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(Decrease) |
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NET SALES |
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$ |
15,126 |
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$ |
14,569 |
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3.8 |
% |
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$ |
67,997 |
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$ |
66,176 |
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2.8 |
% |
Cost of Sales |
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9,883 |
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9,556 |
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3.4 |
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44,693 |
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43,764 |
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2.1 |
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GROSS PROFIT |
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5,243 |
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5,013 |
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4.6 |
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23,304 |
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22,412 |
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4.0 |
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Operating Expenses: |
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Selling, General and Administrative |
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3,807 |
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3,869 |
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(1.6 |
) |
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15,849 |
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15,902 |
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(0.3 |
) |
Depreciation and Amortization |
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|
399 |
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|
417 |
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(4.3 |
) |
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|
1,616 |
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|
1,707 |
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(5.3 |
) |
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Total Operating Expenses |
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4,206 |
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|
4,286 |
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(1.9 |
) |
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|
17,465 |
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|
17,609 |
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(0.8 |
) |
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OPERATING INCOME |
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|
1,037 |
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|
727 |
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42.6 |
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|
5,839 |
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4,803 |
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21.6 |
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Interest and Other (Income) Expense: |
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Interest and Investment Income |
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|
(4 |
) |
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(3 |
) |
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33.3 |
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|
(15 |
) |
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(18 |
) |
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|
(16.7 |
) |
Interest Expense |
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|
91 |
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|
161 |
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|
(43.5 |
) |
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|
530 |
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|
|
676 |
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|
(21.6 |
) |
Other |
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163 |
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(100.0 |
) |
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51 |
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163 |
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(68.7 |
) |
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Interest and Other, net |
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87 |
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321 |
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(72.9 |
) |
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566 |
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821 |
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(31.1 |
) |
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EARNINGS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES |
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950 |
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406 |
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134.0 |
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5,273 |
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3,982 |
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32.4 |
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Provision for Income Taxes |
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363 |
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105 |
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245.7 |
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1,935 |
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1,362 |
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42.1 |
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EARNINGS FROM CONTINUING OPERATIONS |
|
|
587 |
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|
301 |
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95.0 |
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3,338 |
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2,620 |
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27.4 |
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EARNINGS FROM DISCONTINUED OPERATIONS, NET OF TAX |
|
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41 |
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(100.0 |
) |
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41 |
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(100.0 |
) |
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NET EARNINGS |
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$ |
587 |
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|
$ |
342 |
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71.6 |
% |
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$ |
3,338 |
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|
$ |
2,661 |
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25.4 |
% |
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Weighted Average Common Shares |
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1,614 |
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|
1,679 |
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(3.9 |
)% |
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1,648 |
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1,683 |
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(2.1 |
)% |
BASIC EARNINGS PER SHARE FROM CONTINUING OPERATIONS |
|
$ |
0.36 |
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$ |
0.18 |
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|
100.0 |
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|
$ |
2.03 |
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$ |
1.56 |
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30.1 |
|
BASIC EARNINGS PER SHARE FROM DISCONTINUED OPERATIONS |
|
$ |
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$ |
0.02 |
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(100.0 |
) |
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$ |
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$ |
0.02 |
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|
(100.0 |
) |
BASIC EARNINGS PER SHARE |
|
$ |
0.36 |
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|
$ |
0.20 |
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|
80.0 |
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|
$ |
2.03 |
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$ |
1.58 |
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28.5 |
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Diluted Weighted Average Common Shares |
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|
1,626 |
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|
1,691 |
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(3.8 |
)% |
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|
1,658 |
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|
1,692 |
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(2.0 |
)% |
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS |
|
$ |
0.36 |
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$ |
0.18 |
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|
100.0 |
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|
$ |
2.01 |
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|
$ |
1.55 |
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|
29.7 |
|
DILUTED EARNINGS PER SHARE FROM DISCONTINUED OPERATIONS |
|
$ |
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|
$ |
0.02 |
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(100.0 |
) |
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$ |
|
|
|
$ |
0.02 |
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|
(100.0 |
) |
DILUTED EARNINGS PER SHARE |
|
$ |
0.36 |
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|
$ |
0.20 |
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80.0 |
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$ |
2.01 |
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$ |
1.57 |
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|
28.0 |
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|
Three Months Ended |
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|
% Increase |
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|
Fiscal Year Ended |
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|
% Increase |
|
SELECTED HIGHLIGHTS
(1) |
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1-30-11 |
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1-31-10 |
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(Decrease) |
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|
1-30-11 |
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1-31-10 |
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(Decrease) |
|
Number of Customer Transactions |
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|
292 |
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|
288 |
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1.4 |
% |
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|
1,306 |
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1,274 |
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2.5 |
% |
Average Ticket (actual) |
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$ |
51.31 |
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$ |
50.01 |
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2.6 |
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|
$ |
51.93 |
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|
$ |
51.76 |
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0.3 |
|
Weighted Average Weekly Sales per Operating Store (in thousands) |
|
$ |
514 |
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|
$ |
494 |
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|
4.0 |
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|
$ |
581 |
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$ |
563 |
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|
|
3.2 |
|
Square Footage at End of Period |
|
|
235 |
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|
|
235 |
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|
|
|
|
|
|
235 |
|
|
|
235 |
|
|
|
|
|
Capital Expenditures |
|
$ |
407 |
|
|
$ |
398 |
|
|
|
2.3 |
|
|
$ |
1,096 |
|
|
$ |
966 |
|
|
|
13.5 |
|
Depreciation and Amortization (2) |
|
$ |
426 |
|
|
$ |
442 |
|
|
|
(3.6 |
)% |
|
$ |
1,718 |
|
|
$ |
1,806 |
|
|
|
(4.9 |
)% |
(1) |
Includes continuing operations only. |
(2) |
Includes depreciation of distribution centers and tool rental equipment included in Cost of Sales and amortization of deferred financing costs included in Interest
Expense. |
THE HOME DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS ITEMS EXCLUDING CERTAIN ADJUSTMENTS (NON-GAAP)
FOR THE THREE MONTHS AND FISCAL YEARS ENDED JANUARY 30, 2011 AND JANUARY 31, 2010
(Unaudited)
(Amounts in Millions Except Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended 1-30-11 |
|
|
Fiscal Year Ended 1-30-11 |
|
|
|
Actuals |
|
|
Adjustment |
|
|
As Adjusted (Non-GAAP) |
|
|
Actuals |
|
|
Adjustment(1) |
|
|
As Adjusted (Non-GAAP) |
|
Net Sales |
|
$ |
15,126 |
|
|
$ |
|
|
|
$ |
15,126 |
|
|
$ |
67,997 |
|
|
$ |
|
|
|
$ |
67,997 |
|
Gross Profit |
|
|
5,243 |
|
|
|
|
|
|
|
5,243 |
|
|
|
23,304 |
|
|
|
|
|
|
|
23,304 |
|
Total Operating Expenses |
|
|
4,206 |
|
|
|
|
|
|
|
4,206 |
|
|
|
17,465 |
|
|
|
|
|
|
|
17,465 |
|
Operating Income |
|
|
1,037 |
|
|
|
|
|
|
|
1,037 |
|
|
|
5,839 |
|
|
|
|
|
|
|
5,839 |
|
Interest and Other, net |
|
|
87 |
|
|
|
|
|
|
|
87 |
|
|
|
566 |
|
|
|
51 |
|
|
|
515 |
|
Earnings from Continuing Operations |
|
|
587 |
|
|
|
|
|
|
|
587 |
|
|
|
3,338 |
|
|
|
(33 |
) |
|
|
3,371 |
|
Earnings from Discontinued Operations, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
|
$ |
587 |
|
|
$ |
|
|
|
$ |
587 |
|
|
$ |
3,338 |
|
|
$ |
(33 |
) |
|
$ |
3,371 |
|
|
|
|
|
|
|
|
Diluted Earnings Per Share from Continuing Operations |
|
$ |
0.36 |
|
|
$ |
|
|
|
$ |
0.36 |
|
|
$ |
2.01 |
|
|
$ |
(0.02 |
) |
|
$ |
2.03 |
|
Diluted Earnings Per Share from Discontinued Operations |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Diluted Earnings Per Share |
|
$ |
0.36 |
|
|
$ |
|
|
|
$ |
0.36 |
|
|
$ |
2.01 |
|
|
$ |
(0.02 |
) |
|
$ |
2.03 |
|
|
|
|
|
|
Three Months Ended 1-31-10 |
|
|
Fiscal Year Ended 1-31-10 |
|
|
|
Actuals |
|
|
Adjustment(2) |
|
|
As Adjusted (Non-GAAP) |
|
|
Actuals |
|
|
Adjustments(3) |
|
|
As Adjusted (Non-GAAP) |
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
14,569 |
|
|
$ |
|
|
|
$ |
14,569 |
|
|
$ |
66,176 |
|
|
$ |
221 |
|
|
$ |
65,955 |
|
Gross Profit |
|
|
5,013 |
|
|
|
|
|
|
|
5,013 |
|
|
|
22,412 |
|
|
|
28 |
|
|
|
22,384 |
|
Total Operating Expenses |
|
|
4,286 |
|
|
|
|
|
|
|
4,286 |
|
|
|
17,609 |
|
|
|
174 |
|
|
|
17,435 |
|
Operating Income |
|
|
727 |
|
|
|
|
|
|
|
727 |
|
|
|
4,803 |
|
|
|
(146 |
) |
|
|
4,949 |
|
Interest and Other, net |
|
|
321 |
|
|
|
163 |
|
|
|
158 |
|
|
|
821 |
|
|
|
163 |
|
|
|
658 |
|
Earnings from Continuing Operations |
|
|
301 |
|
|
|
(101 |
) |
|
|
402 |
|
|
|
2,620 |
|
|
|
(191 |
) |
|
|
2,811 |
|
Earnings from Discontinued Operations, net of tax |
|
|
41 |
|
|
|
|
|
|
|
41 |
|
|
|
41 |
|
|
|
|
|
|
|
41 |
|
Net Earnings |
|
$ |
342 |
|
|
$ |
(101 |
) |
|
$ |
443 |
|
|
$ |
2,661 |
|
|
$ |
(191 |
) |
|
$ |
2,852 |
|
|
|
|
|
|
|
|
Diluted Earnings Per Share from Continuing Operations |
|
$ |
0.18 |
|
|
$ |
(0.06 |
) |
|
$ |
0.24 |
|
|
$ |
1.55 |
|
|
$ |
(0.11 |
) |
|
$ |
1.66 |
|
Diluted Earnings Per Share from Discontinued Operations |
|
$ |
0.02 |
|
|
$ |
|
|
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
|
|
|
$ |
0.02 |
|
Diluted Earnings Per Share |
|
$ |
0.20 |
|
|
$ |
(0.06 |
) |
|
$ |
0.26 |
|
|
$ |
1.57 |
|
|
$ |
(0.11 |
) |
|
$ |
1.69 |
|
Note: Certain amounts in
Diluted Earnings Per Share may not foot due to rounding.
(1) |
Adjustment is comprised of a charge related to the extension of the Companys guarantee of a third-party senior secured loan. |
(2) |
Adjustment is comprised of a charge to write-down the Companys investment in HD Supply. |
(3) |
Adjustments are comprised of store rationalization charges related to the closing of 15 stores and the removal of 50 stores from our future growth pipeline, business
rationalization charges related to the exit of EXPO, THD Design Center, Yardbirds and HD Bath businesses, as well as net sales, gross profit and operating expenses of those exited businesses during the period from closing announcement to actual
closing, charges related to restructuring of support functions and investment impairment charges. |
THE HOME DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JANUARY 30, 2011 AND JANUARY 31, 2010
(Unaudited)
(Amounts in Millions)
|
|
|
|
|
|
|
|
|
|
|
1-30-11 |
|
|
1-31-10 |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
545 |
|
|
$ |
1,421 |
|
Receivables, net |
|
|
1,085 |
|
|
|
964 |
|
Merchandise Inventories |
|
|
10,625 |
|
|
|
10,188 |
|
Other Current Assets |
|
|
1,224 |
|
|
|
1,327 |
|
|
|
|
|
|
|
|
|
|
Total Current Assets |
|
|
13,479 |
|
|
|
13,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment, net |
|
|
25,060 |
|
|
|
25,550 |
|
Goodwill |
|
|
1,187 |
|
|
|
1,171 |
|
Other Assets |
|
|
399 |
|
|
|
256 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
40,125 |
|
|
$ |
40,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Accounts Payable |
|
$ |
4,717 |
|
|
$ |
4,863 |
|
Accrued Salaries and Related Expenses |
|
|
1,290 |
|
|
|
1,263 |
|
Current Installments of Long-Term Debt |
|
|
1,042 |
|
|
|
1,020 |
|
Other Current Liabilities |
|
|
3,073 |
|
|
|
3,217 |
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
10,122 |
|
|
|
10,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Debt |
|
|
8,707 |
|
|
|
8,662 |
|
Other Long-Term Liabilities |
|
|
2,407 |
|
|
|
2,459 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
21,236 |
|
|
|
21,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders Equity |
|
|
18,889 |
|
|
|
19,393 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
|
$ |
40,125 |
|
|
$ |
40,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE HOME DEPOT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR FISCAL YEARS ENDED JANUARY 30, 2011 AND JANUARY 31, 2010
(Unaudited)
(Amounts in Millions)
|
|
|
|
Fiscal Year Ended |
|
|
|
1-30-11 |
|
|
1-31-10 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net Earnings |
|
$ |
3,338 |
|
|
$ |
2,661 |
|
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities: |
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
|
1,718 |
|
|
|
1,806 |
|
Impairment of Investment |
|
|
|
|
|
|
163 |
|
Stock-Based Compensation Expense |
|
|
214 |
|
|
|
201 |
|
Changes in Working Capital and Other |
|
|
(685 |
) |
|
|
294 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities |
|
|
4,585 |
|
|
|
5,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Capital Expenditures |
|
|
(1,096 |
) |
|
|
(966 |
) |
Other |
|
|
84 |
|
|
|
211 |
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Investing Activities |
|
|
(1,012 |
) |
|
|
(755 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from Long-Term Borrowings, net of discount |
|
|
998 |
|
|
|
|
|
Repayments of Long-Term Debt |
|
|
(1,029 |
) |
|
|
(1,774 |
) |
Repurchases of Common Stock |
|
|
(2,608 |
) |
|
|
(213 |
) |
Cash Dividends Paid to Stockholders |
|
|
(1,569 |
) |
|
|
(1,525 |
) |
Other |
|
|
(243 |
) |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Financing Activities |
|
|
(4,451 |
) |
|
|
(3,503 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) Increase in Cash and Cash Equivalents |
|
|
(878 |
) |
|
|
867 |
|
|
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
2 |
|
|
|
35 |
|
Cash and Cash Equivalents at the Beginning of the Period |
|
|
1,421 |
|
|
|
519 |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at the End of the Period |
|
$ |
545 |
|
|
$ |
1,421 |
|
|
|
|
|
|
|
|
|
|
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-----END PRIVACY-ENHANCED MESSAGE-----