XML 43 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS, COMPREHENSIVE INCOME AND RETAINED EARNINGS (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Income Statement [Abstract]        
Sales $ 2,259 $ 1,812 $ 5,933 $ 5,455
Cost of sales 1,734 1,379 4,496 4,090
Gross profit 525 433 1,437 1,365
Selling, general and administrative expenses 173 114 420 340
Research and development expenses 52 41 136 115
Asset impairments and restructuring charges (gains), net 37 7 37 (8)
Operating earnings 263 271 844 918
Net interest expense 48 20 95 57
Other charges (income), net (3) (3) 19 (14)
Earnings from continuing operations before income taxes 218 254 730 875
Provision for income taxes from continuing operations 64 80 240 281
Earnings from continuing operations 154 174 490 594
Earnings from discontinued operations, net of tax 0 0 0 9
Gain from disposal of discontinued operations, net of tax 0 0 1 31
Net earnings 154 174 491 634
Basic earnings per share        
Earnings from continuing operations $ 1.01 $ 1.25 $ 3.43 $ 4.22
Earnings from discontinued operations $ 0.00 $ 0.00 $ 0.01 $ 0.29
Basic earnings per share $ 1.01 $ 1.25 $ 3.44 $ 4.51
Diluted earnings per share        
Earnings from continuing operations $ 0.99 $ 1.22 $ 3.35 $ 4.12
Earnings from discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.28
Diluted earnings per share $ 0.99 $ 1.22 $ 3.35 $ 4.40
Comprehensive Income        
Net earnings 154 174 491 634
Other comprehensive income (loss), net of tax        
Change in cumulative translation adjustment 30 (36) 21 0
Defined benefit pension and other postretirement benefit plans [Abstract]        
Amortization of unrecognized prior service credits included in net periodic costs (4) [1] (5) [1] (12) [1] (18) [1]
Derivatives and hedging [Abstract]        
Unrealized gain (loss) during period (3) 5 (33) (27)
Reclassification adjustment for gains included in net income (4) 0 (5) (1)
Total other comprehensive income (loss), net of tax 19 (36) (29) (46)
Comprehensive income 173 138 462 588
Retained Earnings        
Retained earnings at beginning of period 3,024 2,646 2,760 [2] 2,253
Net earnings 154 174 491 634
Cash dividends declared (39) (36) (112) [3] (103)
Retained earnings at end of period $ 3,139 $ 2,784 $ 3,139 $ 2,784
[1] Updated to reflect first quarter 2012 presentation of other comprehensive income.
[2] Retained Earnings and Accumulated Other Comprehensive Income have been adjusted for the change in accounting methodology for pension and OPEB plans. For additional information, see Note 12, "Accounting Methodology Change for Pension and Other Postretirement Benefit Plans".
[3] Includes cash dividends declared, but unpaid.