$LOW
LOWES COMPANIES INC

2011 Q3 Form 10-Q Financial Statement

#000006066711000161 Filed on August 30, 2011

View on sec.gov

Income Statement

Concept 2011 Q3 2010 Q3 2010 Q2
Revenue $14.54B $14.36B $12.39B
YoY Change 1.27% 3.73% 4.7%
Cost Of Revenue $9.527B $9.355B $8.030B
YoY Change 1.84% 3.7% 5.16%
Gross Profit $5.016B $5.006B $4.358B
YoY Change 0.2% 3.79% 3.86%
Gross Profit Margin 34.49% 34.86% 35.18%
Selling, General & Admin $3.232B $3.189B $3.093B
YoY Change 1.35% 2.57% 4.6%
% of Gross Profit 64.43% 63.7% 70.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $389.0M $424.0M $424.0M
YoY Change -8.25% -2.75% -2.3%
% of Gross Profit 7.76% 8.47% 9.73%
Operating Expenses $3.687B $3.671B $3.572B
YoY Change 0.44% 1.77% 3.96%
Operating Profit $1.329B $1.335B $786.0M
YoY Change -0.45% 9.79% 3.42%
Interest Expense -$90.00M -$84.00M $82.00M
YoY Change 7.14% -210.53% 5.13%
% of Operating Profit -6.77% -6.29% 10.43%
Other Income/Expense, Net
YoY Change
Pretax Income $1.329B $1.335B $786.0M
YoY Change -0.45% 9.79% 3.42%
Income Tax $499.0M $503.0M $297.0M
% Of Pretax Income 37.55% 37.68% 37.79%
Net Earnings $830.0M $832.0M $489.0M
YoY Change -0.24% 9.62% 2.73%
Net Earnings / Revenue 5.71% 5.79% 3.95%
Basic Earnings Per Share $0.65 $0.58 $0.34
Diluted Earnings Per Share $0.64 $0.58 $0.34
COMMON SHARES
Basic Shares Outstanding 1.275B shares 1.417B shares 1.438B shares
Diluted Shares Outstanding 1.278B shares 1.419B shares 1.441B shares

Balance Sheet

Concept 2011 Q3 2010 Q3 2010 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $908.0M $2.007B $3.352B
YoY Change -54.76% 32.83% 193.52%
Cash & Equivalents $568.0M $1.191B $2.677B
Short-Term Investments $340.0M $816.0M $675.0M
Other Short-Term Assets $213.0M $256.0M $242.0M
YoY Change -16.8% 18.52% -8.33%
Inventory $8.825B $8.653B $9.899B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.17B $11.12B $13.70B
YoY Change -8.57% 10.19% 29.92%
LONG-TERM ASSETS
Property, Plant & Equipment $22.20B $22.27B $22.38B
YoY Change -0.35% -1.99% -1.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $857.0M $730.0M $832.0M
YoY Change 17.4% -18.89% 85.71%
Other Assets $825.0M $508.0M $508.0M
YoY Change 62.4% 9.96% 14.41%
Total Long-Term Assets $23.88B $23.51B $23.72B
YoY Change 1.55% -2.4% 0.47%
TOTAL ASSETS
Total Short-Term Assets $10.17B $11.12B $13.70B
Total Long-Term Assets $23.88B $23.51B $23.72B
Total Assets $34.05B $34.63B $37.41B
YoY Change -1.7% 1.32% 9.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.378B $4.888B $7.062B
YoY Change 10.02% -1.65% 20.86%
Accrued Expenses $495.0M $537.0M $594.0M
YoY Change -7.82% -0.56% 11.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $39.00M $37.00M $536.0M
YoY Change 5.41% -93.3% 930.77%
Total Short-Term Liabilities $8.677B $7.993B $10.88B
YoY Change 8.56% -10.63% 24.57%
LONG-TERM LIABILITIES
Long-Term Debt $6.581B $5.533B $5.531B
YoY Change 18.94% 22.55% 10.11%
Other Long-Term Liabilities $856.0M $830.0M $1.462B
YoY Change 3.13% -15.56% 2.96%
Total Long-Term Liabilities $856.0M $830.0M $1.462B
YoY Change 3.13% -84.9% 2.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.677B $7.993B $10.88B
Total Long-Term Liabilities $856.0M $830.0M $1.462B
Total Liabilities $17.27B $15.42B $18.40B
YoY Change 11.97% 2.76% 17.08%
SHAREHOLDERS EQUITY
Retained Earnings $16.06B $18.45B $18.25B
YoY Change -12.97% 2.38% 4.87%
Common Stock $7.000M $9.000M $6.000M
YoY Change -22.22% -97.55% -97.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.78B $19.21B $19.02B
YoY Change
Total Liabilities & Shareholders Equity $34.05B $34.63B $37.41B
YoY Change -1.7% 1.32% 9.56%

Cashflow Statement

Concept 2011 Q3 2010 Q3 2010 Q2
OPERATING ACTIVITIES
Net Income $830.0M $832.0M $489.0M
YoY Change -0.24% 9.62% 2.73%
Depreciation, Depletion And Amortization $389.0M $424.0M $424.0M
YoY Change -8.25% -2.75% -2.3%
Cash From Operating Activities $870.0M $46.00M $2.736B
YoY Change 1791.3% -96.64% 16.67%
INVESTING ACTIVITIES
Capital Expenditures -$467.0M -$329.0M $283.0M
YoY Change 41.95% -26.89% -50.52%
Acquisitions
YoY Change
Other Investing Activities $184.0M -$55.00M $1.000M
YoY Change -434.55% -87.21% -106.67%
Cash From Investing Activities -$283.0M -$384.0M -$1.084B
YoY Change -26.3% -56.36% 37.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $465.0M
YoY Change
Debt Paid & Issued, Net $25.00M
YoY Change 212.5%
Cash From Financing Activities -1.516B -1.147B $391.0M
YoY Change 32.17% 1058.59% -134.94%
NET CHANGE
Cash From Operating Activities 870.0M 46.00M $2.736B
Cash From Investing Activities -283.0M -384.0M -$1.084B
Cash From Financing Activities -1.516B -1.147B $391.0M
Net Change In Cash -929.0M -1.485B $2.043B
YoY Change -37.44% -478.83% 366.44%
FREE CASH FLOW
Cash From Operating Activities $870.0M $46.00M $2.736B
Capital Expenditures -$467.0M -$329.0M $283.0M
Free Cash Flow $1.337B $375.0M $2.453B
YoY Change 256.53% -79.41% 38.35%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
LOWES COMPANIES INC
dei Entity Central Index Key
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dei Document Period End Date
DocumentPeriodEndDate
2011-07-29
dei Amendment Flag
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Current Fiscal Year End Date
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dei Entity Well Known Seasoned Issuer
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dei Entity Voluntary Filers
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low Profit Loss Percent
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CY2011Q3 low Cost Of Goods And Services Sold Percent
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low Cost Of Goods And Services Sold Percent
CostOfGoodsAndServicesSoldPercent
0.6507 pure
low Interest Expense Percent
InterestExpensePercent
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CY2011Q3 low Operating Expenses Percent
OperatingExpensesPercent
0.2535 pure
low Operating Expenses Percent
OperatingExpensesPercent
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CY2010Q3 low Operating Expenses Percent
OperatingExpensesPercent
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low Operating Expenses Percent
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low Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments Percent
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CY2010Q3 low Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments Percent
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestmentsPercent
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low Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments Percent
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestmentsPercent
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low Income Tax Expense Benefit Percent
IncomeTaxExpenseBenefitPercent
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CY2010Q3 low Income Tax Expense Benefit Percent
IncomeTaxExpenseBenefitPercent
0.0350 pure
CY2011Q3 low Income Tax Expense Benefit Percent
IncomeTaxExpenseBenefitPercent
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us-gaap Interest Revenue Expense Net
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OperatingExpenses
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CY2011Q3 low Sales Revenue Net Percent
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low Sales Revenue Net Percent
SalesRevenueNetPercent
1.0000 pure
CY2010Q3 low Sales Revenue Net Percent
SalesRevenueNetPercent
1.0000 pure
low Sales Revenue Net Percent
SalesRevenueNetPercent
1.0000 pure
CY2011Q3 low Gross Profit Percent
GrossProfitPercent
0.3449 pure
low Gross Profit Percent
GrossProfitPercent
0.3493 pure
CY2010Q3 low Gross Profit Percent
GrossProfitPercent
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low Gross Profit Percent
GrossProfitPercent
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CY2011Q3 low Selling General And Administrative Expense Percent
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low Selling General And Administrative Expense Percent
SellingGeneralAndAdministrativeExpensePercent
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CY2010Q3 low Selling General And Administrative Expense Percent
SellingGeneralAndAdministrativeExpensePercent
0.2221 pure
low Selling General And Administrative Expense Percent
SellingGeneralAndAdministrativeExpensePercent
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CY2011Q3 low Depreciation Nonproduction Percent
DepreciationNonproductionPercent
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low Depreciation Nonproduction Percent
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CY2010Q3 low Cost Of Goods And Services Sold Percent
CostOfGoodsAndServicesSoldPercent
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low Cost Of Goods And Services Sold Percent
CostOfGoodsAndServicesSoldPercent
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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DeferredRevenueRecognizedFromSalesOfExtendedWarrantyContracts
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DeferredRevenueRecognizedFromSalesOfExtendedWarrantyContracts
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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;font-weight:bold;margin-left:0px;">Note </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:bold;">1</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:bold;">:</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:bold;">Basis of Presentation</font><font style="font-family:Times New Roman;font-size:11pt;"> - The accompanying </font><font style="font-family:Times New Roman;font-size:11pt;">c</font><font style="font-family:Times New Roman;font-size:11pt;">onsolidated </font><font style="font-family:Times New Roman;font-size:11pt;">f</font><font style="font-family:Times New Roman;font-size:11pt;">inancial </font><font style="font-family:Times New Roman;font-size:11pt;">s</font><font style="font-family:Times New Roman;font-size:11pt;">tatements (</font><font style="font-family:Times New Roman;font-size:11pt;">u</font><font style="font-family:Times New Roman;font-size:11pt;">naudited)</font><font style="font-family:Times New Roman;font-size:11pt;"> and</font><font style="font-family:Times New Roman;font-size:11pt;"> notes </font><font style="font-family:Times New Roman;font-size:11pt;">to </font><font style="font-family:Times New Roman;font-size:11pt;">the </font><font style="font-family:Times New Roman;font-size:11pt;">consolidated financial statements </font><font style="font-family:Times New Roman;font-size:11pt;">(unaudited) </font><font style="font-family:Times New Roman;font-size:11pt;">are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America</font><font style="font-family:Times New Roman;font-size:11pt;">. The consolidated financial statements (unaudited),</font><font style="font-family:Times New Roman;font-size:11pt;"> in the opinion of management, contain all adjustments necessary to present fairly the financial position as of </font><font style="font-family:Times New Roman;font-size:11pt;">July 29, 2011</font><font style="font-family:Times New Roman;font-size:11pt;">,</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">and </font><font style="font-family:Times New Roman;font-size:11pt;">July 30, 2010</font><font style="font-family:Times New Roman;font-size:11pt;">,</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">and the results of operations</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">for the </font><font style="font-family:Times New Roman;font-size:11pt;">three</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">and six</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">months ended </font><font style="font-family:Times New Roman;font-size:11pt;">July 29, 2011</font><font style="font-family:Times New Roman;font-size:11pt;">,</font><font style="font-family:Times New Roman;font-size:11pt;"> and </font><font style="font-family:Times New Roman;font-size:11pt;">July 30, 2010</font><font style="font-family:Times New Roman;font-size:11pt;">, and cash flows for the six months ended </font><font style="font-family:Times New Roman;font-size:11pt;">July 29, 2011</font><font style="font-family:Times New Roman;font-size:11pt;"> and </font><font style="font-family:Times New Roman;font-size:11pt;">July 30, 2010</font><font style="font-family:Times New Roman;font-size:11pt;">.</font><font style="font-family:Times New Roman;font-size:11pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:0px;">These interim </font><font style="font-family:Times New Roman;font-size:11pt;">consolidated f</font><font style="font-family:Times New Roman;font-size:11pt;">inancial </font><font style="font-family:Times New Roman;font-size:11pt;">s</font><font style="font-family:Times New Roman;font-size:11pt;">tatements</font><font style="font-family:Times New Roman;font-size:11pt;"> (unaudited)</font><font style="font-family:Times New Roman;font-size:11pt;"> should be read in conjunction with the audited </font><font style="font-family:Times New Roman;font-size:11pt;">consolidated </font><font style="font-family:Times New Roman;font-size:11pt;">financial statements and notes thereto included in t</font><font style="font-family:Times New Roman;font-size:11pt;">he Lowe's Companies, Inc. (the Company</font><font style="font-family:Times New Roman;font-size:11pt;">) Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:Times New Roman;font-size:11pt;">January 28, 2011</font><font style="font-family:Times New Roman;font-size:11pt;"> (the Annual Report</font><font style="font-family:Times New Roman;font-size:11pt;">). </font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:0px;">Certain prior period amounts have been reclassified to conform to current classifications. </font><font style="font-family:Times New Roman;font-size:11pt;">Deferred revenue</font><font style="font-family:Times New Roman;font-size:11pt;"> &#8211; ex</font><font style="font-family:Times New Roman;font-size:11pt;">tended protection plans, which was previously included in other liabilities (noncurrent), is now a separate line item on the consolidated balance sheets.</font></p>
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CY2011Q3 low Remaining Share Repurchases Authorization
RemainingShareRepurchasesAuthorization
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SharesPaidForTaxWithholdingForShareBasedCompensation
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us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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CY2010Q3 low Stock Repurchased And Retired During Period Share
StockRepurchasedAndRetiredDuringPeriodShare
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low Stock Repurchased And Retired During Period Share
StockRepurchasedAndRetiredDuringPeriodShare
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low Stock Repurchased And Retired During Period Share
StockRepurchasedAndRetiredDuringPeriodShare
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StockRepurchasedAndRetiredDuringPeriodValue
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us-gaap Stock Repurchased And Retired During Period Value
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us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
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us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2011Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2010Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2011Q3 us-gaap Unrecognized Tax Benefits
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low Profit Loss Allocable Common Share Basic
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CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000 shares
CY2010Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
CY2010Q3 low Profit Loss Allocable Participating Securities Diluted
ProfitLossAllocableParticipatingSecuritiesDiluted
7000000 USD
CY2010Q3 low Profit Loss Allocable Common Share Diluted
ProfitLossAllocableCommonShareDiluted
825000000 USD
CY2011Q3 low Profit Loss Allocable Common Share Diluted
ProfitLossAllocableCommonShareDiluted
823000000 USD
low Profit Loss Allocable Common Share Diluted
ProfitLossAllocableCommonShareDiluted
1310000000 USD
low Profit Loss Allocable Participating Securities Diluted
ProfitLossAllocableParticipatingSecuritiesDiluted
11000000 USD
CY2011Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18300000 shares
CY2010Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20200000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14600000 shares
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
167000000 USD
us-gaap Capital Leases Income Statement Interest Expense
CapitalLeasesIncomeStatementInterestExpense
18000000 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
7000000 USD
us-gaap Interest Costs Capitalized
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us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
1000000 USD
us-gaap Interest Expense Other
InterestExpenseOther
3000000 USD
CY2011Q3 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
3000000 USD
CY2011Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
-2000000 USD
CY2011Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
2000000 USD
CY2011Q3 us-gaap Interest Expense Other
InterestExpenseOther
1000000 USD
CY2011Q3 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
83000000 USD
CY2011Q3 us-gaap Capital Leases Income Statement Interest Expense
CapitalLeasesIncomeStatementInterestExpense
9000000 USD
CY2010Q3 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
3000000 USD
CY2010Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
-4000000 USD
CY2010Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
2000000 USD
CY2010Q3 us-gaap Interest Expense Other
InterestExpenseOther
2000000 USD
CY2010Q3 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
78000000 USD
CY2010Q3 us-gaap Capital Leases Income Statement Interest Expense
CapitalLeasesIncomeStatementInterestExpense
9000000 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
6000000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
-7000000 USD
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
3000000 USD
us-gaap Interest Expense Other
InterestExpenseOther
4000000 USD
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
154000000 USD
us-gaap Capital Leases Income Statement Interest Expense
CapitalLeasesIncomeStatementInterestExpense
18000000 USD
us-gaap Interest Paid Net
InterestPaidNet
179000000 USD
us-gaap Interest Paid Net
InterestPaidNet
158000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
540000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
818000000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
188000000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
34000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-4000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2000000 USD
CY2011Q3 us-gaap Dividends Payable Amount
DividendsPayableAmount
176000000 USD
CY2010Q3 us-gaap Dividends Payable Amount
DividendsPayableAmount
157000000 USD
low Non Cash Employee Stock Option Exercises
NonCashEmployeeStockOptionExercises
2000000 USD
low Non Cash Employee Stock Option Exercises
NonCashEmployeeStockOptionExercises
0 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;font-weight:bold;margin-left:0px;">Note 12: </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:bold;">Recent Accounting Pronouncements</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:bold;">-</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">In May 2011, the Financial Accounting Standards Board (FASB) issued authoritative guidance that amends the existing requirements for fair value measurement and disclosure. The guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed. It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholder</font><font style="font-family:Times New Roman;font-size:11pt;">s'</font><font style="font-family:Times New Roman;font-size:11pt;"> equity. The guidance is effective for </font><font style="font-family:Times New Roman;font-size:11pt;">interim and annual periods</font><font style="font-family:Times New Roman;font-size:11pt;"> beginning after December 15, 2011. The Company </font><font style="font-family:Times New Roman;font-size:11pt;">does not expect</font><font style="font-family:Times New Roman;font-size:11pt;"> the adoption of the guidance </font><font style="font-family:Times New Roman;font-size:11pt;">to have a material impact </font><font style="font-family:Times New Roman;font-size:11pt;">on its consolidated financial statements</font><font style="font-family:Times New Roman;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:0px;">In June 2011, the FASB issued </font><font style="font-family:Times New Roman;font-size:11pt;">authoritative guidance that amends the</font><font style="font-family:Times New Roman;font-size:11pt;"> presentation requirements for comprehensive income in</font><font style="font-family:Times New Roman;font-size:11pt;"> financial statements. The guidance requires entities to report components of comprehensive income </font><font style="font-family:Times New Roman;font-size:11pt;">either as part of a</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">single </font><font style="font-family:Times New Roman;font-size:11pt;">continuous statemen</font><font style="font-family:Times New Roman;font-size:11pt;">t of comprehensive income that would combine the components of net income and other comprehensive income, or in a </font><font style="font-family:Times New Roman;font-size:11pt;">separate</font><font style="font-family:Times New Roman;font-size:11pt;">,</font><font style="font-family:Times New Roman;font-size:11pt;"> but consecutive</font><font style="font-family:Times New Roman;font-size:11pt;">, statement fol</font><font style="font-family:Times New Roman;font-size:11pt;">lowing the statement of income.</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">The </font><font style="font-family:Times New Roman;font-size:11pt;">guidance is</font><font style="font-family:Times New Roman;font-size:11pt;"> effective for </font><font style="font-family:Times New Roman;font-size:11pt;">i</font><font style="font-family:Times New Roman;font-size:11pt;">nterim and</font><font style="font-family:Times New Roman;font-size:11pt;"> annual period</font><font style="font-family:Times New Roman;font-size:11pt;">s</font><font style="font-family:Times New Roman;font-size:11pt;"> beg</font><font style="font-family:Times New Roman;font-size:11pt;">inning after December&#160;15, 2011 and </font><font style="font-family:Times New Roman;font-size:11pt;">is</font><font style="font-family:Times New Roman;font-size:11pt;"> to be applied retrospectively. The adoption of this guidance </font><font style="font-family:Times New Roman;font-size:11pt;">will </font><font style="font-family:Times New Roman;font-size:11pt;">impact the presentation of comprehensive income, but will </font><font style="font-family:Times New Roman;font-size:11pt;">not have an impact on the Company's</font><font style="font-family:Times New Roman;font-size:11pt;"> consolidated </font><font style="font-family:Times New Roman;font-size:11pt;">financial position, </font><font style="font-family:Times New Roman;font-size:11pt;">results of operations</font><font style="font-family:Times New Roman;font-size:11pt;"> or cash flows</font><font style="font-family:Times New Roman;font-size:11pt;">.</font></p>

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