2011 Q1 Form 10-Q Financial Statement

#000110465911026236 Filed on May 05, 2011

View on sec.gov

Income Statement

Concept 2011 Q1 2010 Q1
Revenue $7.311B $6.348B
YoY Change 15.17% 24.74%
Cost Of Revenue $3.802B $3.238B
YoY Change 17.42% 16.81%
Gross Profit $3.509B $3.110B
YoY Change 12.83% 34.23%
Gross Profit Margin 48.0% 48.99%
Selling, General & Admin $1.533B $1.323B
YoY Change 15.87% 11.08%
% of Gross Profit 43.69% 42.54%
Research & Development $398.0M $342.0M
YoY Change 16.37% 5.88%
% of Gross Profit 11.34% 11.0%
Depreciation & Amortization $289.0M $287.0M
YoY Change 0.7% 5.9%
% of Gross Profit 8.24% 9.23%
Operating Expenses $1.533B $1.323B
YoY Change 15.87% 11.08%
Operating Profit $1.578B $1.445B
YoY Change 9.2% 79.95%
Interest Expense -$33.00M -$42.00M
YoY Change -21.43% -4.55%
% of Operating Profit -2.09% -2.91%
Other Income/Expense, Net -$33.00M -$42.00M
YoY Change -21.43% -4.55%
Pretax Income $1.545B $1.403B
YoY Change 10.12% 84.85%
Income Tax $442.0M $448.0M
% Of Pretax Income 28.61% 31.93%
Net Earnings $1.081B $930.0M
YoY Change 16.24% 79.54%
Net Earnings / Revenue 14.79% 14.65%
Basic Earnings Per Share $1.52 $1.31
Diluted Earnings Per Share $1.49 $1.29
COMMON SHARES
Basic Shares Outstanding 711.5M shares 711.8M shares
Diluted Shares Outstanding 726.4M shares 723.5M shares

Balance Sheet

Concept 2011 Q1 2010 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.392B $4.607B
YoY Change -4.67% 145.18%
Cash & Equivalents $2.747B $2.848B
Short-Term Investments $1.645B $1.759B
Other Short-Term Assets $915.0M $1.132B
YoY Change -19.17% 12.19%
Inventory $3.489B $2.798B
Prepaid Expenses
Receivables $4.209B $3.569B
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.65B $12.11B
YoY Change 4.45% 40.0%
LONG-TERM ASSETS
Property, Plant & Equipment $7.503B $6.859B
YoY Change 9.39% 1.71%
Goodwill $7.121B $5.734B
YoY Change 24.19%
Intangibles $2.004B $1.287B
YoY Change 55.71%
Long-Term Investments $520.0M $698.0M
YoY Change -25.5% 94.97%
Other Assets $1.258B $1.255B
YoY Change 0.24% -24.12%
Total Long-Term Assets $18.48B $15.92B
YoY Change 16.13% 1.43%
TOTAL ASSETS
Total Short-Term Assets $12.65B $12.11B
Total Long-Term Assets $18.48B $15.92B
Total Assets $31.13B $28.02B
YoY Change 11.09% 15.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.815B $1.582B
YoY Change 14.73% 40.75%
Accrued Expenses $479.0M $498.0M
YoY Change -3.82% -11.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.133B $698.0M
YoY Change 62.32% -26.22%
Total Short-Term Liabilities $5.900B $5.148B
YoY Change 14.61% 8.88%
LONG-TERM LIABILITIES
Long-Term Debt $4.486B $5.080B
YoY Change -11.69% -0.16%
Other Long-Term Liabilities $1.892B $1.779B
YoY Change 6.35% -59.39%
Total Long-Term Liabilities $6.378B $6.859B
YoY Change -7.01% -27.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.900B $5.148B
Total Long-Term Liabilities $6.378B $6.859B
Total Liabilities $14.24B $14.17B
YoY Change 0.5% -2.95%
SHAREHOLDERS EQUITY
Retained Earnings $26.52B $24.23B
YoY Change 9.45%
Common Stock $3.608B $3.269B
YoY Change 10.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.40B $10.19B
YoY Change 2.07%
Treasury Stock Shares 233.5M shares 231.0M shares
Shareholders Equity $16.49B $13.57B
YoY Change
Total Liabilities & Shareholders Equity $31.13B $28.02B
YoY Change 11.09% 15.14%

Cashflow Statement

Concept 2011 Q1 2010 Q1
OPERATING ACTIVITIES
Net Income $1.081B $930.0M
YoY Change 16.24% 79.54%
Depreciation, Depletion And Amortization $289.0M $287.0M
YoY Change 0.7% 5.9%
Cash From Operating Activities $733.0M $1.082B
YoY Change -32.26% 55.68%
INVESTING ACTIVITIES
Capital Expenditures $231.0M $157.0M
YoY Change 47.13% -35.66%
Acquisitions $471.0M $17.00M
YoY Change 2670.59% 88.89%
Other Investing Activities $6.000M $63.00M
YoY Change -90.48% -72.12%
Cash From Investing Activities -$757.0M -$987.0M
YoY Change -23.3% 5383.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $680.0M $20.00M
YoY Change 3300.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$664.0M -$275.0M
YoY Change 141.45% -69.68%
NET CHANGE
Cash From Operating Activities $733.0M $1.082B
Cash From Investing Activities -$757.0M -$987.0M
Cash From Financing Activities -$664.0M -$275.0M
Net Change In Cash -$688.0M -$180.0M
YoY Change 282.22% -21.74%
FREE CASH FLOW
Cash From Operating Activities $733.0M $1.082B
Capital Expenditures $231.0M $157.0M
Free Cash Flow $502.0M $925.0M
YoY Change -45.73% 105.1%

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CY2011Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2010Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2011Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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CY2010Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2011Q1 mmm Change In Product And Other Insurance Receivables And Claims
ChangeInProductAndOtherInsuranceReceivablesAndClaims
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CY2010Q1 mmm Change In Product And Other Insurance Receivables And Claims
ChangeInProductAndOtherInsuranceReceivablesAndClaims
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CY2011Q1 us-gaap Increase Decrease In Other Operating Capital Net
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366000000 usd
CY2010Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
183000000 usd
CY2011Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2010Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2011Q1 us-gaap Payments To Acquire Property Plant And Equipment
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231000000 usd
CY2010Q1 us-gaap Payments To Acquire Property Plant And Equipment
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157000000 usd
CY2011Q1 us-gaap Proceeds From Sale Of Productive Assets
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CY2010Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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CY2011Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
471000000 usd
CY2010Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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CY2011Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
757000000 usd
CY2010Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1410000000 usd
CY2011Q1 mmm Proceeds From Sale Of Marketable Securities And Investments
ProceedsFromSaleOfMarketableSecuritiesAndInvestments
363000000 usd
CY2010Q1 mmm Proceeds From Sale Of Marketable Securities And Investments
ProceedsFromSaleOfMarketableSecuritiesAndInvestments
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CY2011Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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376000000 usd
CY2010Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
435000000 usd
CY2011Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
39000000 usd
CY2010Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2011Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2011Q1 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
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CY2010Q1 us-gaap Repayments Of Other Debt
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CY2011Q1 us-gaap Proceeds From Other Debt
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CY2010Q1 us-gaap Proceeds From Other Debt
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CY2011Q1 us-gaap Payments For Repurchase Of Common Stock
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680000000 usd
CY2010Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2011Q1 us-gaap Proceeds From Sale Of Treasury Stock
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CY2010Q1 us-gaap Proceeds From Sale Of Treasury Stock
ProceedsFromSaleOfTreasuryStock
151000000 usd
CY2011Q1 us-gaap Payments Of Dividends Common Stock
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392000000 usd
CY2010Q1 us-gaap Payments Of Dividends Common Stock
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CY2011Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2010Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2010Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2011Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2010Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2011Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2010Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2011Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2010Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2010Q4 us-gaap Commitments And Contingencies
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CY2011Q1 us-gaap Commitments And Contingencies
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CY2011Q1 us-gaap Business Combination Acquisition Of Less Than100 Percent Noncontrolling Interest Fair Value
BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue
56000000 usd
CY2011Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Less Noncontrolling Interest
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest
481000000 usd
CY2011Q1 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
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6000000 usd
CY2011Q1 mmm Available For Sale Securities Fair Value Asset Backed Securities Disclosure
AvailableForSaleSecuritiesFairValueAssetBackedSecuritiesDisclosure
758000000 usd
CY2010Q4 mmm Available For Sale Securities Gross Unrealized Gain
AvailableForSaleSecuritiesGrossUnrealizedGain
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CY2011Q1 mmm Available For Sale Securities Gross Unrealized Gain
AvailableForSaleSecuritiesGrossUnrealizedGain
4000000 usd
CY2011Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.286 pure
CY2010Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.319 pure
CY2011Q1 mmm Defined Benefit Plan Fair Value Investments Held With Wg Trading Company Maximum
DefinedBenefitPlanFairValueInvestmentsHeldWithWGTradingCompanyMaximum
0.01 pure
CY2011Q1 mmm Share Based Compensation Arrangement By Share Based Payment Award Expense Portion Attributable To Retiree Eligible Population Percent
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpensePortionAttributableToRetireeEligiblePopulationPercent
0.28 pure
CY2011Q1 mmm Future Amortization Expense Year Six
FutureAmortizationExpenseYearSix
158000000 usd
CY2011Q1 mmm Future Amortization Expense After Year Six
FutureAmortizationExpenseAfterYearSix
761000000 usd
CY2011Q1 mmm Transfer To Noncontrolling Interest
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56000000 usd
CY2011Q1 us-gaap Business Acquisition Cost Of Acquired Entity Other Noncash Consideration
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10000000 usd
CY2011Q1 mmm Minority Interest Decrease From Purchase Of Subsidiary Shares
MinorityInterestDecreaseFromPurchaseOfSubsidiaryShares
33000000 usd
CY2011Q1 mmm Effective Income Tax Rate Change From Prior Reporting Period To Current Reporting Period
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-0.033 pure
CY2010Q1 mmm Effective Income Tax Rate Change From Prior Reporting Period To Current Reporting Period Due To Deductions Medicare Prescription Drug Benefit
EffectiveIncomeTaxRateChangeFromPriorReportingPeriodToCurrentReportingPeriodDueToDeductionsMedicarePrescriptionDrugBenefit
0.06 pure
CY2011Q1 mmm Effective Income Tax Rate Change From Prior Reporting Period To Current Reporting Period Due To International Income Tax Rates And Other Items
EffectiveIncomeTaxRateChangeFromPriorReportingPeriodToCurrentReportingPeriodDueToInternationalIncomeTaxRatesAndOtherItems
0.027 pure
CY2011Q1 mmm Available For Sale Securities Fair Value Number Of Securities Disclosure
AvailableForSaleSecuritiesFairValueNumberOfSecuritiesDisclosure
2 number
CY2011Q1 mmm Number Of Additional Limited Partners Of Wg Trading Company In Addition To3 M Who Objected And Appealed Courts Order To The United States Court Of Appeals For The Second Circuit
NumberOfAdditionalLimitedPartnersOfWGTradingCompanyInAdditionTo3MWhoObjectedAndAppealedCourtsOrderToTheUnitedStatesCourtOfAppealsForTheSecondCircuit
6 number

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