|
|
December
31, |
| Consolidated balance
sheets |
|
2011 |
|
2010 |
| [Millions of
dollars, except share amounts] |
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
|
| Cash and cash
equivalents |
|
$ |
992 |
|
|
$ |
1,319 |
|
| Short-term investments |
|
|
1,943 |
|
|
|
1,753 |
|
| Accounts receivable, net of allowances of ($19) and ($18) |
|
|
1,545 |
|
|
|
1,518 |
|
| Raw
materials |
|
|
115 |
|
|
|
122 |
|
| Work in
process |
|
|
1,004 |
|
|
|
919 |
|
| Finished
goods |
|
|
669 |
|
|
|
479 |
|
| Inventories |
|
|
1,788 |
|
|
|
1,520 |
|
| Deferred income taxes |
|
|
1,174 |
|
|
|
770 |
|
| Prepaid expenses and other current assets |
|
|
386 |
|
|
|
180 |
|
| Total current assets |
|
|
7,828 |
|
|
|
7,060 |
|
| Property, plant and equipment at cost |
|
|
7,133 |
|
|
|
6,907 |
|
| Less accumulated depreciation |
|
|
(2,705 |
) |
|
|
(3,227 |
) |
| Property, plant and equipment,
net |
|
|
4,428 |
|
|
|
3,680 |
|
| Long-term
investments |
|
|
265 |
|
|
|
453 |
|
| Goodwill |
|
|
4,452 |
|
|
|
924 |
|
| Acquisition-related intangibles, net |
|
|
2,900 |
|
|
|
76 |
|
| Deferred income taxes |
|
|
321 |
|
|
|
927 |
|
| Capitalized
software licenses, net |
|
|
206 |
|
|
|
205 |
|
| Overfunded retirement plans |
|
|
40 |
|
|
|
31 |
|
| Other
assets |
|
|
57 |
|
|
|
45 |
|
| Total assets |
|
$ |
20,497 |
|
|
$ |
13,401 |
|
| |
| Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
|
| Commercial paper borrowings |
|
$ |
999 |
|
|
$ |
— |
|
| Current portion of long-term
debt |
|
|
382 |
|
|
|
— |
|
| Accounts payable |
|
|
625 |
|
|
|
621 |
|
| Accrued compensation |
|
|
597 |
|
|
|
629 |
|
| Income taxes payable |
|
|
101 |
|
|
|
109 |
|
| Accrued expenses and other
liabilities |
|
|
795 |
|
|
|
622 |
|
| Total current liabilities |
|
|
3,499 |
|
|
|
1,981 |
|
| Long-term
debt |
|
|
4,211 |
|
|
|
— |
|
| Underfunded retirement plans |
|
|
701 |
|
|
|
519 |
|
| Deferred income
taxes |
|
|
607 |
|
|
|
86 |
|
| Deferred credits and other liabilities |
|
|
527 |
|
|
|
378 |
|
| Total
liabilities |
|
|
9,545 |
|
|
|
2,964 |
|
| Stockholders’ equity: |
|
|
|
|
|
|
|
|
| Preferred stock, $25 par value. Authorized
– 10,000,000 shares. |
|
|
|
|
|
|
|
|
|
Participating cumulative preferred. None issued |
|
|
— |
|
|
|
— |
|
| Common stock, $1 par value. Authorized –
2,400,000,000 shares. |
|
|
|
|
|
|
|
|
| Shares
issued: 2011 – 1,740,630,391; 2010 – 1,740,166,101 |
|
|
1,741 |
|
|
|
1,740 |
|
| Paid-in capital |
|
|
1,194 |
|
|
|
1,114 |
|
| Retained earnings |
|
|
26,278 |
|
|
|
24,695 |
|
| Less treasury common stock at
cost. |
|
|
|
|
|
|
|
|
| Shares: 2011
– 601,131,631; 2010 – 572,722,397 |
|
|
(17,485 |
) |
|
|
(16,411 |
) |
| Accumulated other comprehensive income
(loss), net of taxes |
|
|
(776 |
) |
|
|
(701 |
) |
| Total stockholders’ equity |
|
|
10,952 |
|
|
|
10,437 |
|
| Total liabilities and stockholders’ equity |
|
$ |
20,497 |
|
|
$ |
13,401 |
|
|
