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2010
2011 (53 weeks) 2009 2008 2007 2006
Results of Operations
Sales $ 39,323,489 $ 37,243,495 $ 36,853,330 $ 37,522,111 $ 35,042,075 $ 32,628,438
Cost of sales 32,002,341 30,136,009 29,816,999 30,327,254 28,284,603 26,337,107
Gross profit 7,321,148 7,107,486 7,036,331 7,194,857 6,757,472 6,291,331
Operating expenses 5,389,646 5,131,618 5,164,120 5,314,908 5,048,990 4,796,301
Operating income 1,931,502 1,975,868 1,872,211 1,879,949 1,708,482 1,495,030
Interest expense 118,267 125,477 116,322 111,541 105,002 109,100
Other expense (income), net (14,219) 802 (14,945) (22,930) (17,735) (9,016)
Earnings before income taxes 1,827,454 1,849,589 1,770,834 1,791,338 1,621,215 1,394,946
Income taxes 675,424 669,606 714,886 685,187 620,139 548,906
Earnings before cumulative
effect of accounting change 1,152,030 1,179,983 1,055,948 1,106,151 1,001,076 846,040
Cumulative effect of
accounting change – – – – – 9,285
Net earnings $ 1,152,030 $ 1,179,983 $ 1,055,948 $ 1,106,151 $ 1,001,076 $ 855,325
Effective income tax rate 36.96% 36.20% 40.37% 38.25% 38.25% 39.35%
Per Common Share Data(1)
Diluted earnings per share:
Earnings before
accounting change $ 1.96 $ 1.99 $ 1.77 $ 1.81 $ 1.60 $ 1.35
Cumulative effect of
accounting change – – – – – 0.01
Net earnings 1.96 1.99 1.77 1.81 1.60 1.36
Dividends declared 1.03 0.99 0.94 0.85 0.74 0.66
Shareholders’ equity 7.95 6.50 5.85 5.68 5.36 4.93
Diluted average shares outstanding 588,691,546 593,590,042 596,069,204 610,970,783 626,366,798 628,800,647
Performance Measurements
Pretax return on sales 4.65% 4.97% 4.81% 4.77% 4.63% 4.28%
Return on average
shareholders’ equity 28% 31% 31% 33% 31% 30%
Return on invested capital
(equity plus total debt) 17% 19% 19% 21% 20% 19%
Financial Position
Current ratio 1.60 1.69 1.69 1.49 1.37 1.37
Working capital $ 2,157,807 $ 2,067,060 $ 2,120,525 $ 1,675,690 $ 1,260,457 $ 1,173,290
Other assets 2,140,284 2,033,620 1,966,740 2,017,470 2,122,152 2,127,431
Plant and equipment (net) 3,512,389 3,203,823 2,979,200 2,889,790 2,721,233 2,464,900
Total assets 11,385,555 10,313,701 10,148,186 10,010,615 9,475,365 8,937,470
Long-term debt 2,279,517 2,472,662 2,467,486 1,975,435 1,758,227 1,627,127
Shareholders’ equity 4,705,242 3,827,526 3,449,702 3,408,986 3,278,400 3,052,284
Other Data
Dividends declared $ 604,500 $ 585,734 $ 557,487 $ 513,593 $ 456,438 $ 408,264
Capital expenditures 636,442 594,604 464,561 515,963 603,242 513,934
Number of employees 46,000 46,000 47,000 50,000 50,900 49,600
Shareholder Data
Closing price of common share
at year end(1) $ 31.39 $ 28.27 $ 22.98 $ 28.22 $ 32.99 $ 30.56
Price/earnings ratio at
year end – diluted(1) 16 14 13 16 21 23
Market price per common share –
high/low(1) $ 33–27 $ 32–21 $ 35–19 $ 36–26 $ 37–27 $ 37–29
Number of shareholders of record
at year end 14,291 15,158 12,564 13,015 13,557 14,282
Our financial results are impacted by accounting changes and the adoption of various accounting standards. Information regarding these changes
is available in our Annual Reports on Form 10-K for fiscal 2011 and previous years.
(1)The data presented reflects the 2-for-1 stock split on December 15, 2000.
(Dollars in thousands,
except for per share data)
E-Y S  O  R I
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