|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarterly Results
|
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
Total Year |
|
(millions, except per share data)
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
| |
|
|
Sales |
|
$ |
15,580 |
|
$ |
15,158 |
|
$ |
15,895 |
|
$ |
15,126 |
|
$ |
16,054 |
|
$ |
15,226 |
|
$ |
20,937 |
|
$ |
20,277 |
|
$ |
68,466 |
|
$ |
65,786 |
|
|
Credit card revenues |
|
|
355 |
|
|
435 |
|
|
345 |
|
|
406 |
|
|
348 |
|
|
379 |
|
|
351 |
|
|
384 |
|
|
1,399 |
|
|
1,604 |
|
| |
|
|
Total revenues |
|
|
15,935 |
|
|
15,593 |
|
|
16,240 |
|
|
15,532 |
|
|
16,402 |
|
|
15,605 |
|
|
21,288 |
|
|
20,661 |
|
|
69,865 |
|
|
67,390 |
|
|
Cost of sales |
|
|
10,838 |
|
|
10,412 |
|
|
10,872 |
|
|
10,293 |
|
|
11,165 |
|
|
10,562 |
|
|
14,986 |
|
|
14,458 |
|
|
47,860 |
|
|
45,725 |
|
|
Selling, general and administrative expenses |
|
|
3,233 |
|
|
3,143 |
|
|
3,473 |
|
|
3,263 |
|
|
3,525 |
|
|
3,345 |
|
|
3,876 |
|
|
3,720 |
|
|
14,106 |
|
|
13,469 |
|
|
Credit card expenses |
|
|
88 |
|
|
280 |
|
|
86 |
|
|
214 |
|
|
109 |
|
|
198 |
|
|
162 |
|
|
167 |
|
|
446 |
|
|
860 |
|
|
Depreciation and amortization |
|
|
512 |
|
|
516 |
|
|
509 |
|
|
496 |
|
|
546 |
|
|
533 |
|
|
564 |
|
|
538 |
|
|
2,131 |
|
|
2,084 |
|
| |
|
|
Earnings before interest expense and income taxes |
|
|
1,264 |
|
|
1,242 |
|
|
1,300 |
|
|
1,266 |
|
|
1,057 |
|
|
967 |
|
|
1,700 |
|
|
1,778 |
|
|
5,322 |
|
|
5,252 |
|
|
Net interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonrecourse debt collateralized by credit card receivables |
|
|
19 |
|
|
23 |
|
|
18 |
|
|
21 |
|
|
18 |
|
|
20 |
|
|
17 |
|
|
19 |
|
|
72 |
|
|
83 |
|
|
Other interest expense |
|
|
164 |
|
|
165 |
|
|
174 |
|
|
165 |
|
|
184 |
|
|
175 |
|
|
276 |
|
|
172 |
|
|
797 |
|
|
677 |
|
|
Interest income |
|
|
— |
|
|
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
(2 |
) |
|
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
(3 |
) |
|
(3 |
) |
| |
|
|
Net interest expense |
|
|
183 |
|
|
187 |
|
|
191 |
|
|
185 |
|
|
200 |
|
|
194 |
|
|
292 |
|
|
190 |
|
|
866 |
|
|
757 |
|
| |
|
|
Earnings before income taxes |
|
|
1,081 |
|
|
1,055 |
|
|
1,109 |
|
|
1,081 |
|
|
857 |
|
|
773 |
|
|
1,408 |
|
|
1,588 |
|
|
4,456 |
|
|
4,495 |
|
|
Provision for income taxes |
|
|
392 |
|
|
384 |
|
|
405 |
|
|
402 |
|
|
302 |
|
|
238 |
|
|
427 |
|
|
553 |
|
|
1,527 |
|
|
1,575 |
|
| |
|
|
Net earnings |
|
$ |
689 |
|
$ |
671 |
|
$ |
704 |
|
$ |
679 |
|
$ |
555 |
|
$ |
535 |
|
$ |
981 |
|
$ |
1,035 |
|
$ |
2,929 |
|
$ |
2,920 |
|
| |
|
|
Basic earnings per share |
|
$ |
0.99 |
|
$ |
0.91 |
|
$ |
1.03 |
|
$ |
0.93 |
|
$ |
0.82 |
|
$ |
0.75 |
|
$ |
1.46 |
|
$ |
1.46 |
|
$ |
4.31 |
|
$ |
4.03 |
|
|
Diluted earnings per share |
|
|
0.99 |
|
|
0.90 |
|
|
1.03 |
|
|
0.92 |
|
|
0.82 |
|
|
0.74 |
|
|
1.45 |
|
|
1.45 |
|
|
4.28 |
|
|
4.00 |
|
|
Dividends declared per share |
|
|
0.25 |
|
|
0.17 |
|
|
0.30 |
|
|
0.25 |
|
|
0.30 |
|
|
0.25 |
|
|
0.30 |
|
|
0.25 |
|
|
1.15 |
|
|
0.92 |
|
|
Closing common stock price: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
|
|
55.39 |
|
|
58.05 |
|
|
51.81 |
|
|
57.13 |
|
|
55.56 |
|
|
55.05 |
|
|
54.75 |
|
|
60.77 |
|
|
55.56 |
|
|
60.77 |
|
|
Low |
|
|
49.10 |
|
|
48.64 |
|
|
46.33 |
|
|
49.00 |
|
|
46.44 |
|
|
50.72 |
|
|
48.51 |
|
|
53.48 |
|
|
46.33 |
|
|
48.64 |
|
| |
|
Note: Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and all other quarterly amounts may not equal the total year due to rounding. |