SIGMA ALDRICH CORP

CIK:0000090185|SEC Filings

Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Sales	$ 703	$ 690	$ 2,076	$ 2,080
Cost of products and services sold	344	342	1,003	1,023
Gross profit	359	348	1,073	1,057
Selling, general and administrative expenses	170	152	497	469
Research and development expenses	18	17	54	49
Other charges	9	25	16	27
Operating income	162	154	506	512
Interest, net	2	2	3	3
Income before income taxes	160	152	503	509
Provision for income taxes	46	44	143	142
Net income	$ 114	$ 108	$ 360	$ 367
Net income per share - Basic (in dollars per share)	$ 0.95	$ 0.91	$ 3.00	$ 3.08
Net income per share - Diluted (in dollars per share)	$ 0.94	$ 0.90	$ 2.98	$ 3.06
Weighted average number of shares outstanding - Basic (in shares)	120	119	120	119
Weighted average number of shares outstanding - Diluted (in shares)	121	120	121	120
Dividends per share (in dollars per share)	$ 0.23	$ 0.23	$ 0.69	$ 0.69

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 360	$ 367
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	98	99
Deferred income taxes	(29)	(4)
Stock-based compensation expense	9	18
Restructuring, net of payments	0	9
Other	(5)	(3)
Changes in operating assets and liabilities:
Accounts receivable	(28)	(34)
Inventories	(87)	(28)
Accounts payable	30	33
Income taxes	98	5
Other	57	22
Net cash provided by operating activities	503	484
Cash flows from investing activities:
Capital expenditures	(85)	(89)
Purchases of investments	(28)	(7)
Proceeds from sales of investments	68	8
Purchases of technology	(13)	0
Other	(7)	(3)
Net cash (used in) investing activities	(65)	(91)
Cash flows from financing activities:
Net repayment of short-term debt	(145)	(65)
Dividends	(83)	(82)
Share repurchases	0	(85)
Proceeds from exercise of stock options	28	19
Other	5	2
Net cash (used in) financing activities	(195)	(211)
Effect of foreign currency exchange rate changes on cash	(26)	(18)
Net change in cash and cash equivalents	217	164
Cash and cash equivalents at January 1	958	722
Cash and cash equivalents at September 30	1,175	886
Supplemental disclosures of cash flow information:
Income taxes paid	61	142
Interest paid, net of capitalized interest	$ 3	$ 3

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 1,175	$ 958
Accounts receivable	407	397
Inventories	771	699
Deferred taxes	57	46
Other	92	147
Total current assets	2,502	2,247
Property, plant and equipment:
Property, plant and equipment	2,156	2,108
Less - accumulated depreciation	(1,369)	(1,322)
Property, plant and equipment, net	787	786
Goodwill	741	756
Intangibles, net	285	292
Other	111	114
Total assets	4,426	4,195
Current liabilities:
Notes payable	0	145
Accounts payable	209	183
Payroll	104	81
Income taxes	92	0
Other	100	81
Total current liabilities	505	490
Long-term debt	300	300
Pension and post-retirement benefits	103	103
Deferred taxes	52	69
Other	108	103
Total liabilities	1,068	1,065
Stockholders' equity:
Preferred stock, $1.00 par value; 10 million shares authorized at September 30, 2015 and December 31, 2014; none issued or outstanding at September 30, 2015 and December 31, 2014	0	0
Common stock, $1.00 par value; 450 million shares authorized at September 30, 2015 and December 31, 2014; 202 million shares issued at September 30, 2015 and December 31, 2014; 120 million shares outstanding at September 30, 2015 and 119 million shares outstanding at December 31, 2014	202	202
Capital in excess of par value	426	383
Common stock in treasury, at cost, 82 million shares at September 30, 2015 and 83 million shares at December 31, 2014	(2,488)	(2,486)
Retained earnings	5,326	5,049
Accumulated other comprehensive income/(loss)	(108)	(18)
Total stockholders' equity	3,358	3,130
Total liabilities and stockholders' equity	$ 4,426	$ 4,195