-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IxDB9U+pKbrCtJdx1UdGOEo0S+kzTskTmGfc8ZkKuiHDsXMcbsNrf6ZiU6uKfjXR btTZ+9StuDuLleGiM7EwkA== 0000950123-09-040859.txt : 20090903 0000950123-09-040859.hdr.sgml : 20090903 20090903162454 ACCESSION NUMBER: 0000950123-09-040859 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 25 CONFORMED PERIOD OF REPORT: 20090802 FILED AS OF DATE: 20090903 DATE AS OF CHANGE: 20090903 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOME DEPOT INC CENTRAL INDEX KEY: 0000354950 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211] IRS NUMBER: 953261426 STATE OF INCORPORATION: DE FISCAL YEAR END: 0128 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08207 FILM NUMBER: 091053930 BUSINESS ADDRESS: STREET 1: 2455 PACES FERRY ROAD CITY: ATLANTA STATE: GA ZIP: 30339-4024 BUSINESS PHONE: 770-433-82 MAIL ADDRESS: STREET 1: 2455 PACES FERRY ROAD CITY: ATLANTA STATE: GA ZIP: 30339-4024 10-Q 1 g19858e10vq.htm FORM 10-Q FORM 10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
     
x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 2, 2009
- OR -
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from       to
Commission file number 1-8207
THE HOME DEPOT, INC.
(Exact name of Registrant as specified in its charter)
     
Delaware
(State or other jurisdiction of
incorporation or organization)
  95-3261426
(I.R.S. Employer Identification Number)
     
2455 Paces Ferry Road N.W., Atlanta, Georgia
(Address of principal executive offices)
  30339
(Zip Code)
(770) 433-8211
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No o
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).  Yes x  No o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer, ” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
             
Large accelerated filer x    Accelerated filer o    Non-accelerated filer o
(Do not check if a smaller reporting company)
  Smaller reporting company o 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No x
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
$0.05 par value 1,704,557,098 shares of common stock, as of August 28, 2009
 
 

 


 

THE HOME DEPOT, INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
             
        Page  
Part I. Financial Information        
 
Item 1.          
 
        3  
 
        4  
 
        5  
 
        6  
 
        7 – 9  
 
        10  
 
Item 2.       11 – 16  
 
Item 3.       17  
 
Item 4.       17  
   
 
       
Part II. Other Information        
 
Item 1.       18  
 
Item 1A.       18  
 
Item 2.       19  
 
Item 4.       19  
 
Item 6.       20  
   
 
       
Signatures     21  
   
 
       
Index to Exhibits     22  
 EX-12.1
 EX-15.1
 EX-31.1
 EX-31.2
 EX-32.1
 EX-32.2
 EX-101 INSTANCE DOCUMENT
 EX-101 SCHEMA DOCUMENT
 EX-101 CALCULATION LINKBASE DOCUMENT
 EX-101 LABELS LINKBASE DOCUMENT
 EX-101 PRESENTATION LINKBASE DOCUMENT
 EX-101 DEFINITION LINKBASE DOCUMENT

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PART I.  FINANCIAL INFORMATION
Item 1.   Financial Statements
THE HOME DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Amounts In Millions, Except Per Share Data)
                                 
    Three Months Ended   Six Months Ended
    August 2,   August 3,   August 2,   August 3,
    2009   2008   2009   2008
Net Sales
  $ 19,071     $ 20,990     $ 35,246     $ 38,897  
Cost of Sales
    12,683       14,026       23,408       25,861  
 
                       
Gross Profit
    6,388       6,964       11,838       13,036  
 
                               
Operating Expenses:
                               
Selling, General and Administrative
    4,121       4,470       8,163       9,370  
Depreciation and Amortization
    434       452       862       896  
 
                       
Total Operating Expenses
    4,555       4,922       9,025       10,266  
 
                       
 
                               
Operating Income
    1,833       2,042       2,813       2,770  
 
                               
Interest (Income) Expense:
                               
Interest and Investment Income
    (6 )     (4 )     (11 )     (7 )
Interest Expense
    167       161       347       328  
 
                       
Interest, net
    161       157       336       321  
 
                       
 
                               
Earnings Before Provision for Income Taxes
    1,672       1,885       2,477       2,449  
Provision for Income Taxes
    556       683       847       891  
 
                       
Net Earnings
  $ 1,116     $ 1,202     $ 1,630     $ 1,558  
 
                       
 
                               
Weighted Average Common Shares
    1,683       1,680       1,684       1,680  
Basic Earnings Per Share
  $ 0.66     $ 0.72     $ 0.97     $ 0.93  
 
                               
Diluted Weighted Average Common Shares
    1,691       1,685       1,690       1,684  
Diluted Earnings Per Share
  $ 0.66     $ 0.71     $ 0.96     $ 0.93  
 
                               
Dividends Declared Per Share
  $ 0.225     $ 0.225     $ 0.45     $ 0.45  
See accompanying Notes to Consolidated Financial Statements.

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THE HOME DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts In Millions, Except Share and Per Share Data)
                 
    August 2,   February 1,
    2009   2009
ASSETS
               
Current Assets:
               
Cash and Cash Equivalents
  $ 3,107     $ 519  
Short-Term Investments
    6       6  
Receivables, net
    1,225       972  
Merchandise Inventories
    10,797       10,673  
Other Current Assets
    1,428       1,192  
 
           
Total Current Assets
    16,563       13,362  
 
           
 
               
Property and Equipment, at cost
    36,879       36,477  
Less Accumulated Depreciation and Amortization
    11,028       10,243  
 
           
Net Property and Equipment
    25,851       26,234  
 
           
Notes Receivable
    34       36  
Goodwill
    1,168       1,134  
Other Assets
    382       398  
 
           
 
Total Assets
  $ 43,998     $ 41,164  
 
           
 
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current Liabilities:
               
Accounts Payable
  $ 6,018     $ 4,822  
Accrued Salaries and Related Expenses
    1,159       1,129  
Sales Taxes Payable
    479       337  
Deferred Revenue
    1,166       1,165  
Income Taxes Payable
    286       289  
Current Installments of Long-Term Debt
    1,769       1,767  
Other Accrued Expenses
    1,686       1,644  
 
           
 
               
Total Current Liabilities
    12,563       11,153  
 
           
Long-Term Debt, excluding current installments
    9,661       9,667  
Other Long-Term Liabilities
    2,251       2,198  
Deferred Income Taxes
    354       369  
 
           
Total Liabilities
    24,829       23,387  
 
           
 
               
STOCKHOLDERS’ EQUITY
               
Common Stock, par value $0.05; Authorized: 10 billion shares;
Issued: 1.715 billion shares at August 2, 2009 and 1.707 billion shares at February 1, 2009;
Outstanding: 1.704 billion shares at August 2, 2009 and 1.696 billion shares at
    February 1, 2009
    86       85  
Paid-In Capital
    6,178       6,048  
Retained Earnings
    12,958       12,093  
Accumulated Other Comprehensive Income (Loss)
    319       (77 )
Treasury Stock, at cost, 11 million shares at August 2, 2009 and February 1, 2009
    (372 )     (372 )
 
       
 
               
Total Stockholders’ Equity
    19,169       17,777  
 
           
 
Total Liabilities and Stockholders’ Equity
  $ 43,998     $ 41,164  
 
           
See accompanying Notes to Consolidated Financial Statements.

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THE HOME DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts In Millions)
                 
    Six Months Ended
    August 2,   August 3,
    2009   2008
CASH FLOWS FROM OPERATING ACTIVITIES:
               
Net Earnings
  $ 1,630     $ 1,558  
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities:
               
Depreciation and Amortization
    911       956  
Impairment related to Rationalization Charges
    -       313  
Stock-Based Compensation Expense
    109       102  
Changes in Assets and Liabilities:
               
Increase in Receivables, net
    (268 )     (258 )
Decrease (Increase) in Merchandise Inventories
    6       (143 )
Increase in Other Current Assets
    (105 )     (94 )
Increase in Accounts Payable and Accrued Expenses
    1,092       1,341  
Decrease in Deferred Revenue
    (12 )     (56 )
(Decrease) Increase in Income Taxes Payable
    (4 )     130  
Decrease in Deferred Income Taxes
    (109 )     (289 )
Other
    78       124  
 
         
Net Cash Provided by Operating Activities
    3,328       3,684  
 
         
 
               
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Capital Expenditures
    (353 )     (960 )
Proceeds from Sales of Property and Equipment
    120       98  
Proceeds from Sales and Maturities of Investments
    19       2  
 
         
Net Cash Used in Investing Activities
    (214 )     (860 )
 
       
 
               
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Repayments of Short-Term Borrowings, net
    -       (1,745 )
Repayments of Long-Term Debt
    (11 )     (13 )
Proceeds from Sale of Common Stock
    34       51  
Cash Dividends Paid to Stockholders
    (762 )     (760 )
Other
    210       236  
 
         
Net Cash Used in Financing Activities
    (529 )     (2,231 )
 
       
 
               
Increase in Cash and Cash Equivalents
    2,585       593  
Effect of Exchange Rate Changes on Cash and Cash Equivalents
    3       13  
Cash and Cash Equivalents at Beginning of Period
    519       445  
 
         
Cash and Cash Equivalents at End of Period
  $ 3,107     $ 1,051  
 
       
See accompanying Notes to Consolidated Financial Statements.

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THE HOME DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Amounts In Millions)
                                 
    Three Months Ended   Six Months Ended
    August 2,   August 3,   August 2,   August 3,
    2009   2008   2009   2008
Net Earnings
  $1,116     $1,202     $1,630     $1,558  
Other Comprehensive Income (Loss):
                               
Foreign Currency Translation Adjustments
    349       21       390       (20 )
Cash Flow Hedges (1)
    8       8       5       5  
Unrealized Gain on Investments (1)
    -       -       1       -  
 
                       
Total Other Comprehensive Income (Loss)
    357       29       396       (15 )
 
                     
 
                               
Comprehensive Income
  $1,473     $1,231     $2,026     $1,543  
 
                 
 
     
(1)   These components of comprehensive income are reported net of income taxes.
See accompanying Notes to Consolidated Financial Statements.

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THE HOME DEPOT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 1, 2009, as filed with the Securities and Exchange Commission.
Business
The Home Depot, Inc. and subsidiaries (the “Company”) operate The Home Depot stores, which are full-service, warehouse-style stores averaging approximately 105,000 square feet in size. The stores stock approximately 30,000 to 40,000 different kinds of building materials, home improvement supplies and lawn and garden products that are sold to do-it-yourself customers, do-it-for-me customers, home improvement contractors, tradespeople and building maintenance professionals.
Fair Value of Financial Instruments
The carrying amounts of Cash and Cash Equivalents, Receivables and Accounts Payable approximate fair value due to the short-term maturities of these financial instruments. Short-Term Investments are recorded at fair value based on current market rates and are classified as available-for-sale. The $11.0 billion of senior notes included in Current Installments of Long-Term Debt and Long-Term Debt in the accompanying Consolidated Balance Sheets had a fair market value of $10.9 billion as of August 2, 2009. The fair market value of the senior notes was determined using Level 1 data as defined by Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”).
Valuation Reserves
As of August 2, 2009 and February 1, 2009, the valuation allowances for Merchandise Inventories and uncollectible Receivables were not material.
2. RATIONALIZATION CHARGES
In fiscal 2008, the Company reduced its square footage growth plans to improve free cash flow, provide stronger returns for the Company and invest in its existing stores to continue improving the customer experience. As a result of this store rationalization plan, the Company determined that it would no longer pursue the opening of approximately 50 U.S. stores that had been in its new store pipeline. The Company expects to dispose of or sublet these pipeline locations over varying periods. The Company also closed 15 underperforming U.S. stores in the second quarter of fiscal 2008, and the Company expects to dispose of or sublet those locations over varying periods.
Also in fiscal 2008, the Company announced that it would exit its EXPO, THD Design Center, Yardbirds and HD Bath businesses (the “Exited Businesses”) in order to focus on its core The Home Depot stores. The Company closed the Exited Businesses in the first quarter of fiscal 2009 and expects to dispose of or sublet those locations over varying periods. These steps impacted approximately 5,000 associates in those locations, their support functions and their distribution centers.
Finally, in January 2009 the Company also restructured its support functions to better align the Company’s cost structure with the current economic environment. These actions impacted approximately 2,000 associates.
The Company recognized total pretax charges of $137 million for the first six months of fiscal 2009, including $20 million in the second quarter of fiscal 2009, and $561 million for the first six months of fiscal 2008, including $18 million in the second quarter of fiscal 2008, related to these actions (collectively, the “Rationalization Charges”). The significant components of the total expected charges and charges incurred to date are as follows (amounts in millions):

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THE HOME DEPOT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
                                 
            Fiscal     First Six Months   Estimated
    Total Expected     2008     Fiscal 2009   Remaining
    Charges     Charges     Charges   Charges
Asset impairments
  $ 580     $ 580     $ -     $ -
Lease obligation costs, net
    329       252       77       -
Severance
    84       78       6       -
Other
    109       41       54       14
 
                   
Total
  $ 1,102     $ 951     $ 137     $ 14
 
                   
Inventory markdown costs in Other are included in Cost of Sales in the accompanying Consolidated Statements of Earnings, and costs related to asset impairments, lease obligations, severance and other are included in Selling, General and Administrative expenses. Asset impairment charges, including contractual costs to complete certain assets, were determined based on fair market value using market data for each individual property. Lease obligation costs represent the present value of contractually obligated rental payments offset by estimated sublet income, including estimates of the time required to sublease the locations. The payments related to the leased locations therefore are not generally incremental uses of cash.
The assumptions used to determine the fair market values used to record asset impairment and lease obligation costs include significant unobservable inputs, or Level 3 data, as defined by SFAS 157.
Activity related to Rationalization Charges for the first six months of fiscal 2009 was as follows (amounts in millions):
                                         
    Accrued Balance,     First Six Months                   Accrued Balance,  
    February 1,     Fiscal 2009   Cash     Non-cash     August 2,  
    2009     Charges   Uses     Uses     2009  
Asset impairments
  $ 38     $ -     $ -     $ 13     $ 25  
Lease obligation costs, net
    213       77       19       -       271  
Severance
    72       6       77       -       1  
Other
    20       54       73       1       -  
 
                           
Total
  $ 343     $ 137     $ 169     $ 14     $ 297  
 
                           

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THE HOME DEPOT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
3. BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES
The reconciliation of basic to diluted weighted average common shares for the three and six months ended August 2, 2009 and August 3, 2008 was as follows (amounts in millions):
                                 
    Three Months Ended     Six Months Ended
    August 2,     August 3,     August 2,     August 3,
    2009     2008     2009     2008
Weighted average common shares
    1,683       1,680       1,684       1,680
Effect of potentially dilutive securities:
                             
Stock plans
    8       5       6       4
 
                     
Diluted weighted average common shares
    1,691       1,685       1,690       1,684
 
                     
Stock plans include shares granted under the Company’s employee stock plans. Options to purchase 50 million and 52 million shares of common stock for the three months ended August 2, 2009 and August 3, 2008, respectively, and options to purchase 52 million and 53 million shares of common stock for the six months ended August 2, 2009 and August 3, 2008, respectively, were excluded from the computation of Diluted Earnings per Share because their effect would have been anti-dilutive.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
The Home Depot, Inc.:
We have reviewed the Consolidated Balance Sheet of The Home Depot, Inc. and subsidiaries as of August 2, 2009, and the related Consolidated Statements of Earnings and Comprehensive Income for the three-month and six-month periods ended August 2, 2009 and August 3, 2008, and the related Consolidated Statements of Cash Flows for the six-month periods ended August 2, 2009 and August 3, 2008. These Consolidated Financial Statements are the responsibility of the Company’s management.
We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should be made to the Consolidated Financial Statements referred to above for them to be in conformity with U.S. generally accepted accounting principles.
We have previously audited, in accordance with standards of the Public Company Accounting Oversight Board (United States), the Consolidated Balance Sheet of The Home Depot, Inc. and subsidiaries as of February 1, 2009, and the related Consolidated Statements of Earnings, Stockholders’ Equity and Comprehensive Income, and Cash Flows for the year then ended (not presented herein); and in our report dated March 26, 2009, we expressed an unqualified opinion on those Consolidated Financial Statements. In our opinion, the information set forth in the accompanying Consolidated Balance Sheet as of February 1, 2009, is fairly stated, in all material respects, in relation to the Consolidated Balance Sheet from which it has been derived.
/s/ KPMG LLP
Atlanta, Georgia
September 2, 2009

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
Certain statements regarding our future performance constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services, net sales growth, comparable store sales, store openings and closures, state of the economy, state of the residential construction, housing and home improvement markets, state of the credit markets, including mortgages, home equity loans and consumer credit, commodity price inflation and deflation, implementation of store initiatives, continuation of reinvestment plans, net earnings performance, earnings per share, stock-based compensation expense, capital allocation and expenditures, liquidity, the effect of adopting certain accounting standards, return on invested capital, management of our purchasing or customer credit policies, the effect of accounting charges, the planned recapitalization of the Company, timing of the completion of the recapitalization, the ability to issue debt securities on terms and at rates acceptable to us and financial outlook.
Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You are cautioned not to place undue reliance on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control or are currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Item 1A, “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended February 1, 2009 as filed with the Securities and Exchange Commission (“SEC”) on April 2, 2009 (“Form 10-K”) and in Item 1A of Part II and elsewhere in this report. The risks and uncertainties described in the Form 10-K and in this report include the considerable risks associated with the current economic environment and the possible adverse effects on the Company’s results of operations and financial condition. You should read such information in conjunction with our Financial Statements and related notes in Item 1 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of this report. There also may be other factors that we cannot anticipate or that are not described in this report, generally because we do not currently perceive them to be material. Those factors could cause results to differ materially from our expectations.
Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the SEC.
EXECUTIVE SUMMARY AND SELECTED CONSOLIDATED STATEMENTS OF EARNINGS DATA
For the second quarter of fiscal 2009, we reported Net Earnings of $1.1 billion and Diluted Earnings per Share of $0.66 compared to Net Earnings of $1.2 billion and Diluted Earnings per Share of $0.71 for the second quarter of fiscal 2008. For the first six months of fiscal 2009, we reported Net Earnings of $1.6 billion and Diluted Earnings per Share of $0.96 compared to Net Earnings of $1.6 billion and Diluted Earnings per Share of $0.93 for the first six months of fiscal 2008. Our gross profit margin was 33.5% and our operating margin was 9.6% for the second quarter of fiscal 2009. For the first six months of fiscal 2009, our gross profit margin was 33.6% and our operating margin was 8.0%.
The results for the second quarter and first six months of fiscal 2009 and 2008 reflect the impact of several strategic actions initiated in fiscal 2008. These strategic actions include store rationalization charges related to the closing of 15 underperforming stores and the removal of approximately 50 stores from our new store opening pipeline, business rationalization charges related to the exit of our EXPO, THD Design Center, Yardbirds and HD Bath businesses (the “Exited Businesses”) and charges related to the restructuring of support functions (collectively, the “Rationalization Charges”). These actions resulted in pretax Rationalization Charges of $20 million and $18 million for the second quarter of fiscal 2009 and 2008, respectively, and $137 million and $561 million for the first six months of fiscal 2009 and 2008, respectively. Excluding these Rationalization Charges, Diluted Earnings per Share were $0.67 for the second quarter of fiscal 2009 compared to $0.72 for the second quarter of fiscal 2008 and were $1.01 for the first six months of fiscal 2009 compared to $1.13 for the first six months of fiscal 2008.
The results for the second quarter and first six months of fiscal 2009 also reflect a tax benefit of approximately $50 million to Net Earnings arising from a favorable foreign tax settlement. This tax benefit positively impacted Diluted Earnings per Share by approximately $0.03 for the second quarter and first six months of fiscal 2009.

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Net Sales decreased 9.1% to $19.1 billion for the second quarter of fiscal 2009 from $21.0 billion for the second quarter of fiscal 2008. For the first six months of fiscal 2009, Net Sales decreased 9.4% to $35.2 billion from $38.9 billion for the first six months of fiscal 2008. The slowdown in the global economy and weakness in the U.S. residential construction and home improvement markets negatively impacted our Net Sales for the second quarter and first six months of fiscal 2009. Our comparable store sales declined 8.5% in the second quarter of fiscal 2009 driven by an 8.5% decline in our comparable store average ticket to $52.23. For our U.S. stores, comparable store sales declined 6.9% and comparable store customer transactions increased by 0.4% in the second quarter of fiscal 2009.
In the first six months of fiscal 2009, we continued to focus on our core retail business, investing in our associates and stores and improving our customer service. The roll-out of our Customer FIRST training to all store associates and support staff in the first quarter of fiscal 2009 has brought simplification and focus across the business, and we are seeing the benefit of this in improved customer service ratings for the first six months of fiscal 2009.
We also made significant progress on our merchandising tools in the U.S. that helped us to better manage markdown and clearance activity and to better control inventory. At the end of the second quarter of fiscal 2009, our inventory had decreased by $1.1 billion from the second quarter of fiscal 2008. Additionally, our average inventory per store decreased by 8.3% at the end of the second quarter of fiscal 2009 compared to the second quarter of last year. We continued our supply chain transformation to improve product availability. As of August 18, 2009, we had eight Rapid Deployment Centers (“RDCs”) operating that serve approximately 800 of our U.S. stores. We plan to open additional RDCs in fiscal 2009 and expect that they will serve approximately 1,000 of our U.S. stores by the end of fiscal 2009. We remain committed to our overall RDC roll-out strategy, supporting our goal of increasing our central distribution penetration.
We opened three new stores during the second quarter of fiscal 2009 and closed one store in China, bringing our total store count to 2,240. As of the end of the second quarter of fiscal 2009, a total of 266 stores, or approximately 12%, were located in Canada, Mexico and China compared to 251 as of the end of the second quarter of fiscal 2008.
We generated $3.3 billion of cash flow from operations in the first six months of fiscal 2009. We used a portion of this cash flow to pay $762 million of dividends and fund $353 million in capital expenditures.
At the end of the second quarter of fiscal 2009, our long-term debt-to-equity ratio was 50.4% compared to 60.9% at the end of the second quarter of fiscal 2008. Our return on invested capital (computed on the average of beginning and ending long-term debt, equity and net operating profit after tax for the trailing twelve months) was 9.3% for the second quarter of fiscal 2009 compared to 10.7% for the second quarter of fiscal 2008. This decrease reflects the decline in our operating profit and the impact of the Rationalization Charges. Excluding Rationalization Charges, our return on invested capital was 10.3% for the second quarter of fiscal 2009 compared to 11.6% for the second quarter of fiscal 2008.

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We believe the selected sales data, the percentage relationship between Net Sales and major categories in the Consolidated Statements of Earnings and the percentage change in the dollar amounts of each of the items presented below are important in evaluating the performance of our business operations.
                                                 
    % of Net Sales    
                                % Increase (Decrease)
                                    in Dollar Amounts
    Three Months Ended   Six Months Ended        
                         
    August 2,   August 3,   August 2,   August 3,   Three   Six
    2009   2008   2009   2008   Months   Months
NET SALES
    100.0 %     100.0 %     100.0 %     100.0 %     (9.1 )%     (9.4 )%
 
                                               
GROSS PROFIT
    33.5       33.2       33.6       33.5       (8.3 )     (9.2 )
 
                                               
Operating Expenses:
                                               
Selling, General and Administrative
    21.6       21.3       23.2       24.1       (7.8 )     (12.9 )
Depreciation and Amortization
    2.3       2.2       2.4       2.3       (4.0 )     (3.8 )
 
                                               
Total Operating Expenses
    23.9       23.4       25.6       26.4       (7.5 )     (12.1 )
 
                                               
 
                                               
OPERATING INCOME
    9.6       9.7       8.0       7.1       (10.2 )     1.6  
 
                                               
Interest (Income) Expense:
                                               
Interest and Investment Income
    -       -       -       -       50.0       57.1  
Interest Expense
    0.9       0.8       1.0       0.8       3.7       5.8  
 
                                               
Interest, net
    0.8       0.7       1.0       0.8       2.5       4.7  
 
                                               
 
                                               
EARNINGS BEFORE PROVISION FOR INCOME TAXES
    8.8       9.0       7.0       6.3       (11.3 )     1.1  
Provision for Income Taxes
    2.9       3.3       2.4       2.3       (18.6 )     (4.9 )
 
                                               
NET EARNINGS
    5.9 %     5.7 %     4.6 %     4.0 %     (7.2 )     4.6  
 
                                               
 
                                               
Note: Certain percentages may not sum to totals due to rounding.
 
                                               
SELECTED SALES DATA
                                               
Number of Customer Transactions (in millions)
    362       361       672       675       0.3 %     (0.4 )%
Average Ticket
  $ 52.25     $ 57.58     $ 52.45     $ 57.48       (9.3 )%     (8.8 )%
Weighted Average Weekly Sales Per
Operating Store (in thousands)
  $ 650     $ 707     $ 600     $ 662       (8.1 )%     (9.4 )%
Weighted Average Sales per Square Foot
  $ 321.91     $ 350.21     $ 297.15     $ 327.92       (8.1 )%     (9.4 )%
Comparable Store Sales Decrease (%)(1)
    (8.5 )%     (7.9 )%     (9.3 )%     (7.2 )%     N/A       N/A  
 
     
(1)   Includes Net Sales at locations open greater than 12 months, including relocated and remodeled stores. Retail stores become comparable on the Monday following their 365th day of operation. Comparable store sales is intended only as supplemental information and is not a substitute for Net Sales or Net Earnings presented in accordance with generally accepted accounting principles.

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RESULTS OF OPERATIONS
Net Sales for the second quarter of fiscal 2009 decreased 9.1%, or $1.9 billion, to $19.1 billion from $21.0 billion for the second quarter of fiscal 2008. For the first six months of fiscal 2009, Net Sales decreased 9.4%, or $3.7 billion, to $35.2 billion from $38.9 billion for the comparable period in fiscal 2008.
The decrease in Net Sales for the second quarter and first six months of fiscal 2009 reflects the impact of negative comparable store sales as well as the net impact of fewer open stores in fiscal 2009 versus the comparable periods of fiscal 2008. Total comparable store sales decreased 8.5% for the second quarter of fiscal 2009 compared to a decrease of 7.9% for the second quarter of fiscal 2008. For the first six months of fiscal 2009, total comparable store sales decreased 9.3% compared to a decrease of 7.2% for the same period of fiscal 2008.
There were a number of factors that contributed to our comparable store sales decline. The U.S. residential construction and home improvement markets continued to be soft, and consumers were challenged due to a number of factors including higher unemployment. We saw relative strength in Building Materials, Flooring, Paint, Plumbing and Garden/Seasonal as comparable store sales in these areas were above the Company average for the second quarter and first six months of fiscal 2009, with Paint experiencing positive comparable store sales in the second quarter of fiscal 2009. Comparable store sales for Lumber, Hardware, Electrical, Kitchen/Bath and Millwork were below the Company average for the second quarter and first six months of fiscal 2009. In the first six months of fiscal 2009, we also saw significant strengthening of the U.S. dollar against all currencies. Fluctuating exchange rates negatively impacted our total Company comparable store sales by approximately 160 basis points for the first six months of fiscal 2009 compared to the first six months of last year.
Gross Profit decreased 8.3% to $6.4 billion for the second quarter of fiscal 2009 from $7.0 billion for the second quarter of fiscal 2008. Gross Profit decreased 9.2% to $11.8 billion for the first six months of fiscal 2009 from $13.0 billion for the first six months of fiscal 2008. Gross Profit as a percent of Net Sales increased 32 basis points to 33.5% for the second quarter of fiscal 2009 compared to 33.2% for the second quarter of fiscal 2008. For the first six months of fiscal 2009, Gross Profit as a percent of Net Sales was 33.6% compared with 33.5% for the comparable period of fiscal 2008, an increase of 8 basis points. Our U.S. stores experienced gross margin expansion in the second quarter and first six months of fiscal 2009 driven by mix of products sold, lower markdowns than last year as we anniversaried certain promotions and clearance that we did not repeat and improved shrink performance. Through our focused bay portfolio approach, our U.S. merchants continued to introduce new lower prices while growing overall gross margin. The U.S. gross margin expansion was partially offset by gross margin contraction arising from our non-U.S. businesses, principally Canada.
Selling, General and Administrative Expense (“SG&A”) decreased 7.8% to $4.1 billion for the second quarter of fiscal 2009 from $4.5 billion for the second quarter of fiscal 2008. For the first six months of fiscal 2009, SG&A decreased 12.9% to
$8.2 billion from $9.4 billion for the first six months of fiscal 2008. As a percent of Net Sales, SG&A was 21.6% for the second quarter of fiscal 2009 compared to 21.3% for the second quarter of fiscal 2008. For the first six months of fiscal 2009, SG&A as a percent of Net Sales was 23.2% compared to 24.1% for the same period last year. Excluding the Rationalization Charges, SG&A as a percent of Net Sales was 22.8% and 22.7% for the first six months of fiscal 2009 and 2008, respectively. For the second quarter and first six months of fiscal 2009, our deleverage in SG&A reflects the impact of a negative comparable store sales environment, offset by a lower cost of credit associated with the private label credit card program and solid expense control.
Depreciation and Amortization decreased 4.0% to $434 million for the second quarter of fiscal 2009 from $452 million for the second quarter of fiscal 2008. For the first six months of fiscal 2009, Depreciation and Amortization decreased 3.8% to $862 million from $896 million for the same period of fiscal 2008. Depreciation and Amortization as a percent of Net Sales was 2.3% for the second quarter of fiscal 2009 compared to 2.2% for the second quarter of fiscal 2008, and was 2.4% for the first six months of fiscal 2009 compared to 2.3% for the same period in fiscal 2008. The increase in Depreciation and Amortization as a percent of Net Sales for both periods was primarily due to sales deleverage.
Operating Income decreased 10.2% to $1.8 billion for the second quarter of fiscal 2009 from $2.0 billion for the second quarter of fiscal 2008. Operating Income was $2.8 billion for the first six months of fiscal 2009 and 2008. Operating Income as a percent of Net Sales was 9.6% for the second quarter of fiscal 2009 compared to 9.7% for the second quarter of fiscal

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2008, and was 8.0% for the first six months of fiscal 2009 compared to 7.1% for the first six months of fiscal 2008. Excluding the Rationalization Charges, our Operating Income as a percent of Net Sales was 8.4% for the first six months of fiscal 2009 compared to 8.6% for the first six months of fiscal 2008.
In the second quarter of fiscal 2009, we recognized $161 million of net Interest Expense compared to $157 million in the second quarter of fiscal 2008.  We recognized $336 million of net Interest Expense in the first six months of fiscal 2009 compared to $321 million for the same period last year. Net Interest Expense as a percentage of Net Sales was 0.8% for the second quarter of fiscal 2009 compared to 0.7% for the second quarter of fiscal 2008. For the first six months of fiscal 2009, net Interest Expense as a percent of Net Sales was 1.0% compared to 0.8% for the same period last year. The increase in net Interest Expense as a percent of Net Sales for the first six months of fiscal 2009 was primarily due to sales deleverage.
Our combined effective income tax rate decreased to 34.2% for the first six months of fiscal 2009 from 36.4% for the comparable period of fiscal 2008, reflecting a favorable foreign tax settlement. This settlement reduced tax expense by approximately $50 million and provided an approximately $0.03 benefit to Diluted Earnings per Share.
Diluted Earnings per Share were $0.66 and $0.96 for the second quarter and first six months of fiscal 2009 compared to $0.71 and $0.93 for the second quarter and first six months of fiscal 2008, respectively. Excluding the Rationalization Charges, Diluted Earnings per Share for the second quarter of fiscal 2009 were $0.67, a decrease of 6.9% from the second quarter of fiscal 2008. Excluding the Rationalization Charges, Diluted Earnings per Share for the first six months of fiscal 2009 were $1.01, a decrease of 10.6% from the first six months of fiscal 2008.
To provide clarity, internally and externally, about our operating performance for the second quarter and first six months of fiscal 2009 and 2008, we supplemented our reporting with non-GAAP financial measures to reflect adjustments for the Rationalization Charges as described more fully in Note 2 to the Consolidated Financial Statements, as well as the Net Sales from Exited Businesses during the period from closing announcement to actual closing. We believe that these non-GAAP financial measures better enable management and investors to understand and analyze our performance by providing them with meaningful information relevant to events of unusual nature or frequency. However, this supplemental information should not be considered in isolation or as a substitute for the related GAAP measures. The following reconciles the non-GAAP financial measures to the corresponding GAAP measures for the second quarter and first six months of fiscal 2009 and 2008:
                                                                 
    Three Months Ended August 2, 2009   Six Months Ended August 2, 2009
amounts in millions, except per share data   As             Non-GAAP     % of Net   As             Non-GAAP     % of
    Reported     Adjustments   Measures     Sales   Reported     Adjustments   Measures     Net Sales
Net Sales
  $ 19,071     $ -     $ 19,071       100.0 %   $ 35,246     $ 221     $ 35,025       100.0 %
Cost of Sales
    12,683       1       12,682       66.5       23,408       193       23,215       66.3  
 
                                           
Gross Profit
    6,388       (1 )     6,389       33.5       11,838       28       11,810       33.7  
Operating Expenses:
                                                               
Selling, General and Administrative
    4,121       18       4,103       21.5       8,163       161       8,002       22.8  
Depreciation and Amortization
    434       1       433       2.3       862       4       858       2.4  
 
                                           
Total Operating Expenses
    4,555       19       4,536       23.8       9,025       165       8,860       25.3  
 
                                           
Operating Income
    1,833       (20 )     1,853       9.7       2,813       (137 )     2,950       8.4  
Interest, net
    161       -       161       0.8       336       -       336       1.0  
 
                                           
Earnings Before Provision for Income Taxes
    1,672       (20 )     1,692       8.9       2,477       (137 )     2,614       7.5  
Provision for Income Taxes
    556       (9 )     565       3.0       847       (53 )     900       2.6  
 
                                           
 
                                                               
Net Earnings
  $ 1,116     $ (11 )   $ 1,127       5.9 %   $ 1,630     $ (84 )   $ 1,714       4.9 %
 
                                       
 
                                                               
Diluted Earnings per Share
  $ 0.66     $ (0.01 )   $ 0.67     N/A   $ 0.96     $ (0.05 )   $ 1.01     N/A
 
                                       

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    Three Months Ended August 3, 2008   Six Months Ended August 3, 2008
    As             Non-GAAP     % of Net   As             Non-GAAP     % of
    Reported     Adjustments   Measures     Sales   Reported     Adjustments   Measures     Net Sales
Net Sales
  $ 20,990     $ -     $ 20,990       100.0 %   $ 38,897     $ -     $ 38,897       100.0 %
Cost of Sales
    14,026       -       14,026       66.8       25,861       10       25,851       66.5  
 
                                         
Gross Profit
    6,964       -       6,964       33.2       13,036       (10 )     13,046       33.5  
Operating Expenses:
                                                               
Selling, General and Administrative
    4,470       17       4,453       21.2       9,370       550       8,820       22.7  
Depreciation and Amortization
    452       1       451       2.1       896       1       895       2.3  
 
                                         
Total Operating Expenses
    4,922       18       4,904       23.4       10,266       551       9,715       25.0  
 
                                         
Operating Income
    2,042       (18 )     2,060       9.8       2,770       (561 )     3,331       8.6  
Interest, net
    157       -       157       0.7       321       -       321       0.8  
 
                                         
Earnings Before Provision for Income Taxes
    1,885       (18 )     1,903       9.1       2,449       (561 )     3,010       7.7  
Provision for Income Taxes
    683       (8 )     691       3.3       891       (210 )     1,101       2.8  
 
                                         
 
                                                               
Net Earnings
  $ 1,202     $ (10 )   $ 1,212       5.8 %   $ 1,558     $ (351 )   $ 1,909       4.9 %
 
                                       
 
                                                               
Diluted Earnings per Share
  $ 0.71     $ (0.01 )   $ 0.72     N/A     $ 0.93     $ (0.21 )   $ 1.13     N/A  
 
                                       
 
     
Note:   Diluted Earnings per Share may not foot due to rounding.
LIQUIDITY AND CAPITAL RESOURCES
Cash flow generated from operations provides us with a significant source of liquidity. During the first six months of fiscal 2009, Net Cash Provided by Operating Activities was $3.3 billion compared to $3.7 billion for the same period of fiscal 2008. This change was primarily a result of lower earnings excluding noncash impairment charges incurred during the first six months of fiscal 2008.
Net Cash Used in Investing Activities for the first six months of fiscal 2009 was $214 million compared to $860 million for the same period of fiscal 2008. The decrease was primarily the result of $607 million less in capital expenditures in the first six months of fiscal 2009 compared to the same period last year.
During the first six months of fiscal 2009, Net Cash Used in Financing Activities was $529 million compared with $2.2 billion for the same period of fiscal 2008. This change was the result of $1.7 billion in Repayments of Short-Term Borrowings in the first half of fiscal 2008.
We have commercial paper programs that allow for borrowings up to $3.25 billion. In connection with the programs, we have a back-up credit facility with a consortium of banks for borrowings up to $3.25 billion. As of August 2, 2009, there were no borrowings outstanding under the commercial paper programs or the related credit facility. The credit facility, which expires in December 2010, contains various restrictive covenants, with all of which we are in compliance. None of the covenants are expected to impact our liquidity or capital resources. In August 2009, we filed a shelf registration statement with the SEC for the potential future issuance of debt securities, replacing a shelf registration statement that had expired.
As of August 2, 2009, we had $3.1 billion in Cash and Short-Term Investments. We believe that our current cash position, access to the debt capital markets and cash flow generated from operations should be sufficient to enable us to complete our capital expenditure programs and fund dividend payments and any required long-term debt payments through the next several fiscal years. In addition, we have funds available from our commercial paper programs and the ability to obtain alternative sources of financing for other requirements. We currently intend to use cash flow generated by operations to repay the $1.8 billion in debt coming due in fiscal 2009.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk
Our exposure to market risks results primarily from fluctuations in interest rates. There have been no material changes to our exposure to market risks from those disclosed in our Form 10-K.
Item 4. Controls and Procedures
The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”) that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.
There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the fiscal quarter ended August 2, 2009 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The following information updates, and should be read in conjunction with, Item 3, “Legal Proceedings,” of the Company’s Form 10-K. Except as set forth below, there are no other material changes during the second quarter of fiscal 2009 to our disclosure in Item 3 of the Form 10-K.
As discussed on page 11 of the Form 10-K, on September 26, 2008, the Company received an Administrative Order and Notice of Civil Administrative Penalty Assessment from the State of New Jersey Department of Environmental Protection (“DEP”), seeking a civil penalty for alleged violations of recordkeeping requirements pertaining to the use of generators as determined by the DEP. On July 9, 2009, the Company entered into a settlement agreement with the DEP, and the disposition of this matter is now complete. The settlement did not have a material effect on the Company’s consolidated financial condition or results of operations.
Item 1A. Risk Factors
In addition to the other information set forth in this Form 10-Q, you should carefully consider the factors discussed under Item 1A, “Risk Factors” and elsewhere in our Form 10-K. These risks and uncertainties could materially and adversely affect our business, financial condition and results of operations. The risks and uncertainties described in the Form 10-K include the considerable risks and uncertainties associated with the current economic environment, such as the declining number of new housing starts and home renovations; the state of the credit markets, including the limited availability of mortgages, home equity loans, consumer credit for our retail customers, commercial credit for our professional customers and our suppliers, and the availability and costs of commercial credit generally; reduced consumer spending; lower levels of consumer confidence; increased levels of consumer and commercial delinquencies; and supply interruptions and adverse business circumstances experienced by certain of our suppliers. Some of these risks and uncertainties and certain adverse effects which we experienced during the fiscal quarter covered by this report (and continue to experience) are described in greater detail in this Form 10-Q in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
The risks described in the Form 10-K and set forth above are not the only risks we face. Our operations could also be affected by additional factors that are not presently known to us or by factors that we currently consider immaterial to our business.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  (a)   During the second quarter of fiscal 2009, the Company issued 13,548 deferred stock units under The Home Depot, Inc. NonEmployee Directors’ Deferred Stock Compensation Plan pursuant to the exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”). The deferred stock units were credited to the accounts of such nonemployee directors who elected to receive board retainers in the form of deferred stock units instead of cash during the second quarter of fiscal 2009. The deferred stock units convert to shares of common stock on a one-for-one basis following a termination of service as described in this plan.
 
      During the second quarter of fiscal 2009, the Company credited 1,397 deferred stock units to participant accounts under The Home Depot FutureBuilder Restoration Plan pursuant to an exemption from the registration requirements of the Securities Act for involuntary, non-contributory plans. The deferred stock units convert to shares of common stock on a one-for-one basis following the termination of services as described in this plan.
 
  (c)   Since fiscal 2002, the Company has repurchased shares of its common stock having a value of approximately $27.3 billion pursuant to its share repurchase program. The number and average price of shares purchased in each fiscal month of the second quarter of fiscal 2009 are set forth in the table below:
                                 
                            Approximate Dollar
    Total           Total Number of   Value of Shares
    Number of   Average   Shares Purchased as   that May Yet Be
    Shares   Price Paid   Part of Publicly   Purchased Under
Period   Purchased(1)   Per Share(1)   Announced Program(2)   the Program(2)
May 4, 2009 – May 31, 2009
    22,619     $ 24.26       -     $ 12,731,893,819  
June 1, 2009 – June 28, 2009
    2,743     $ 23.77       -     $ 12,731,893,819  
June 29, 2008 – August 2, 2009
    62,033     $ 24.37       -     $ 12,731,893,819  
  (1)   These amounts are repurchases pursuant to the Company’s 1997 and 2005 Omnibus Stock Incentive Plans (the “Plans”). Under the Plans, participants may exercise stock options by surrendering shares of common stock that the participants already own as payment of the exercise price. Participants in the Plans may also surrender shares as payment of applicable tax withholding on the vesting of restricted stock and deferred share awards. Shares so surrendered by participants in the Plans are repurchased pursuant to the terms of the Plans and applicable award agreement and not pursuant to publicly announced share repurchase programs.
 
  (2)   The Company’s common stock repurchase program was initially announced on July 15, 2002. As of the end of the second quarter of fiscal 2009, the Board had approved purchases up to $40.0 billion. The program does not have a prescribed expiration date.
Item 4. Submission of Matters to a Vote of Security Holders
The Company’s Annual Meeting of Shareholders was held on May 28, 2009. The information set forth in Part II, Item 4 of the Company’s Quarterly Report on Form 10-Q for the period ended May 3, 2009 is incorporated herein by reference.

19


Table of Contents

Item 6. Exhibits
Exhibits marked with an asterisk (*) are incorporated by reference to exhibits or appendices previously filed with the SEC, as indicated by the references in brackets. All other exhibits are filed or furnished herewith, unless otherwise noted below.
     
*3.1
  Amended and Restated Certificate of Incorporation of The Home Depot, Inc. [Form 10-Q for the fiscal quarter ended August 4, 2002, Exhibit 3.1 (File No. 1-8207)]
 
   
*3.2
  Certificate of Amendment to Amended and Restated Certificate of Incorporation of The Home Depot, Inc. [Form 10-Q for the fiscal quarter ended May 3, 2009, Exhibit 3.2]
 
   
*3.3
  By-Laws of The Home Depot, Inc. (Amended and Restated Effective August 20, 2009) [Form 8-K filed on August 26, 2009, Exhibit 3.1]
 
   
12.1
  Statement of Computation of Ratio of Earnings to Fixed Charges.
 
   
15.1
  Letter of KPMG LLP, Acknowledgement of Independent Registered Public Accounting Firm, dated September 2, 2009.
 
   
31.1
  Certification of the Chairman and Chief Executive Officer pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
 
   
31.2
  Certification of the Chief Financial Officer and Executive Vice President – Corporate Services pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
 
   
32.1
  Certification of Chairman and Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
   
32.2
  Certification of Chief Financial Officer and Executive Vice President – Corporate Services furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
   
101
  The following financial information from the Quarterly Report on Form 10-Q for the fiscal quarter ended August 2, 2009, formatted in XBRL (Extensible Business Reporting Language) and furnished electronically herewith: (i) the Consolidated Statements of Earnings; (ii) the Consolidated Balance Sheets; (iii) the Consolidated Statements of Cash Flows; (iv) the Consolidated Statements of Comprehensive Income; and (v) the Notes to the Consolidated Financial Statements, tagged as blocks of text.

20


Table of Contents

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
             
 
      THE HOME DEPOT, INC.    
 
           
 
      (Registrant)    
 
           
 
  By:   /s/ FRANCIS S. BLAKE    
 
           
 
      Francis S. Blake    
 
      Chairman and Chief Executive Officer    
 
           
 
           
 
      /s/ CAROL B. TOMÉ    
 
           
 
      Carol B. Tomé    
 
      Chief Financial Officer and    
 
      Executive Vice President – Corporate Services    
     
September 1, 2009
   
     
(Date)
   

21


Table of Contents

INDEX TO EXHIBITS
     
Exhibit   Description
 
   
Exhibits marked with an asterisk (*) are incorporated by reference to exhibits or appendices previously filed with the SEC, as indicated by the references in brackets. All other exhibits are filed or furnished herewith, unless otherwise noted below.
 
   
*3.1
  Amended and Restated Certificate of Incorporation of The Home Depot, Inc. [Form 10-Q for the fiscal quarter ended August 4, 2002, Exhibit 3.1 (File No. 1-8207)]
 
   
*3.2
  Certificate of Amendment to Amended and Restated Certificate of Incorporation of The Home Depot, Inc. [Form 10-Q for the fiscal quarter ended May 3, 2009, Exhibit 3.2]
 
   
*3.3
  By-Laws of The Home Depot, Inc. (Amended and Restated Effective August 20, 2009) [Form 8-K filed on August 26, 2009, Exhibit 3.1]
 
   
12.1
  Statement of Computation of Ratio of Earnings to Fixed Charges.
 
   
15.1
  Letter of KPMG LLP, Acknowledgement of Independent Registered Public Accounting Firm, dated September 2, 2009.
 
   
31.1
  Certification of the Chairman and Chief Executive Officer pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
 
   
31.2
  Certification of the Chief Financial Officer and Executive Vice President – Corporate Services pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
 
   
32.1
  Certification of Chairman and Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
   
32.2
  Certification of Chief Financial Officer and Executive Vice President – Corporate Services furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
   
101
  The following financial information from the Quarterly Report on Form 10-Q for the fiscal quarter ended August 2, 2009, formatted in XBRL (Extensible Business Reporting Language) and furnished electronically herewith: (i) the Consolidated Statements of Earnings; (ii) the Consolidated Balance Sheets; (iii) the Consolidated Statements of Cash Flows; (iv) the Consolidated Statements of Comprehensive Income; and (v) the Notes to the Consolidated Financial Statements, tagged as blocks of text.

22

EX-12.1 2 g19858exv12w1.htm EX-12.1 EX-12.1
Exhibit 12.1
THE HOME DEPOT, INC. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions, except ratio data)
                                                             
    Fiscal Year (1)        
                                                    Six Months
                                                    Ended
    2004   2005   2006   2007   2008     August 2, 2009  
Earnings From Continuing Operations
Before Income Taxes
    $ 7,790       $ 8,967       $ 8,502       $ 6,620       $ 3,590       $ 2,477  
 
                                                           
Less: Capitalized Interest
      (40 )       (51 )       (47 )       (46 )       (20 )       (2 )
Add:
                                                           
Portion of Rental Expense under
operating leases deemed to be
the equivalent of interest
      162         177         257         279         286         142  
Interest Expense
      109         192         437         741         644         349  
 
                                               
Adjusted Earnings
    $ 8,021       $ 9,285       $ 9,149       $ 7,594       $ 4,500       $ 2,966  
 
                                               
 
                                                           
Fixed Charges:
                                                           
Interest Expense
    $ 109       $ 192       $ 437       $ 741       $ 644       $ 349  
Portion of Rental Expense under
operating leases deemed to be
the equivalent of interest
      162         177         257         279         286         142  
 
                                               
Total Fixed Charges
    $ 271       $ 369       $ 694       $ 1,020       $ 930       $ 491  
 
                                               
 
                                                           
Ratio of Earnings to Fixed Charges (2)
      29.6 x       25.2 x       13.2 x       7.4 x       4.8 x       6.0 x
 
(1)   Fiscal years 2008, 2007, 2006, 2005 and 2004 refer to the fiscal years ended February 1, 2009, February 3, 2008, January 28, 2007, January 29, 2006 and January 30, 2005, respectively. Fiscal year 2007 includes 53 weeks; all other fiscal years reported include 52 weeks.
 
(2)   For purposes of computing the ratios of earnings to fixed charges, “earnings” consist of earnings from continuing operations before income taxes plus fixed charges, excluding capitalized interest. “Fixed charges” consist of interest incurred on indebtedness including capitalized interest, amortization of debt expenses and the portion of rental expense under operating leases deemed to be the equivalent of interest. The ratios of earnings to fixed charges are calculated as follows:
(earnings from continuing operations before income taxes)+(fixed charges)-(capitalized interest)
(fixed charges)

 

EX-15.1 3 g19858exv15w1.htm EX-15.1 EX-15.1
Exhibit 15.1
ACKNOWLEDGEMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
September 2, 2009
The Home Depot, Inc.
Atlanta, Georgia
We acknowledge our awareness of the incorporation by reference of our report dated September 2, 2009, related to our review of interim financial information, included within the Quarterly Report on Form 10-Q of The Home Depot, Inc. for the three-month and six-month periods ended August 2, 2009, in the following Registration Statements:
         
    Registration
Description   Statement Number
 
 
       
Form S-3
       
Depot Direct stock purchase program
    333-156655  
Debt securities
    333-161470  
 
       
Form S-8
       
The Home Depot, Inc. 1997 Omnibus Stock Incentive Plan
    333-61733  
The Home Depot Canada Registered Retirement Savings Plan
    333-38946  
The Home Depot, Inc. Restated and Amended Employee Stock Purchase Plan
    333-151849  
The Home Depot, Inc. Non-Qualified Stock Option and Deferred Stock Units Plan
and Agreement
    333-56722  
The Home Depot, Inc. 2005 Omnibus Stock Incentive Plan
    333-125331  
The Home Depot, Inc. 2005 Omnibus Stock Incentive Plan
    333-153171  
The Home Depot FutureBuilder and The Home Depot FutureBuilder for Puerto Rico
    333-125332  
Pursuant to Rule 436 under the Securities Act of 1933 (“the Act”), such report is not considered part of a registration statement prepared or certified by an independent registered public accounting firm, or a report prepared or certified by an independent registered public accounting firm within the meaning of Sections 7 and 11 of the Act.
/s/ KPMG LLP
Atlanta, Georgia

 

EX-31.1 4 g19858exv31w1.htm EX-31.1 EX-31.1
Exhibit 31.1
CERTIFICATION
I, Francis S. Blake, certify that:
1.   I have reviewed this quarterly report on Form 10-Q of The Home Depot, Inc.;
 
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
  a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
  b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
  c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
  d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.   The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
  b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: September 1, 2009
       
 
  /s/ Francis S. Blake  
 
     
 
  Francis S. Blake  
 
  Chairman and Chief Executive Officer  

 

EX-31.2 5 g19858exv31w2.htm EX-31.2 EX-31.2
Exhibit 31.2
CERTIFICATION
I, Carol B. Tomé, certify that:
1.   I have reviewed this quarterly report on Form 10-Q of The Home Depot, Inc.;
 
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
  a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
  b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
  c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
  d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.   The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
  b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: September 1, 2009
       
 
  /s/ Carol B. Tomé  
 
     
 
  Carol B. Tomé  
 
  Chief Financial Officer and  
 
  Executive Vice President — Corporate Services  

 

EX-32.1 6 g19858exv32w1.htm EX-32.1 EX-32.1
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of The Home Depot, Inc. (the “Company”) on Form 10-Q (“Form 10-Q”) for the period ended August 2, 2009 as filed with the Securities and Exchange Commission, I, Francis S. Blake, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
  (1)   The Form 10-Q fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
  (2)   The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
     
/s/ Francis S. Blake
 
Francis S. Blake
   
Chairman and Chief Executive Officer
   
September 1, 2009
   

 

EX-32.2 7 g19858exv32w2.htm EX-32.2 EX-32.2
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of The Home Depot, Inc. (the “Company”) on Form 10-Q (“Form 10-Q”) for the period ended August 2, 2009 as filed with the Securities and Exchange Commission, I, Carol B. Tomé, Chief Financial Officer and Executive Vice President — Corporate Services of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
  (1)   The Form 10-Q fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
  (2)   The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
     
/s/ Carol B. Tomé
 
Carol B. Tomé
   
Chief Financial Officer and
   
Executive Vice President — Corporate Services
   
September 1, 2009
   

 

EX-101.INS 8 hd-20090802.xml EX-101 INSTANCE DOCUMENT 0000354950 2008-02-03 0000354950 2009-08-02 0000354950 2009-02-01 0000354950 2009-05-04 2009-08-02 0000354950 2008-05-05 2008-08-03 0000354950 2008-02-04 2008-08-03 0000354950 2008-08-03 0000354950 2009-08-28 0000354950 2009-02-02 2009-08-02 iso4217:USD xbrli:shares xbrli:shares iso4217:USD <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <html> <head></head> <body> <!-- Begin Block Tagged Note 1 - us-gaap:SignificantAccountingPoliciesTextBlock--> <div style="font-family: 'Times New Roman',Times,serif"> <!-- xbrl,ns --> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt"><b>1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt"><b>Basis of Presentation</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt">The accompanying Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles (&#8220;GAAP&#8221;) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the year ended February&#160;1, 2009, as filed with the Securities and Exchange Commission. </div> <div align="left" style="font-size: 10pt; margin-top: 11pt"><b>Business</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt">The Home Depot, Inc. and subsidiaries (the &#8220;Company&#8221;) operate The Home Depot stores, which are full-service, warehouse-style stores averaging approximately 105,000 square feet in size. The stores stock approximately 30,000 to 40,000 different kinds of building materials, home improvement supplies and lawn and garden products that are sold to do-it-yourself customers, do-it-for-me customers, home improvement contractors, tradespeople and building maintenance professionals. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Fair Value of Financial Instruments</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt"> The carrying amounts of Cash and Cash Equivalents, Receivables and Accounts Payable approximate fair value due to the short-term maturities of these financial instruments. Short-Term Investments are recorded at fair value based on current market rates and are classified as available-for-sale. The $11.0 billion of senior notes included in Current Installments of Long-Term Debt and Long-Term Debt in the accompanying Consolidated Balance Sheets had a fair market value of $10.9 billion as of August 2, 2009. 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RATIONALIZATION CHARGES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt">In fiscal 2008, the Company reduced its square footage growth plans to improve free cash flow, provide stronger returns for the Company and invest in its existing stores to continue improving the customer experience. As a result of this store rationalization plan, the Company determined that it would no longer pursue the opening of approximately 50 U.S. stores that had been in its new store pipeline. The Company expects to dispose of or sublet these pipeline locations over varying periods. 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Includes deferred gains (losses) on... false false false false false false false false false 1 false true 357000000 357 false false 2 false true 29000000 29 false false 3 false true 396000000 396 false false 4 false true -15000000 -15 false false This element represents Other Comprehensive Income (Loss), Net of Tax, for the period. Includes deferred gains (losses) on qualifying hedges, unrealized holding gains (losses) on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(3) Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 22, 23, 24, 25 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 true 11 3 us-gaap_ComprehensiveIncomeNetOfTax us-gaap true credit duration monetary The change in equity [net assets] of a business enterprise during a period from transactions and other events and... false false false false false false false false false 1 true true 1473000000 1473 false false 2 true true 1231000000 1231 false false 3 true true 2026000000 2026 false false 4 true true 1543000000 1543 false false The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A5 -Appendix A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 30 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(3) Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 8, 9, 10, 11, 12, 13, 14 true 1 These components of comprehensive income are reported net of income taxes. false 4 7 false Millions UnKnown UnKnown false true XML 19 R5.xml IDEA: Consolidated Statements of Cash Flows 1.0.0.3 false Consolidated Statements of Cash Flows (USD $) In Millions false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 5 3 us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract us-gaap true na duration string The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the... false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities include all transactions and events that are not defined as investing or financing activities. Operating activities generally involve producing and delivering goods and providing services. Cash flows from operating activities are generally the cash effects of transactions and other events that enter into the determination of net income. false 6 4 us-gaap_NetIncomeLoss us-gaap true credit duration monetary The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the... false false false false false false false false false 1 true true 1630000000 1630 false false 2 true true 1558000000 1558 false false The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 14 6 us-gaap_IncreaseDecreaseInOtherOperatingAssets us-gaap true credit duration monetary The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. false false false false false false false false false 1 false true -105000000 -105 false false 2 false true -94000000 -94 false false The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 19 6 us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet us-gaap true credit duration monetary For entities with classified balance sheets, the net change during the reporting period in the value of other assets or... false false false false false false false false false 1 false true 78000000 78 false false 2 false true 124000000 124 false false For entities with classified balance sheets, the net change during the reporting period in the value of other assets or liabilities used in operating activities, that are not otherwise defined in the taxonomy. For entities with unclassified balance sheets, the net change during the reporting period in the value of all other assets or liabilities used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 true 20 4 us-gaap_NetCashProvidedByUsedInOperatingActivities us-gaap true na duration monetary The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the... false false false false false false false false false 1 false true 3328000000 3328 false false 2 false true 3684000000 3684 false false The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 21 3 us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 22 4 us-gaap_PaymentsToAcquireProductiveAssets us-gaap true credit duration monetary The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software,... false false false false false false false false false 1 false true -353000000 -353 false false 2 false true -960000000 -960 false false The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c false 23 4 us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment us-gaap true debit duration monetary The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods... false false false false false false false false false 1 false true 120000000 120 false false 2 false true 98000000 98 false false The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph c false 24 4 us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities us-gaap true debit duration monetary The cash inflow associated with the sale or maturity (principal being due) of securities not classified as either... false false false false false false false false false 1 false true 19000000 19 false false 2 false true 2000000 2 false false The cash inflow associated with the sale or maturity (principal being due) of securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 18 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph b true 25 4 us-gaap_NetCashProvidedByUsedInInvestingActivities us-gaap true debit duration monetary The net cash inflow (outflow) from investing activity. false false false false false false false false false 1 false true -214000000 -214 false false 2 false true -860000000 -860 false false The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 26 3 us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 27 4 us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths us-gaap true debit duration monetary The cash inflow from a borrowing net of the cash outflow from repayment of a borrowing having initial term of repayment of... false false false false false false false false false 1 false true 0 0 false false 2 false true -1745000000 -1745 false false The cash inflow from a borrowing net of the cash outflow from repayment of a borrowing having initial term of repayment of more than three months but less than one year or one operating cycle (if the normal cycle is more than one year). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 false 28 4 us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities us-gaap true credit duration monetary The cash outflow associated with security instrument that either represents a creditor or an ownership relationship with the... false false false false false false false false false 1 false true -11000000 -11 false false 2 false true -13000000 -13 false false The cash outflow associated with security instrument that either represents a creditor or an ownership relationship with the holder of the investment security with a maturity of beyond one year or normal operating cycle, if longer. The nature of such security interests included herein may consist of debt securities, long-term capital lease obligations, and capital securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph b false 29 4 us-gaap_ProceedsFromIssuanceOfCommonStock us-gaap true debit duration monetary The cash inflow from the additional capital contribution to the entity. false false false false false false false false false 1 false true 34000000 34 false false 2 false true 51000000 51 false false The cash inflow from the additional capital contribution to the entity. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a false 31 4 us-gaap_ProceedsFromPaymentsForOtherFinancingActivities us-gaap true debit duration monetary The net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and... false false false false false false false false false 1 false true 210000000 210 false false 2 false true 236000000 236 false false The net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 33 3 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration monetary The net change between the beginning and ending balance of cash and cash equivalents. false false false false false false false false false 1 false true 2585000000 2585 false false 2 false true 593000000 593 false false The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 false 34 3 us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents us-gaap true debit duration monetary The effect of exchange rate changes on cash balances held in foreign currencies. false false false false false false false false false 1 false true 3000000 3 false false 2 false true 13000000 13 false false The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 25 false 35 3 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of... false false false false false false true false false 1 false true 519000000 519 false false 2 false true 445000000 445 false false Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 36 3 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of... false false false false false false false true false 1 true true 3107000000 3107 false false 2 true true 1051000000 1051 false false Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false false 2 32 false Millions UnKnown UnKnown false true XML 20 defnref.xml IDEA: XBRL DOCUMENT No authoritative reference available. No authoritative reference available. The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 The cash inflow from a borrowing net of the cash outflow from repayment of a borrowing having initial term of repayment of more than three months but less than one year or one operating cycle (if the normal cycle is more than one year). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 The net change during the reporting period in the aggregate amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 7, 8 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section A No authoritative reference available. No authoritative reference available. The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 This element represents Other Comprehensive Income (Loss), Net of Tax, for the period. Includes deferred gains (losses) on qualifying hedges, unrealized holding gains (losses) on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(3) Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 22, 23, 24, 25 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 The net change during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42 The net change during the reporting period in the account that represents the temporary difference that results from income (loss) that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 No authoritative reference available. No authoritative reference available. Income derived from investments in debt and equity securities and on cash and cash equivalents. Interest income represents earnings which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Dividend income represents a distribution of earnings to shareholders by investee companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Subparagraph a, b -Article 5 Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 2 -Article 5 The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -Subparagraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 14 -Article 5 Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph b(1) -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 15, 21 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Section Appendix E -Paragraph 289 Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 26 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 No authoritative reference available. No authoritative reference available. An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Subparagraph 1(i) -Article 4 Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No authoritative reference available. The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. No authoritative reference available. The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 34 -Paragraph 21 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher OTS -Name Federal Regulation (FR) -Number Title 12 -Chapter V -Section 563c.102 -Paragraph 9 -Subsection II Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 9 -Article 9 Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 No authoritative reference available. No authoritative reference available. Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 43 Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 20, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 31, 46 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(3) Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 46 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 24 -Subparagraph b Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 20, 24, 26 Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 Carrying value as of the balance sheet date of liabilities incurred through that date and payable for statutory sales and use taxes, including value added tax. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 7 Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 171 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 36, 37, 38 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. No authoritative reference available. Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No authoritative reference available. The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph d Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A7 -Appendix A Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 10, 15 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28, 29, 30 The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 Description of restructuring activities including exit and disposal activities, which should include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This description does not include restructuring costs in connection with a business combination or discontinued operations and long-lived assets (disposal groups) sold or classified as held for sale. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A5 -Appendix A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 30 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(3) Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 8, 9, 10, 11, 12, 13, 14 The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain or loss, net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain or loss at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains or losses realized upon the sale of securities, after tax; and (3) the unrealized gains or losses realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 17, 22 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 13 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(3) Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 24 -Subparagraph b For entities with classified balance sheets, the net change during the reporting period in the value of other assets or liabilities used in operating activities, that are not otherwise defined in the taxonomy. For entities with unclassified balance sheets, the net change during the reporting period in the value of all other assets or liabilities used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Pre-tax adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains (losses). Includes gain (loss) on foreign currency forward exchange contracts. Includes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. Includes the gain or loss on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain or loss under FAS 52 and that have been designated and have qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 19, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 52 -Paragraph 13, 20, 31 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 45 -Subparagraph c Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(3) Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 24 -Subparagraph b The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph c The cash outflow associated with security instrument that either represents a creditor or an ownership relationship with the holder of the investment security with a maturity of beyond one year or normal operating cycle, if longer. The nature of such security interests included herein may consist of debt securities, long-term capital lease obligations, and capital securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph b The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3 -Subparagraph a(1) -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5 The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 11, 12, 36 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Interest and Other, net No authoritative reference available. The charge against earnings resulting from the write down of long lived assets other than goodwill due to the difference between the carrying value and lower fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 25 Obligation related to long-term debt (excluding convertible debt) and capital leases, the portion which is due in one year or less in the future. No authoritative reference available. Investments in debt and equity securities which are categorized neither as trading securities nor held-to-maturity securities and which are intended be sold or mature within one year from the balance sheet date or the normal operating cycle, whichever is longer. Such securities are reported at fair value; unrealized gains and losses related to Available-for-sale securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain or loss of an Available-for-sale Security that is designated as being hedged in a fair value hedge shall be recognized in earnings during the period of the hedge, as should other than temporary declines in fair value below costs basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 4, 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 13, 17 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 12 -Subparagraph b Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 16 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 22 The net result for the period of deducting operating expenses from operating revenues. No authoritative reference available. No authoritative reference available. No authoritative reference available. Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 The net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18, 19, 20 The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section H The net change during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7 No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph a, b No authoritative reference available. No authoritative reference available. The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph a Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 12 -Paragraph 5 -Subparagraph b, c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7 The cash inflow associated with the sale or maturity (principal being due) of securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 18 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph b The net change during the reporting period in the book value of merchandise inventory held by a retailer, wholesaler, or distributor for future sale; includes packaging and other supplies used to store, transport, or present merchandise inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 9 -Article 5 Aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 8 -Article 5 The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7 The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 4 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 4 -Paragraph 5A The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 The net change during the period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Technical Bulletin (FTB) -Number 85-6 -Paragraph 3 No authoritative reference available. No authoritative reference available. This element may be used to describe all significant accounting policies of the reporting entity. 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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt"><b>Basis of Presentation</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt">The accompanying Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles (&#8220;GAAP&#8221;) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the year ended February&#160;1, 2009, as filed with the Securities and Exchange Commission. </div> <div align="left" style="font-size: 10pt; margin-top: 11pt"><b>Business</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt">The Home Depot, Inc. and subsidiaries (the &#8220;Company&#8221;) operate The Home Depot stores, which are full-service, warehouse-style stores averaging approximately 105,000 square feet in size. The stores stock approximately 30,000 to 40,000 different kinds of building materials, home improvement supplies and lawn and garden products that are sold to do-it-yourself customers, do-it-for-me customers, home improvement contractors, tradespeople and building maintenance professionals. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Fair Value of Financial Instruments</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt"> The carrying amounts of Cash and Cash Equivalents, Receivables and Accounts Payable approximate fair value due to the short-term maturities of these financial instruments. Short-Term Investments are recorded at fair value based on current market rates and are classified as available-for-sale. The $11.0 billion of senior notes included in Current Installments of Long-Term Debt and Long-Term Debt in the accompanying Consolidated Balance Sheets had a fair market value of $10.9 billion as of August 2, 2009. The fair market value of the senior notes was determined using Level 1 data as defined by Statement of Financial Accounting Standards No. 157, &#8220;Fair Value Measurements&#8221; (&#8220;SFAS 157&#8221;). </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Valuation Reserves</b> </div> <div align="left" style="font-size: 10pt; margin-top: 11pt">As of August&#160;2, 2009 and February&#160;1, 2009, the valuation allowances for Merchandise Inventories and uncollectible Receivables were not material. </div> </div> </body> </html> <!-- Begin Block Tagged Note 1 - us-gaap:SignificantAccountingPoliciesTextBlock--> 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES false false This element may be used to describe all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 8 false false 1 2 false UnKnown UnKnown UnKnown false true
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