Summary

Other Scenarios:

Buyer: Ingersoll-Rand Company Limited (IR) Last Price: 45.93 Market Cap.: 12.53B
Target: Trane Inc (TT) Last Price: 46.70 Market Cap.: 9.12B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Consumer 950
Consumer Products and Services 371
Industrial and Materials 852
Industrial Manufacturing 383
Materials   438

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 8)
  • Ingersoll-Rand Industrial Technologies
  • Koxca
  • Hussmann
  • Thermo King
Target (Total: 8)
  • Trane
  • American Standard
Buyer
  • Kryptonite
Target
  • American Standard
  • Jado
  • Porcher
  • Ideal Standard

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 12)
  • Olympic Steel, Inc. (ZEUS)
  • Cummins Inc. (CMI)
  • Ryder System, Inc. (R)
  • Woodward Governor Company (WGOV)
Target (Total: 1)
  • WESCO International, Inc. (WCC)
Buyer (Total: 5)
  • Dresser-Rand Group Inc. (DRC)
  • Interline Brands, Inc. (IBI)
  • H&E Equipment Services, Inc. (HEES)
  • Myers Industries, Inc. (MYE)
Target (Total: 21)
  • Daimler AG (USA) (DAI)
  • The Home Depot, Inc. (HD)
  • Nissan Motor Co., Ltd. (ADR) (NSANY)
  • Lowe's Companies, Inc. (LOW)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 35,560 29,600
Revenue Per Employee 262,056.5 247,028.1
Total Revenue 2,323.3 1,823.0
Total Expenses 2,024.5 1,733.0
Other Revenue 0.0 0.0
Cost of Revenue 1,658.2 1,345.0
SG&A Expense 366.3 359.0
Research & Development 0.0 0.0
Other Operating Expense 0.0 3.0
Operating Income 298.8 90.0
Unusual Income 0.0 0.0
LT Debt to Capital 8.27 56.08
Fwd P/E 12.34 18.81
Fwd P/Rev 1.00 1.16
Book Value 7,907.9 538.0
Curr Portion of LTD/Cap Lease 681.1 344.0

Individual Company Summary

Focused

Buyer

Focused (): Industrial and Materials > Industrial Manufacturing

Target

Focused (): Industrial and Materials > Industrial Manufacturing > Machinery Manufacturing > Air, Liquid, and Gas Control > Environmental Control Machinery/Equipment > Heating, Ventilation, and Air Conditioning (HVAC)

Revenue/Earnings Summary

Buyer
Fiscal Year:
Quarter:
2008
*  Dec
2007
Dec
2006
Dec
Q1
Rev. (M)
EPS
*  2,079.1
0.72
1,976.2
0.70
1,804.6
0.76
Q2
Rev. (M)
EPS
*  3,025.9
0.92
2,224.6
3.17
2,048.0
0.95
Q3
Rev. (M)
EPS
*  4,043.1
ÿ
6,439.8
4.63
5,890.7
2.41
Q4
Rev. (M)
EPS
*  3,994.2
ÿ
2,323.3
9.06
2,143.0
0.72
FY
Rev. (M)
EPS
*  12,493.1
3.72
8,763.1
13.43
8,033.7
3.20
*  - Estimates
Target
Fiscal Year:
Quarter:
2008
*  Dec
2007
Dec
2006
Dec
Q1
Rev. (M)
EPS
*  1,698.2
0.35
2,166.0
0.84
1,943.0
0.40
Q2
Rev. (M)
EPS
*  2,153.6
0.87
3,645.0
1.67
3,322.0
1.32
Q3
Rev. (M)
EPS
*  2,091.9
ÿ
1,982.0
0.30
1,840.0
0.73
Q4
Rev. (M)
EPS
*  1,871.1
ÿ
1,823.0
-0.62
1,596.0
0.56
FY
Rev. (M)
EPS
*  7,846.9
2.48
7,450.0
1.40
6,758.0
2.62
*  - Estimates

Business Description

Buyer

Ingersoll-Rand Company Limited (IR Limited) operates in three business segments: Climate Control Technologies, Industrial Technologies and Security Technologies. The Company generates revenue and cash primarily through the design, manufacture, sale and service of a diverse portfolio of industrial and commercial products that include brand names, such as Club Car, Hussmann, Ingersoll-Rand, Schlage and Thermo King. On December 17, 2007, IR Limited announced that the Company had executed a definitive agreement to acquire Trane Inc., which is a global player in indoor climate control systems, services and solutions. Trane has 34 production facilities worldwide. On November 30, 2007, the Company completed the sale of its Bobcat, Utility Equipment and Attachments business units (collectively, Compact Equipment). On April 30, 2007, IR Limited completed the sale of its Road Development business unit to AB Volvo (publ) in all countries except for India, which closed on May 4, 2007.

Target

Trane Inc. (Trane) is a global manufacturer of commercial and residential heating, ventilation and air conditioning equipment (HVAC) and provides systems and services that enhance the quality of the air in homes and buildings worldwide. The Company offers customers a range of energy-efficient HVAC systems; dehumidifying and air cleaning products; service and parts support and advanced building controls. The Company?s systems and services have positions in commercial, residential, institutional and industrial markets.

Deal Summary

Scenario 1:
Buyer's Share Price: 45.93; Target's Share Price: 46.70; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 2:
Buyer's Share Price: 45.93; Target's Share Price: 51.37; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 3:
Buyer's Share Price: 45.93; Target's Share Price: 56.04; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 4:
Buyer's Share Price: 45.93; Target's Share Price: 60.71; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;

Deal Scenarios Analytics

  Scenario 1 Scenario 2 Scenario 3 Scenario 4
Financial Analysis
Financing Value 9.37B 10.30B 11.24B 12.18B
Required for deal
Stock 9.37B 10.30B 11.24B 12.18B
Cash 0 0 0 0
Debt 0 0 0 0
Shares
New Shares to be Issued 203.91M 224.30M 244.69M 265.08M
New Shares Outstanding F.D 481.91M 502.30M 522.69M 543.08M
Taxes
New Tax Rate 0.22 0.22 0.22 0.22
EPS
Old FD EPS 2.64 2.64 2.64 2.64
New FD EPS 2.50 2.40 2.30 2.22
Goodwill and Synergy
Goodwill/Intangibles 8.83B 9.76B 10.70B 11.64B
Total Synergy Required for Accretion 85.66M 154.43M 223.19M 291.96M
Pro Forma % Ownership
Buyer's 57.69% 55.35% 53.19% 51.19%
Seller's 42.31% 44.65% 46.81% 48.81%
Accretion/Dilution
Per Share -0.14 -0.24 -0.33 -0.42
% Change -5.27% -9.12% -12.66% -15.94%
Total Consideration
Cash as % of Total Consideration to increase $0.01 EPS 3.32% 3.67% 4.13% 4.75%
Synergy to increase $0.01 EPS 6.16M 6.42M 6.68M 6.94M

Key Ratios

  Buyer Target Scenario 1 Scenario 2 Scenario 3 Scenario 4
Gross Margin % 28.43 28.43 28.43 28.43 28.43 28.43
Operating Margin % 12.07 8.08 10.24 10.24 10.24 10.24
Quick Ratio 1.98 0.91 1.54 1.54 1.54 1.54
Current Ratio 2.38 1.36 1.96 1.96 1.96 1.96
Coverage Ratio -0.13 0.15 0.14 0.14 0.14 0.14
Total Assets 14,376.2 5,100.0 19,476.2 19,476.2 19,476.2 19,476.2
Return on Equity % 9.27 74.35 51.19 51.19 51.19 51.19
Return on Assets % 5.1 7.84 6.18 6.18 6.18 6.18
Cash+ ST Inv. Per Share 17.03 4.5 10.38 10.38 10.38 10.38
Total Debt 1,453.7 1,060.0 1,488.6 1,488.6 1,488.6 1,488.6
Total Debt to Equity % 18.38 197.03 17.63 17.63 17.63 17.63
Total Debt to Tangible Equity % 45.57 484.02 -18.09 -18.09 -18.09 -18.09
Debt to Asset % 10.11 20.78 7.64 7.64 7.64 7.64

Product Details

Sector Buyer Target
Consumer
Consumer Products and Services
Household Products
The Household Products sector includes furniture and other home and institutional decorative items, major and small appliances, kitchenware, and other related products.
  
Leisure Goods
Equipment and products generally used by individuals during leisure activities. Includes toy and hobby goods, athletic equipment, giftware, and school and art supplies, including writing instruments.
  
Industrial and Materials
Industrial Manufacturing
Electrical Equipment and Power Systems
Electrical Equipment and Power Systems includes manufacturers of heavy-duty, or infrastructure equipment, and machinery that generate, transmit, and distribute electric power. It also contains electric lighting companies, as well as manufacturers of products enabling end-user use and management of electric power.
  
Machinery Manufacturing
Companies in Machinery Manufacturing create a variety of mechanical systems and components; including machinery used in industrial factories, farming, mining, construction, lawn and garden care, and foodservice industries.
Transportation Equipment
Includes vehicles and other equipment designed for personal and commercial transportation activities. Jets, airplanes, and helicopters are excluded and can be found in the Aerospace and Defense hierarchy.
  
Materials  
Metal and Mineral Products
The Metal and Mineral Products Subsector includes companies that produce primary and industrial metal products, as well as clay, ceramic and glass products.
  

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Consumer
Consumer Products and Services
Household Products  
Household Appliances and Tools  
Other Household Products  
Plumbing Fixtures and Trim
Plumbing fixtures, trim, and related products, including sinks, toilets, tubs, showers, and faucets.

Target Products:

  • American Standard
  • Jado
  • Porcher
  • Ideal Standard
  • Standard
  • Armitage Shanks
  • Dolomite
  
Leisure Goods  
Sporting and Athletic Goods  
Bicycles and Accessories
Manufacturers of bicycles and bicycle locks.

Buyer Products:

  • Kryptonite
  
Industrial and Materials
Industrial Manufacturing
Electrical Equipment and Power Systems  
Power Generation/Support Products  
Power Plant and Electrical Grid Systems
Equipment used primarily by energy companies and utilities to generate electric power, and to transmit it along the power grid.

Buyer Products:

  • Ingersoll-Rand Industrial Technologies
  
Machinery Manufacturing
Air, Liquid, and Gas Control
Environmental Control Machinery/Equipment  
Heating, Ventilation, and Air Conditioning (HVAC)
Heating, ventilation, and air conditioning (HVAC) equipment serve to control and regulate temperature, humidity and air quality in an enclosed space.

Target Products:

  • Trane
  • American Standard
  
Fluid Control Machinery/Equipment  
Compressor/Pumping Equipment
Industrial application pumps used to move, compresses, or alter the pressure of a fluid, such as water or air, being conveyed through a natural or artificial channel. Pumps convert mechanical force and motion into hydraulic fluid power.

Buyer Products:

  • Ingersoll-Rand Industrial Technologies
  
Gas Storage/Control/Transmission Equipment
Machinery and equipment used to control, transport, and utilize air and gases for industrial purposes.

Buyer Products:

  • Ingersoll-Rand Industrial Technologies
  
Commercial Service Industry Machinery  
Foodservice
Manufacturers of automatic vending machines, supermarket food displays, restaurant kitchen equipment, and large-scale refrigeration equipment.

Buyer Products:

  • Koxca
  • Hussmann
  • Thermo King
  • Krack
  
Industrial Machinery Parts and Support Equipment  
Motion Control Products
Machinery systems and components used for precision motion control in a variety of commercial and industrial applications. Includes precision spin motors, vertical/horizontal direction handlers, and "stop-and-go" controllers.

Buyer Products:

  • Ingersoll-Rand Industrial Technologies
  
Natural Resource and Construction Machinery  
Building and Construction
Manufacturers of specialized machinery used for building and construction. Some examples include lift trucks, building cranes, and cement mixers. This level also includes building structural machinery such as elevators and escalators.

Buyer Products:

  • Montabert
  
Transportation Equipment  
Consumer Vehicles  
Recreation Equipment  
Personal Recreation Vehicles  
All-Terrain Vehicles (ATVs)
Includes four and six wheeled vehicles (such as golf carts), and related accessories, designed for off-road recreational and light duty purposes.

Buyer Products:

  • Club Car
  
Materials  
Metal and Mineral Products  
Metal  
Industrial Metal Products  
Metal Parts and Components  
Locks
Locks and locking mechanisms

Buyer Products:

  • Kryptonite
  

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Siemens AG (ADR) n/a 104,787.198 7.55 8.99 1.00 0.85 5.10
Honeywell International Inc. n/a 44,780.659 17.49 16.13 1.26 1.17 n/a
Fortune Brands, Inc. n/a 10,935.662 14.35 14.40 1.28 1.35 n/a
Lennox International Inc. n/a 2,050.706 12.13 11.91 0.55 0.54 3.76
Buyer
  Siemens AG (ADR) n/a 104,787.198 7.55 8.99 1.00 0.85 5.10
Caterpillar Inc. n/a 51,996.762 14.26 14.60 1.11 1.13 7.65
Target
  Siemens AG (ADR) n/a 104,787.198 7.55 8.99 1.00 0.85 5.10
United Technologies Corporation n/a 70,660.940 16.04 15.01 1.26 1.20 53.98
Honeywell International Inc. n/a 44,780.659 17.49 16.13 1.26 1.17 n/a
Johnson Controls, Inc. n/a 20,944.761 15.11 14.13 0.57 0.54 8.72
Continental AG (ADR) n/a 18,887.973 11.94 9.94 0.73 n/a n/a
Fortune Brands, Inc. n/a 10,935.662 14.35 14.40 1.28 1.35 n/a
Masco Corporation n/a 7,214.172 18.69 20.34 0.61 0.68 n/a
The Black & Decker Corporation n/a 4,143.596 8.00 12.20 0.63 0.66 16.86
Lennox International Inc. n/a 2,050.706 12.13 11.91 0.55 0.54 3.76
EMCOR Group, Inc. n/a 1,701.156 13.42 12.10 0.29 0.27 24.66
ArvinMeritor, Inc. n/a 967.512 0.00 10.00 0.15 0.14 56.91
Tecumseh Products Company n/a 645.126 0.00 -19.72 0.57 0.46 0.89
AAON, Inc. n/a 343.874 14.85 13.52 1.31 1.24 3.60
Sanitec Group LLC n/a n/a n/a n/a n/a n/a n/a
Kohler Co. n/a n/a n/a n/a n/a n/a n/a
TOTO LTD. n/a n/a n/a n/a n/a n/a n/a
Knorr-Bremse AG n/a n/a n/a n/a n/a n/a n/a
Hong Leong Group Malaysia n/a n/a n/a n/a n/a n/a n/a
Paloma Industries Limited n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  WESCO International, Inc. n/a 1,753.979 7.29 8.00 0.29 0.28 n/a
Buyer
  Olympic Steel, Inc. 9.00% 530.758 21.00 12.06 0.52 0.47 2.07
Cummins Inc. n/a 11,054.945 14.96 12.19 0.85 0.76 3.85
Ryder System, Inc. n/a 3,732.862 14.70 14.53 0.57 0.61 2.93
Woodward Governor Company n/a 2,007.114 19.01 17.59 1.84 1.64 5.66
WESCO International, Inc. n/a 1,753.979 7.29 8.00 0.29 0.28 n/a
Tenneco Inc. n/a 1,284.569 0.00 12.12 0.21 0.19 3.21
SuccessFactors, Inc. n/a 547.757 0.00 -5.64 8.65 5.23 27.47
QAD Inc. n/a 231.732 42.79 23.33 0.88 n/a 5.62
Voyager Learning Company n/a 170.399 0.00 -9.50 0.31 n/a n/a
Industrial Distribution Group Inc. n/a 112.282 27.72 n/a 0.21 n/a 1.39
Schmitt Industries, Inc. n/a 16.245 15.77 n/a 1.45 n/a 1.22
Cycle Country Accessories Corp. n/a 9.611 12.25 n/a 0.66 n/a 0.84
Target
  WESCO International, Inc. n/a 1,753.979 7.29 8.00 0.29 0.28 n/a

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Dresser-Rand Group Inc. n/a 2,971.118 27.85 17.49 1.78 1.47 n/a
Interline Brands, Inc. n/a 634.843 12.46 11.90 0.51 0.50 n/a
H&E Equipment Services, Inc. n/a 482.465 7.47 7.07 0.48 0.43 2.17
Myers Industries, Inc. n/a 458.513 8.38 10.28 0.50 n/a 3.90
Target
  Daimler AG (USA) n/a 80,703.971 13.09 9.02 0.52 0.51 1.65
The Home Depot, Inc. n/a 48,977.215 11.14 16.11 0.63 0.67 2.97
Nissan Motor Co., Ltd. (ADR) n/a 36,402.512 9.85 8.20 0.36 0.37 1.10
Lowe's Companies, Inc. n/a 36,296.892 12.92 16.14 0.75 0.74 2.25
AB Volvo (ADR) n/a 32,139.141 14.06 14.11 0.74 0.76 4.95
PACCAR Inc n/a 18,336.483 14.94 13.79 1.20 1.13 3.66
Ford Motor Company n/a 17,003.689 0.00 -20.14 0.10 0.11 4.78
General Motors Corporation n/a 12,040.081 0.00 -17.81 0.07 0.06 n/a
Cummins Inc. n/a 11,054.945 14.96 12.19 0.85 0.76 3.85
Wolseley plc (ADR) n/a 7,244.793 11.11 9.12 0.22 0.22 6.12
Hino Motors, Ltd. (ADR) n/a 3,562.401 74.84 n/a 0.44 n/a n/a
Watsco, Incorporated n/a 1,237.910 19.84 19.27 0.70 0.72 2.25
ArvinMeritor, Inc. n/a 967.512 0.00 10.00 0.15 0.14 56.91
Comfort Systems USA, Inc. n/a 553.286 17.04 13.03 0.50 0.46 2.85
Kingfisher PLC n/a 0.000 0.00 n/a 0.00 n/a n/a
Scania AB n/a n/a n/a n/a n/a n/a n/a
MAN Aktiengesellschaft n/a n/a n/a n/a n/a n/a n/a
Hyundai Co., Ltd n/a n/a n/a n/a n/a n/a n/a
Compagnie de Saint-Gobain n/a n/a n/a n/a n/a n/a n/a
Fiat S.p.A. (ADR) n/a n/a n/a n/a n/a n/a n/a
ZF Friedrichshafen AG n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Fastenal Company n/a 7,472.438 30.29 26.60 3.49 3.14 7.18
Dresser-Rand Group Inc. n/a 2,971.118 27.85 17.49 1.78 1.47 n/a
Interline Brands, Inc. n/a 634.843 12.46 11.90 0.51 0.50 n/a
H&E Equipment Services, Inc. n/a 482.465 7.47 7.07 0.48 0.43 2.17
Myers Industries, Inc. n/a 458.513 8.38 10.28 0.50 n/a 3.90
Marten Transport, Ltd n/a 348.631 23.29 26.77 0.62 0.59 1.47
Taiwan Fu Hsing Industrial Company Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  The Home Depot, Inc. n/a 48,977.215 11.14 16.11 0.63 0.67 2.97
Lowe's Companies, Inc. n/a 36,296.892 12.92 16.14 0.75 0.74 2.25
Cummins Inc. n/a 11,054.945 14.96 12.19 0.85 0.76 3.85
Watsco, Incorporated n/a 1,237.910 19.84 19.27 0.70 0.72 2.25
ArvinMeritor, Inc. n/a 967.512 0.00 10.00 0.15 0.14 56.91
Comfort Systems USA, Inc. n/a 553.286 17.04 13.03 0.50 0.46 2.85
Kingfisher PLC n/a 0.000 0.00 n/a 0.00 n/a n/a
The TVS Group n/a n/a n/a n/a n/a n/a n/a
The Michelin Group n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

Scenario 1:
Buyer's Share Price: 45.93; Target's Share Price: 46.70; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 2:
Buyer's Share Price: 45.93; Target's Share Price: 51.37; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 3:
Buyer's Share Price: 45.93; Target's Share Price: 56.04; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
Scenario 4:
Buyer's Share Price: 45.93; Target's Share Price: 60.71; Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;
  Buyer Target Scenario 1 Scenario 2 Scenario 3 Scenario 4
Income Statement
Operating Items
Revenue 8,763.1 7,450.0 16,213.1 16,213.1 16,213.1 16,213.1
Other Revenue 0.0 0.0 0.0 0.0 0.0 0.0
Total Revenue 8,763.1 7,450.0 16,213.1 16,213.1 16,213.1 16,213.1
Cost of Revenue 6,272.0 5,332.0 11,604.0 11,604.0 11,604.0 11,604.0
SG&A Expense 1,433.3 1,400.0 2,833.3 2,833.3 2,833.3 2,833.3
Depreciation & Amortization 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expense 0.0 110.0 110.0 110.0 110.0 110.0
Other Operating Expense 0.0 6.0 6.0 6.0 6.0 6.0
Total Expenses 7,705.3 6,848.0 14,553.3 14,553.3 14,553.3 14,553.3
Operating Income 1,057.8 602.0 1,659.8 1,659.8 1,659.8 1,659.8
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -136.2 0.0 -136.2 -136.2 -136.2 -136.2
Other, Net 15.9 0.0 15.9 15.9 15.9 15.9
Income Before Taxes 937.5 602.0 1,539.5 1,539.5 1,539.5 1,539.5
Income Taxes 204.4 202.0 335.7 335.7 335.7 335.7
Income After Taxes 733.1 400.0 1,203.8 1,203.8 1,203.8 1,203.8
Net Income - Excl. Xord. Items 733.1 400.0 1,203.8 1,203.8 1,203.8 1,203.8
Discontinued Operations 3,233.6 -114.0 n/a n/a n/a n/a
Net Income - Incl. Xord. Items 3,966.7 286.0 4,323.4 4,323.4 4,323.4 4,323.4
Income Avail. to Common 3,966.7 286.0 4,323.4 4,323.4 4,323.4 4,323.4
Share Items
Basic Avg. Shares Outstanding 278.0 195.0 481.9 502.3 522.7 543.1
Basic EPS - Excl. Xord. Items 2.64 2.05 2.50 2.40 2.30 2.22
Basic EPS - Incl. Xord. Items 14.27 1.47 8.97 8.61 8.27 7.96
Full Dilution Adjustment 0.0 0.0 n/a n/a n/a n/a
Fully Diluted Shares Outstanding 278.0 200.5 481.9 502.3 522.7 543.1
F.D. EPS - Excl. Xord. Items 2.64 1.99 2.50 2.40 2.30 2.22
F.D. EPS - Incl. Xord. Items 14.27 1.43 8.97 8.61 8.27 7.96
Dividends Per Common Share 0.72 0.68 n/a n/a n/a n/a
Balance Sheet
Assets
Cash and Equivalents 4,735.3 903.0 5,638.3 5,638.3 5,638.3 5,638.3
ST Investments 0.1 0.0 0.1 0.1 0.1 0.1
Accounts Receivable 1,660.7 1,139.0 2,799.7 2,799.7 2,799.7 2,799.7
Inventory 827.2 698.0 1,525.2 1,525.2 1,525.2 1,525.2
Other Current Assets 477.4 314.0 791.4 791.4 791.4 791.4
Current Assets 7,700.7 3,054.0 10,754.7 10,754.7 10,754.7 10,754.7
PPE 0.0 1,158.0 1,158.0 1,158.0 1,158.0 1,158.0
Accum D&A 0.0 -325.0 -325.0 -325.0 -325.0 -325.0
PPE, Net 904.9 833.0 1,737.9 1,737.9 1,737.9 1,737.9
Goodwill & Intangibles 4,717.9 319.0 13,864.3 14,800.9 15,737.4 16,673.9
Long Term Investments 0.0 27.0 27.0 27.0 27.0 27.0
Other Assets 0.0 0.0 0.0 0.0 0.0 0.0
Other LT Assets 1,052.7 867.0 1,919.7 1,919.7 1,919.7 1,919.7
Total Assets 14,376.2 5,100.0 19,476.2 19,476.2 19,476.2 19,476.2
Liabilities
Accounts Payable 721.2 485.0 1,206.2 1,206.2 1,206.2 1,206.2
Payable/Accrued 0.0 0.0 0.0 0.0 0.0 0.0
Accrued Expenses 1,773.5 876.0 2,649.5 2,649.5 2,649.5 2,649.5
ST Debt 59.9 29.0 88.9 88.9 88.9 88.9
Curr Port of LTD & Cap Lease Oblg 681.1 344.0 1,025.1 1,025.1 1,025.1 1,025.1
Other (Current) Liabilities 0.0 507.0 507.0 507.0 507.0 507.0
Current Liab. 3,235.7 2,241.0 5,476.7 5,476.7 5,476.7 5,476.7
LT Debt 712.7 687.0 1,399.7 1,399.7 1,399.7 1,399.7
Total LT Debt 712.7 687.0 1,399.7 1,399.7 1,399.7 1,399.7
Minority Interest (BS) 97.5 0.0 97.5 97.5 97.5 97.5
Deferred Taxes 0.0 11.0 11.0 11.0 11.0 11.0
Other LT Liab. 2,422.4 1,622.0 4,044.4 4,044.4 4,044.4 4,044.4
Total Liabilities 6,468.3 4,561.0 11,029.3 11,029.3 11,029.3 11,029.3
Shareholders Equity
Common Stock 272.6 3.0 275.6 275.6 275.6 275.6
Additional Paid in Capital 0.0 959.0 959.0 959.0 959.0 959.0
Retained Earnings 7,388.8 1,578.0 8,966.8 8,966.8 8,966.8 8,966.8
Unrealized Gain (Loss) 0.0 -109.0 -109.0 -109.0 -109.0 -109.0
Treasure Stock 0.0 -1,765.0 -1,765.0 -1,765.0 -1,765.0 -1,765.0
Other Equity 246.5 -128.0 118.5 118.5 118.5 118.5
Total Equity 7,907.9 538.0 8,445.9 8,445.9 8,445.9 8,445.9
Total Liab. & Equity 14,376.2 5,099.0 19,475.2 19,475.2 19,475.2 19,475.2
Shares Outstanding 272.6 194.5 476.5 496.9 517.3 537.7
Cash Flow
Operating Cash Flow
CF Net Income 2,785.1 113.0 2,968.8 2,968.8 2,968.8 2,968.8
CF Depreciation 68.2 45.0 113.2 113.2 113.2 113.2
CF Amortization 0.0 12.0 12.0 12.0 12.0 12.0
CF Deferred Taxes 146.6 -76.0 70.6 70.6 70.6 70.6
Other Non-Cash Items -2,410.6 -58.0 -2,468.6 -2,468.6 -2,468.6 -2,468.6
Change in Working Capital 108.6 197.0 305.6 305.6 305.6 305.6
Total Cash From Operating Activities 697.9 233.0 1,001.6 1,001.6 1,001.6 1,001.6
Investing Cash Flow (not calculated)
Capital Expenditures -61.9 -116.0 n/a n/a n/a n/a
Other Investing Cash Flows 4,848.1 1,517.0 n/a n/a n/a n/a
Total Cash From Investing Activities 4,786.2 1,401.0 n/a n/a n/a n/a
Financing Cash Flow (not calculated)
Dividends Paid -100.2 -100.0 n/a n/a n/a n/a
Purchase Or Sale of Stock -1,114.6 -380.0 n/a n/a n/a n/a
Purchase and Retirement of Debt -155.7 -552.0 n/a n/a n/a n/a
Other Financing Cash Flow 36.1 -92.0 n/a n/a n/a n/a
Total Cash From Financing Activities -1,334.4 -1,129.0 n/a n/a n/a n/a
Exchange Rate Effects 42.7 16.0 n/a n/a n/a n/a
Net Change in Cash 4,192.4 522.0 n/a n/a n/a n/a
Cash Taxes Paid 470.1 197.0 n/a n/a n/a n/a
Cash Interest Paid 95.3 80.0 n/a n/a n/a n/a

Accretion/Dilution Matrices

Cash as Percentage of the Total Consideration

  Consideration 0 - $9,365.42 Consideration 1 - $10,301.96 Consideration 2 - $11,332.16 Consideration 3 - $12,465.38
Cash % Proforma EPS Acc./Dil. Acc./Dil. %