10-Q 1 de-20190428x10q.htm 10-Q de_Current_Folio_10Q_YTD

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549


FORM 10-Q


 

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 28, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

 

Commission file no: 1-4121


 

DEERE  &  COMPANY

(Exact name of registrant as specified in its charter)

 

 

 

Delaware
(State of incorporation)

 

36-2382580
(IRS employer identification no.)

 

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices)

Telephone Number:  (309) 765-8000

 


 

Securities Registered Pursuant to Section 12(b) of the Act:

 

 

 

 

 

 

Title of each class

 

Trading symbol

 

Name of each exchange on which registered

 

Common stock, $1 par value

 

DE

 

New York Stock Exchange

 

8½% Debentures Due 2022

 

DE22

 

New York Stock Exchange

 

6.55% Debentures Due 2028

 

DE28

 

New York Stock Exchange

 

 

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          

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes    X    No          

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

Large accelerated filer

   X  

Accelerated filer

         

Non-accelerated filer

         

Smaller reporting company

         

 

 

Emerging growth company

         

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes           No    X   

 

At April 28, 2019, 316,995,536 shares of common stock, $1 par value, of the registrant were outstanding.

 

 

 

 

 

 

 

PART I.  FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

ITEM 1.  FINANCIAL STATEMENTS

 

 

 

 

 

 

 

DEERE & COMPANY

 

 

 

 

 

 

 

STATEMENT OF CONSOLIDATED INCOME

 

 

 

 

 

 

 

For the Three Months Ended April 28, 2019 and April 29, 2018

 

 

 

 

 

 

 

(In millions of dollars and shares except per share amounts) Unaudited

 

 

 

 

 

 

 

 

 

2019

 

2018

 

Net Sales and Revenues 

 

 

 

 

 

 

 

Net sales

 

$

10,272.8

 

$

9,747.0

 

Finance and interest income

 

 

837.8

 

 

753.9

 

Other income

 

 

231.8

 

 

219.1

 

Total

 

 

11,342.4

 

 

10,720.0

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

Cost of sales

 

 

7,754.7

 

 

7,333.3

 

Research and development expenses

 

 

457.1

 

 

415.2

 

Selling, administrative and general expenses

 

 

946.9

 

 

939.2

 

Interest expense

 

 

350.8

 

 

303.7

 

Other operating expenses

 

 

359.5

 

 

344.9

 

Total

 

 

9,869.0

 

 

9,336.3

 

 

 

 

 

 

 

 

 

Income of Consolidated Group before Income Taxes

 

 

1,473.4

 

 

1,383.7

 

Provision for income taxes

 

 

343.5

 

 

177.1

 

Income of Consolidated Group

 

 

1,129.9

 

 

1,206.6

 

Equity in income of unconsolidated affiliates

 

 

6.4

 

 

3.1

 

Net Income

 

 

1,136.3

 

 

1,209.7

 

Less: Net income attributable to noncontrolling interests

 

 

1.4

 

 

1.4

 

Net Income Attributable to Deere & Company

 

$

1,134.9

 

$

1,208.3

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

Basic

 

$

3.57

 

$

3.73

 

Diluted

 

$

3.52

 

$

3.67

 

 

 

 

 

 

 

 

 

Average Shares Outstanding

 

 

 

 

 

 

 

Basic

 

 

317.9

 

 

324.2

 

Diluted

 

 

322.2

 

 

329.2

 

 

 

 

 

 

 

 

 

 

See Condensed Notes to Interim Consolidated Financial Statements.

 

2

 

 

 

 

 

 

 

 

 

 

DEERE & COMPANY

 

 

 

 

 

 

 

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME

 

 

 

 

 

 

 

For the Three Months Ended April 28, 2019 and April 29, 2018

 

 

 

 

 

 

 

(In millions of dollars) Unaudited

 

 

 

 

 

 

 

 

    

2019

    

2018

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,136.3

 

$

1,209.7

 

 

 

 

 

 

 

 

 

Other Comprehensive Income (Loss), Net of Income Taxes

 

 

 

 

 

 

 

Retirement benefits adjustment

 

 

49.1

 

 

118.9

 

Cumulative translation adjustment

 

 

(82.2)

 

 

1.6

 

Unrealized gain (loss) on derivatives 

 

 

(6.7)

 

 

4.9

 

Unrealized gain (loss) on debt securities

 

 

7.8

 

 

(9.3)

 

Other Comprehensive Income (Loss), Net of Income Taxes

 

 

(32.0)

 

 

116.1

 

 

 

 

 

 

 

 

 

Comprehensive Income of Consolidated Group

 

 

1,104.3

 

 

1,325.8

 

Less: Comprehensive income attributable to noncontrolling interests

 

 

1.4

 

 

1.7

 

Comprehensive Income Attributable to Deere & Company

 

$

1,102.9

 

$

1,324.1

 

 

 

 

 

 

 

 

 

 

See Condensed Notes to Interim Consolidated Financial Statements.

 

 

3

 

 

 

 

 

 

 

 

 

 

DEERE & COMPANY

 

 

 

 

 

 

 

STATEMENT OF CONSOLIDATED INCOME

 

 

 

 

 

 

 

For the Six Months Ended April 28, 2019 and April 29, 2018

 

 

 

 

 

 

 

(In millions of dollars and shares except per share amounts) Unaudited

 

 

 

 

 

 

 

 

    

2019

    

2018

 

Net Sales and Revenues

 

 

 

 

 

 

 

Net sales

 

$

17,213.7

 

$

15,721.0

 

Finance and interest income

 

 

1,652.7

 

 

1,476.8

 

Other income

 

 

459.6

 

 

435.7

 

Total

 

 

19,326.0

 

 

17,633.5

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

Cost of sales

 

 

13,186.3

 

 

12,037.8

 

Research and development expenses

 

 

863.8

 

 

772.0

 

Selling, administrative and general expenses

 

 

1,710.6

 

 

1,644.3

 

Interest expense

 

 

703.8

 

 

590.0

 

Other operating expenses

 

 

710.9

 

 

687.8

 

Total

 

 

17,175.4

 

 

15,731.9

 

 

 

 

 

 

 

 

 

Income of Consolidated Group before Income Taxes

 

 

2,150.6

 

 

1,901.6

 

Provision for income taxes

 

 

527.5

 

 

1,234.7

 

Income of Consolidated Group

 

 

1,623.1

 

 

666.9

 

Equity in income of unconsolidated affiliates

 

 

12.8

 

 

8.0

 

Net Income

 

 

1,635.9

 

 

674.9

 

Less: Net income attributable to noncontrolling interests

 

 

2.5

 

 

1.7

 

Net Income Attributable to Deere & Company

 

$

1,633.4

 

$

673.2

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

Basic

 

$

5.13

 

$

2.08

 

Diluted

 

$

5.07

 

$

2.05

 

 

 

 

 

 

 

 

 

Average Shares Outstanding

 

 

 

 

 

 

 

Basic

 

 

318.1

 

 

323.4

 

Diluted

 

 

322.4

 

 

328.4

 

 

 

 

 

 

 

 

 

 

See Condensed Notes to Interim Consolidated Financial Statements.

 

 

4

 

 

 

 

 

 

 

 

 

 

DEERE & COMPANY

 

 

 

 

 

 

 

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME

 

 

 

 

 

 

 

For the Six Months Ended April 28, 2019 and April 29, 2018

 

 

 

 

 

 

 

(In millions of dollars) Unaudited

 

 

 

 

 

 

 

 

    

2019

    

2018

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,635.9

 

$

674.9

 

 

 

 

 

 

 

 

 

Other Comprehensive Income (Loss), Net of Income Taxes

 

 

 

 

 

 

 

Retirement benefits adjustment

 

 

68.7

 

 

165.2

 

Cumulative translation adjustment

 

 

(243.7)

 

 

224.9

 

Unrealized gain (loss) on derivatives 

 

 

(15.1)

 

 

10.3

 

Unrealized gain (loss) on debt securities

 

 

15.7

 

 

(9.5)

 

Other Comprehensive Income (Loss), Net of Income Taxes

 

 

(174.4)

 

 

390.9

 

 

 

 

 

 

 

 

 

Comprehensive Income of Consolidated Group

 

 

1,461.5

 

 

1,065.8

 

Less: Comprehensive income attributable to noncontrolling interests

 

 

2.5

 

 

2.1

 

Comprehensive Income Attributable to Deere & Company

 

$

1,459.0

 

$

1,063.7

 

 

 

 

 

 

 

 

 

 

See Condensed Notes to Interim Consolidated Financial Statements.

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

DEERE & COMPANY

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

(In millions of dollars) Unaudited

 

 

 

 

 

 

 

 

 

 

 

    

April 28

    

October 28

    

April 29

 

 

 

2019

 

2018

 

2018

 

Assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,483.7

 

$

3,904.0

 

$

4,201.4

 

Marketable securities

 

 

545.1

 

 

490.1

 

 

479.3

 

Receivables from unconsolidated affiliates

 

 

34.1

 

 

21.7

 

 

34.3

 

Trade accounts and notes receivable – net

 

 

7,519.3

 

 

5,004.3

 

 

6,511.1

 

Financing receivables – net

 

 

25,870.3

 

 

27,054.1

 

 

24,275.5

 

Financing receivables securitized – net

 

 

4,813.6

 

 

4,021.4

 

 

4,436.3

 

Other receivables

 

 

1,477.7

 

 

1,735.5

 

 

1,398.2

 

Equipment on operating leases – net

 

 

7,039.9

 

 

7,165.4

 

 

6,723.1

 

Inventories

 

 

7,160.9

 

 

6,148.9

 

 

6,888.9

 

Property and equipment – net

 

 

5,757.1

 

 

5,867.5

 

 

5,742.9

 

Investments in unconsolidated affiliates

 

 

234.8

 

 

207.3

 

 

202.1

 

Goodwill

 

 

3,024.9

 

 

3,100.7

 

 

3,188.7

 

Other intangible assets – net

 

 

1,475.9

 

 

1,562.4

 

 

1,692.2

 

Retirement benefits

 

 

1,382.7

 

 

1,298.3

 

 

617.9

 

Deferred income taxes

 

 

1,038.9

 

 

808.0

 

 

1,718.5

 

Other assets

 

 

1,870.7

 

 

1,718.4

 

 

1,762.6

 

Total Assets

 

$

72,729.6

 

$

70,108.0

 

$

69,873.0

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

$

11,761.8

 

$

11,061.4

 

$

10,894.6

 

Short-term securitization borrowings

 

 

4,702.2

 

 

3,957.3

 

 

4,401.1

 

Payables to unconsolidated affiliates

 

 

199.5

 

 

128.9

 

 

145.7

 

Accounts payable and accrued expenses

 

 

9,625.8

 

 

10,111.0

 

 

9,789.6

 

Deferred income taxes

 

 

513.5

 

 

555.8

 

 

562.7

 

Long-term borrowings

 

 

28,255.4

 

 

27,237.4

 

 

26,278.6

 

Retirement benefits and other liabilities

 

 

5,733.1

 

 

5,751.0

 

 

7,366.1

 

Total liabilities

 

 

60,791.3

 

 

58,802.8

 

 

59,438.4

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

14.3

 

 

14.0

 

 

14.6

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

Common stock, $1 par value (issued shares at
April 28, 2019 – 536,431,204)

 

 

4,559.1

 

 

4,474.2

 

 

4,423.4

 

Common stock in treasury

 

 

(16,738.5)

 

 

(16,311.8)

 

 

(15,425.9)

 

Retained earnings

 

 

28,708.8

 

 

27,553.0

 

 

25,586.0

 

Accumulated other comprehensive income (loss)

 

 

(4,609.9)

 

 

(4,427.6)

 

 

(4,173.2)

 

Total Deere & Company stockholders’ equity

 

 

11,919.5

 

 

11,287.8

 

 

10,410.3

 

Noncontrolling interests

 

 

4.5

 

 

3.4

 

 

9.7

 

Total stockholders’ equity

 

 

11,924.0

 

 

11,291.2

 

 

10,420.0

 

Total Liabilities and Stockholders’ Equity

 

$

72,729.6

 

$

70,108.0

 

$

69,873.0

 

 

 

 

 

 

 

 

 

 

 

 

 

See Condensed Notes to Interim Consolidated Financial Statements.

 

 

6

 

 

 

 

 

 

 

 

 

 

DEERE & COMPANY

 

 

 

 

 

 

 

STATEMENT OF CONSOLIDATED CASH FLOWS

 

 

 

 

 

 

 

For the Six Months Ended April 28, 2019 and April 29, 2018

 

 

 

 

 

 

 

(In millions of dollars) Unaudited

 

 

 

 

 

 

 

 

    

2019

    

2018

 

Cash Flows from Operating Activities

 

 

              

 

 

              

 

Net income

 

$

1,635.9

 

$

674.9

 

Adjustments to reconcile net income to net cash used for operating activities:

 

 

 

 

 

 

 

Provision for credit losses

 

 

36.6

 

 

26.8

 

Provision for depreciation and amortization

 

 

1,016.5

 

 

950.8

 

Share-based compensation expense

 

 

44.4

 

 

39.8

 

Gain on sales of businesses

 

 

 

 

 

(13.2)

 

Undistributed earnings of unconsolidated affiliates

 

 

(8.6)

 

 

(4.5)

 

Provision (credit) for deferred income taxes

 

 

(282.2)

 

 

604.3

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Trade, notes, and financing receivables related to sales

 

 

(2,731.3)

 

 

(2,094.1)

 

Inventories

 

 

(1,394.3)

 

 

(1,796.8)

 

Accounts payable and accrued expenses

 

 

(66.4)

 

 

306.9

 

Accrued income taxes payable/receivable

 

 

157.0

 

 

153.0

 

Retirement benefits

 

 

20.3

 

 

67.6

 

Other

 

 

77.3

 

 

(135.6)

 

Net cash used for operating activities

 

 

(1,494.8)

 

 

(1,220.1)

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

Collections of receivables (excluding receivables related to sales)

 

 

9,175.3

 

 

8,780.9

 

Proceeds from maturities and sales of marketable securities

 

 

30.3

 

 

23.8

 

Proceeds from sales of equipment on operating leases

 

 

823.4

 

 

748.6

 

Proceeds from sales of businesses, net of cash sold

 

 

 

 

 

55.0

 

Cost of receivables acquired (excluding receivables related to sales)

 

 

(8,886.7)

 

 

(8,181.2)

 

Acquisitions of businesses, net of cash acquired

 

 

 

 

 

(5,171.1)

 

Purchases of marketable securities

 

 

(59.6)

 

 

(62.8)

 

Purchases of property and equipment

 

 

(490.9)

 

 

(352.2)

 

Cost of equipment on operating leases acquired

 

 

(924.1)

 

 

(926.5)

 

Other

 

 

(39.9)

 

 

(73.2)

 

Net cash used for investing activities

 

 

(372.2)

 

 

(5,158.7)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

Increase in total short-term borrowings

 

 

1,570.4

 

 

199.1

 

Proceeds from long-term borrowings

 

 

4,232.2

 

 

4,077.7

 

Payments of long-term borrowings

 

 

(3,426.8)

 

 

(2,888.7)

 

Proceeds from issuance of common stock

 

 

94.7

 

 

198.6

 

Repurchases of common stock

 

 

(480.4)

 

 

(60.6)

 

Dividends paid

 

 

(462.3)

 

 

(386.9)

 

Other

 

 

(55.6)

 

 

(43.9)

 

Net cash provided by financing activities

 

 

1,472.2

 

 

1,095.3

 

 

 

 

 

 

 

 

 

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

 

 

(34.8)

 

 

145.9

 

 

 

 

 

 

 

 

 

Net Decrease in Cash, Cash Equivalents, and Restricted Cash

 

 

(429.6)

 

 

(5,137.6)

 

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period

 

 

4,015.3

 

 

9,466.8

 

Cash, Cash Equivalents, and Restricted Cash at End of Period

 

$

3,585.7

 

$

4,329.2

 

 

 

 

 

 

 

 

 

 

See Condensed Notes to Interim Consolidated Financial Statements.

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEERE & COMPANY

 

STATEMENT OF CHANGES IN CONSOLIDATED STOCKHOLDERS’ EQUITY

 

For the Three and Six Months Ended April 28, 2019 and April 29, 2018

 

(In millions of dollars) Unaudited

 

 

 

 

 

 

Total Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

Deere & Company Stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Other

 

 

 

 

Redeemable

 

 

 

Stockholders’

 

Common

 

Treasury

 

Retained

 

Comprehensive

 

Noncontrolling

 

 

Noncontrolling

 

 

  

Equity

 

Stock

 

Stock

 

Earnings

 

Income (Loss)

 

Interests

  

  

Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended April 29, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 28, 2018

   

$

9,264.9

 

$

4,374.0

 

$

(15,404.3)

 

$

24,571.9

 

$

(4,289.0)

 

$

12.3

 

 

$

14.0

 

Net income

 

 

1,209.1

 

 

 

 

 

 

 

 

1,208.3

 

 

 

 

 

.8

 

 

 

.6

 

Other comprehensive income

 

 

116.1

 

 

 

 

 

 

 

 

 

 

 

115.8

 

 

.3

 

 

 

 

 

Repurchases of common stock

 

 

(50.9)

 

 

 

 

 

(50.9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury shares reissued

 

 

29.3

 

 

 

 

 

29.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared

 

 

(197.8)

 

 

 

 

 

 

 

 

(195.1)

 

 

 

 

 

(2.7)

 

 

 

 

 

Acquisitions

 

 

(1.2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.2)

 

 

 

 

 

Stock options and other

 

 

50.5

 

 

49.4

 

 

 

 

 

.9

 

 

 

 

 

.2

 

 

 

 

 

Balance April 29, 2018

 

$

10,420.0

 

$

4,423.4

 

$

(15,425.9)

 

$

25,586.0

 

$

(4,173.2)

 

$

9.7

 

 

$

14.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended April 29, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance October 29, 2017

   

$

9,560.5

 

$

4,280.5

 

$

(15,460.8)

 

$

25,301.3

 

$

(4,563.7)

 

$

3.2

 

 

$

14.0

 

Net income

 

 

674.3

 

 

 

 

 

 

 

 

673.2

 

 

 

 

 

1.1

 

 

 

.6

 

Other comprehensive income

 

 

390.9

 

 

 

 

 

 

 

 

 

 

 

390.5

 

 

.4

 

 

 

 

 

Repurchases of common stock

 

 

(60.6)

 

 

 

 

 

(60.6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury shares reissued

 

 

95.5

 

 

 

 

 

95.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared

 

 

(392.2)

 

 

 

 

 

 

 

 

(389.5)

 

 

 

 

 

(2.7)

 

 

 

 

 

Acquisitions

 

 

7.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.5

 

 

 

 

 

Stock options and other

 

 

144.1

 

 

142.9

 

 

 

 

 

1.0

 

 

 

 

 

.2

 

 

 

 

 

Balance April 29, 2018

 

$

10,420.0

 

$

4,423.4

 

$

(15,425.9)

 

$

25,586.0

 

$

(4,173.2)

 

$

9.7

 

 

$

14.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended April 28, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 27, 2019

 

$

11,332.7

 

$

4,511.5

 

$

(16,422.1)

 

$

27,816.3

 

$

(4,577.9)

 

$

4.9

 

 

$

14.0

 

Net income

 

 

1,136.0

 

 

 

 

 

 

 

 

1,134.9

 

 

 

 

 

1.1

 

 

 

.3

 

Other comprehensive loss

 

 

(32.0)

 

 

 

 

 

 

 

 

 

 

 

(32.0)

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

(336.5)

 

 

 

 

 

(336.5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury shares reissued

 

 

20.1

 

 

 

 

 

20.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared

 

 

(243.4)

 

 

 

 

 

 

 

 

(242.0)

 

 

 

 

 

(1.4)

 

 

 

 

 

Stock options and other

 

 

47.1

 

 

47.6

 

 

 

 

 

(.4)

 

 

 

 

 

(.1)

 

 

 

 

 

Balance April 28, 2019

 

$

11,924.0

 

$

4,559.1

 

$

(16,738.5)