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DELAWARE
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77-0518772
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(State or other jurisdiction of
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(IRS employer
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incorporation or organization)
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Identification no.)
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5301 STEVENS CREEK BLVD.,
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SANTA CLARA, CALIFORNIA
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95051
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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(do not check if a smaller reporting company)
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|
CLASS
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|
OUTSTANDING AT JULY, 31, 2012
|
COMMON STOCK, $0.01 PAR VALUE
|
|
348,443,140 SHARES
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|
Page
Number
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|||
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|||
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||
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||
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||
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||
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PART I
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— FINANCIAL INFORMATION
|
|
Three Months Ended
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|
Nine Months Ended
|
||||||||||||
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July 31,
|
|
July 31,
|
||||||||||||
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2012
|
|
2011
|
|
2012
|
|
2011
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||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products
|
$
|
1,428
|
|
|
$
|
1,406
|
|
|
$
|
4,205
|
|
|
$
|
4,053
|
|
Services and other
|
295
|
|
|
285
|
|
|
886
|
|
|
834
|
|
||||
Total net revenue
|
1,723
|
|
|
1,691
|
|
|
5,091
|
|
|
4,887
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of products
|
676
|
|
|
643
|
|
|
1,927
|
|
|
1,822
|
|
||||
Cost of services and other
|
157
|
|
|
156
|
|
|
482
|
|
|
457
|
|
||||
Total costs
|
833
|
|
|
799
|
|
|
2,409
|
|
|
2,279
|
|
||||
Research and development
|
162
|
|
|
162
|
|
|
490
|
|
|
486
|
|
||||
Selling, general and administrative
|
458
|
|
|
449
|
|
|
1,351
|
|
|
1,364
|
|
||||
Total costs and expenses
|
1,453
|
|
|
1,410
|
|
|
4,250
|
|
|
4,129
|
|
||||
Income from operations
|
270
|
|
|
281
|
|
|
841
|
|
|
758
|
|
||||
Interest income
|
2
|
|
|
3
|
|
|
7
|
|
|
10
|
|
||||
Interest expense
|
(24
|
)
|
|
(20
|
)
|
|
(75
|
)
|
|
(63
|
)
|
||||
Other income (expense), net
|
(10
|
)
|
|
17
|
|
|
14
|
|
|
34
|
|
||||
Income before taxes
|
238
|
|
|
281
|
|
|
787
|
|
|
739
|
|
||||
Provision (benefit) for income taxes
|
(5
|
)
|
|
(49
|
)
|
|
59
|
|
|
16
|
|
||||
Net income
|
$
|
243
|
|
|
$
|
330
|
|
|
$
|
728
|
|
|
$
|
723
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.70
|
|
|
$
|
0.95
|
|
|
$
|
2.09
|
|
|
$
|
2.08
|
|
Diluted
|
$
|
0.69
|
|
|
$
|
0.92
|
|
|
$
|
2.06
|
|
|
$
|
2.04
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares used in computing net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
348
|
|
|
348
|
|
|
348
|
|
|
347
|
|
||||
Diluted
|
353
|
|
|
357
|
|
|
353
|
|
|
355
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
$
|
0.10
|
|
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
—
|
|
|
July 31,
2012 |
|
October 31,
2011 |
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
1,923
|
|
|
$
|
3,527
|
|
Accounts receivable, net
|
950
|
|
|
860
|
|
||
Inventory
|
1,036
|
|
|
898
|
|
||
Other current assets
|
302
|
|
|
284
|
|
||
Total current assets
|
4,211
|
|
|
5,569
|
|
||
Property, plant and equipment, net
|
1,139
|
|
|
1,006
|
|
||
Goodwill
|
2,950
|
|
|
1,567
|
|
||
Other intangible assets, net
|
1,085
|
|
|
429
|
|
||
Long-term investments
|
104
|
|
|
117
|
|
||
Other assets
|
268
|
|
|
369
|
|
||
Total assets
|
$
|
9,757
|
|
|
$
|
9,057
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
492
|
|
|
$
|
472
|
|
Employee compensation and benefits
|
331
|
|
|
424
|
|
||
Deferred revenue
|
435
|
|
|
389
|
|
||
Short-term debt
|
500
|
|
|
253
|
|
||
Other accrued liabilities
|
332
|
|
|
299
|
|
||
Total current liabilities
|
2,090
|
|
|
1,837
|
|
||
Long-term debt
|
1,714
|
|
|
1,932
|
|
||
Retirement and post-retirement benefits
|
269
|
|
|
329
|
|
||
Other long-term liabilities
|
811
|
|
|
643
|
|
||
Total liabilities
|
4,884
|
|
|
4,741
|
|
||
Commitments and contingencies (Note 12)
|
—
|
|
|
—
|
|
||
Total equity:
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock; $0.01 par value; 125 million shares authorized; none issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock; $0.01 par value; 2 billion shares authorized; 595 million shares at July 31, 2012 and 591 million shares at October 31, 2011, issued
|
6
|
|
|
6
|
|
||
Treasury stock at cost; 246 million shares at July 31, 2012 and 244 million shares at October 31, 2011
|
(8,612
|
)
|
|
(8,535
|
)
|
||
Additional paid-in-capital
|
8,397
|
|
|
8,265
|
|
||
Retained earnings
|
5,114
|
|
|
4,456
|
|
||
Accumulated other comprehensive income (loss)
|
(35
|
)
|
|
116
|
|
||
Total stockholders' equity
|
4,870
|
|
|
4,308
|
|
||
Non-controlling interest
|
3
|
|
|
8
|
|
||
Total equity
|
4,873
|
|
|
4,316
|
|
||
Total liabilities and equity
|
$
|
9,757
|
|
|
$
|
9,057
|
|
|
Nine Months Ended
|
||||||
|
July 31,
|
||||||
|
2012
|
|
2011
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
728
|
|
|
$
|
723
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
207
|
|
|
190
|
|
||
Share-based compensation
|
59
|
|
|
58
|
|
||
Deferred taxes
|
2
|
|
|
30
|
|
||
Excess and obsolete inventory and inventory-related charges
|
20
|
|
|
20
|
|
||
Other non-cash expenses, net
|
2
|
|
|
9
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
(22
|
)
|
|
(31
|
)
|
||
Inventory
|
(74
|
)
|
|
(192
|
)
|
||
Accounts payable
|
(1
|
)
|
|
(36
|
)
|
||
Employee compensation and benefits
|
(105
|
)
|
|
(56
|
)
|
||
Interest swap proceeds
|
—
|
|
|
31
|
|
||
Other assets and liabilities
|
(73
|
)
|
|
4
|
|
||
Net cash provided by operating activities
|
743
|
|
|
750
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Investments in property, plant and equipment
|
(132
|
)
|
|
(138
|
)
|
||
Proceeds from lease receivable
|
80
|
|
|
—
|
|
||
Proceeds from sale of property, plant and equipment
|
—
|
|
|
17
|
|
||
Proceeds from sale of investments
|
5
|
|
|
14
|
|
||
Purchase of non-controlling interest
|
(6
|
)
|
|
—
|
|
||
Acquisitions of businesses and intangible assets, net of cash acquired
|
(2,227
|
)
|
|
(96
|
)
|
||
Change in restricted cash and cash equivalents, net
|
—
|
|
|
1,545
|
|
||
Net cash provided by (used in) investing activities
|
(2,280
|
)
|
|
1,342
|
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Issuance of common stock under employee stock plans
|
90
|
|
|
299
|
|
||
Payment of dividends
|
(70
|
)
|
|
—
|
|
||
Repayment of debt
|
—
|
|
|
(1,500
|
)
|
||
Repayment of credit facility
|
(1
|
)
|
|
—
|
|
||
Treasury stock repurchases
|
(78
|
)
|
|
(462
|
)
|
||
Net cash used in financing activities
|
(59
|
)
|
|
(1,663
|
)
|
||
|
|
|
|
||||
Effect of exchange rate movements
|
(8
|
)
|
|
23
|
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
(1,604
|
)
|
|
452
|
|
||
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
3,527
|
|
|
2,649
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,923
|
|
|
$
|
3,101
|
|
1.
|
OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
3.
|
ACQUISITION OF DAKO
|
Cash and cash equivalents
|
|
$
|
11
|
|
Accounts receivable
|
|
97
|
|
|
Inventories
|
|
91
|
|
|
Other current assets
|
|
5
|
|
|
Property, plant and equipment
|
|
140
|
|
|
Intangible assets
|
|
738
|
|
|
Other assets
|
|
14
|
|
|
Goodwill
|
|
1,384
|
|
|
Total assets acquired
|
|
2,480
|
|
|
Accounts payable
|
|
(24
|
)
|
|
Employee compensation and benefits
|
|
(24
|
)
|
|
Other accrued liabilities
|
|
(47
|
)
|
|
Long-term debt
|
|
(43
|
)
|
|
Other long-term liabilities
|
|
(198
|
)
|
|
Net assets acquired
|
|
$
|
2,144
|
|
|
Fair Value
|
|
Estimated
Useful Life
|
||
|
|
|
|
||
Developed product technology
|
$
|
287
|
|
|
8 - 9 yrs
|
Customer relationships
|
140
|
|
|
4 yrs
|
|
Tradenames and trademarks
|
128
|
|
|
12 yrs
|
|
Total intangible assets subject to amortization
|
555
|
|
|
|
|
In-process research and development
|
183
|
|
|
|
|
Total intangible assets
|
$
|
738
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 31,
|
|
July 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
||||||||||||||
Net revenue
|
$
|
1,783
|
|
|
$
|
1,777
|
|
|
$
|
5,333
|
|
|
$
|
5,153
|
|
Net income
|
$
|
252
|
|
|
$
|
312
|
|
|
$
|
707
|
|
|
$
|
640
|
|
Net income per share - basic
|
$
|
0.72
|
|
|
$
|
0.90
|
|
|
$
|
2.03
|
|
|
$
|
1.84
|
|
Net income per share - diluted
|
$
|
0.71
|
|
|
$
|
0.87
|
|
|
$
|
2.00
|
|
|
$
|
1.80
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 31,
|
|
July 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
(in millions)
|
||||||||||||||
Cost of products and services
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
12
|
|
|
$
|
13
|
|
Research and development
|
2
|
|
|
2
|
|
|
8
|
|
|
8
|
|
||||
Selling, general and administrative
|
11
|
|
|
11
|
|
|
40
|
|
|
39
|
|
||||
Total share-based compensation expense
|
$
|
15
|
|
|
$
|
16
|
|
|
$
|
60
|
|
|
$
|
60
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
July 31,
|
|
July 31,
|
||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||
Stock Option Plans:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average risk-free interest rate
|
—
|
|
|
—
|
|
|
0.9
|
%
|
|
1.5
|
%
|
Dividend yield
|
—
|
|
|
—
|
|
|
0
|
%
|
|
0
|
%
|
Weighted average volatility
|
—
|
|
|
—
|
|
|
38
|
%
|
|
35
|
%
|
Expected life
|
—
|
|
|
—
|
|
|
5.8yrs
|
|
|
5.8yrs
|
|
LTPP:
|
|
|
|
|
|
|
|
||||
Volatility of Agilent shares
|
41
|
%
|
|
—
|
|
|
41
|
%
|
|
40
|
%
|
Volatility of selected peer-company shares
|
17%-75%
|
|
|
—
|
|
|
17%-75%
|
|
|
20%-76%
|
|
Price-wise correlation with selected peers
|
62
|
%
|
|
—
|
|
|
62
|
%
|
|
55
|
%
|
5.
|
PROVISION FOR INCOME TAXES
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 31,
|
|
July 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
(in millions)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
243
|
|
|
$
|
330
|
|
|
$
|
728
|
|
|
$
|
723
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
||||||
Basic weighted-average shares
|
348
|
|
|
348
|
|
|
348
|
|
|
347
|
|
||||
Potentially dilutive common stock equivalents — stock options and other employee stock plans
|
5
|
|
|
9
|
|
|
5
|
|
|
8
|
|
||||
Diluted weighted-average shares
|
353
|
|
|
357
|
|
|
353
|
|
|
355
|
|
|
July 31, 2012
|
|
October 31, 2011
|
||||
|
|
|
|
||||
|
(in millions)
|
||||||
Finished goods
|
$
|
531
|
|
|
$
|
452
|
|
Purchased parts and fabricated assemblies
|
505
|
|
|
446
|
|
||
Inventory
|
$
|
1,036
|
|
|
$
|
898
|
|
|
Life Sciences
|
|
Chemical Analysis
|
|
Diagnostics and Genomics
|
|
Electronic
Measurement
|
|
Total
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Goodwill as of October 31, 2011
|
$
|
319
|
|
|
$
|
765
|
|
|
$
|
48
|
|
|
$
|
435
|
|
|
$
|
1,567
|
|
Foreign currency translation impact
|
(4
|
)
|
|
(10
|
)
|
|
(41
|
)
|
|
(7
|
)
|
|
(62
|
)
|
|||||
Goodwill arising from acquisitions
|
31
|
|
|
1
|
|
|
1,388
|
|
|
25
|
|
|
1,445
|
|
|||||
Goodwill as of July 31, 2012
|
$
|
346
|
|
|
$
|
756
|
|
|
$
|
1,395
|
|
|
$
|
453
|
|
|
$
|
2,950
|
|
|
Purchased Other Intangible Assets
|
||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
and
Impairments
|
|
Net Book
Value
|
||||||
|
(in millions)
|
||||||||||
As of October 31, 2011:
|
|
|
|
|
|
|
|
|
|||
Purchased technology
|
$
|
510
|
|
|
$
|
246
|
|
|
$
|
264
|
|
Backlog
|
12
|
|
|
12
|
|
|
—
|
|
|||
Trademark/Tradename
|
40
|
|
|
20
|
|
|
20
|
|
|||
Customer relationships
|
249
|
|
|
114
|
|
|
135
|
|
|||
Total amortizable intangible assets
|
811
|
|
|
392
|
|
|
419
|
|
|||
In-Process R&D
|
10
|
|
|
—
|
|
|
10
|
|
|||
Total
|
$
|
821
|
|
|
$
|
392
|
|
|
$
|
429
|
|
As of July 31, 2012:
|
|
|
|
|
|
|
|
|
|||
Purchased technology
|
809
|
|
|
299
|
|
|
510
|
|
|||
Backlog
|
14
|
|
|
13
|
|
|
1
|
|
|||
Trademark/Tradename
|
168
|
|
|
28
|
|
|
140
|
|
|||
Customer relationships
|
381
|
|
|
136
|
|
|
245
|
|
|||
Total amortizable intangible assets
|
1,372
|
|
|
476
|
|
|
896
|
|
|||
In-Process R&D
|
189
|
|
|
—
|
|
|
189
|
|
|||
Total
|
$
|
1,561
|
|
|
$
|
476
|
|
|
$
|
1,085
|
|
|
|
|
Fair Value Measurement at July 31, 2012 Using
|
||||||||||||
|
July 31, 2012
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(in millions)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Short-term
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents (money market funds)
|
$
|
1,302
|
|
|
$
|
1,302
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative instruments (foreign exchange contracts)
|
14
|
|
|
—
|
|
|
14
|
|
|
—
|
|
||||
Long-term
|
|
|
|
|
|
|
|
||||||||
Trading securities
|
47
|
|
|
47
|
|
|
—
|
|
|
—
|
|
||||
Total assets measured at fair value
|
$
|
1,363
|
|
|
$
|
1,349
|
|
|
$
|
14
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Short-term
|
|
|
|
|
|
|
|
||||||||
Derivative instruments (primarily foreign exchange contracts)
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
—
|
|
Long-term
|
|
|
|
|
|
|
|
||||||||
Deferred compensation liability
|
46
|
|
|
—
|
|
|
46
|
|
|
—
|
|
||||
Total liabilities measured at fair value
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurement at October 31, 2011 Using
|
||||||||||||
|
October 31, 2011
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(in millions)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Short-term
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents (money market funds)
|
$
|
1,972
|
|
|
$
|
1,972
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative instruments (foreign exchange and interest rate swap contracts)
|
37
|
|
|
—
|
|
|
37
|
|
|
—
|
|
||||
Long-term
|
|
|
|
|
|
|
|
||||||||
Trading securities
|
49
|
|
|
49
|
|
|
—
|
|
|
—
|
|
||||
Available-for-sale investments
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
||||
Total assets measured at fair value
|
$
|
2,061
|
|
|
$
|
2,024
|
|
|
$
|
37
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Short-term
|
|
|
|
|
|
|
|
||||||||
Derivative instruments (foreign exchange contracts)
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
—
|
|
Long-term
|
|
|
|
|
|
|
|
||||||||
Deferred compensation liability
|
46
|
|
|
—
|
|
|
46
|
|
|
—
|
|
||||
Total liabilities measured at fair value
|
$
|
57
|
|
|
$
|
—
|
|
|
$
|
57
|
|
|
$
|
—
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 31,
|
|
July 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
(in millions)
|
||||||||||||||
Long-lived assets held and used
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Long-lived assets held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
|
Derivatives in Cash Flow
Hedging Relationships
|
|
Derivatives
Not
Designated
as Hedging
Instruments
|
||||||||
|
|
Forward
Contracts
|
|
Option
Contracts
|
|
Forward
Contracts
|
||||||
Currency
|
|
Buy/(Sell)
|
|
Buy/(Sell)
|
|
Buy/(Sell)
|
||||||
|
|
(in millions)
|
||||||||||
Euro
|
|
$
|
(41
|
)
|
|
$
|
—
|
|
|
$
|
126
|
|
British Pound
|
|
—
|
|
|
—
|
|
|
140
|
|
|||
Canadian Dollar
|
|
(45
|
)
|
|
—
|
|
|
—
|
|
|||
Australian Dollars
|
|
46
|
|
|
—
|
|
|
48
|
|
|||
Malaysian Ringgit
|
|
125
|
|
|
—
|
|
|
8
|
|
|||
Japanese Yen
|
|
(71
|
)
|
|
(136
|
)
|
|
177
|
|
|||
Other
|
|
(7
|
)
|
|
—
|
|
|
(48
|
)
|
|||
Totals
|
|
$
|
7
|
|
|
$
|
(136
|
)
|
|
$
|
451
|
|
Fair Values of Derivative Instruments
|
||||||||||||||||||
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
|
Fair Value
|
|
|
|
Fair Value
|
||||||||||||
Balance Sheet Location
|
|
July 31, 2012
|
|
October 31, 2011
|
|
Balance Sheet Location
|
|
July 31, 2012
|
|
October 31, 2011
|
||||||||
(in millions)
|
||||||||||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fair value hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other current assets
|
|
$
|
—
|
|
|
$
|
3
|
|
|
Other accrued liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other current assets
|
|
$
|
8
|
|
|
$
|
7
|
|
|
Other accrued liabilities
|
|
$
|
6
|
|
|
$
|
3
|
|
Treasury lock agreements
|
|
8
|
|
|
10
|
|
|
|
|
6
|
|
|
3
|
|
||||
Other current assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other accrued liabilities
|
|
$
|
1
|
|
|
$
|
—
|
|
|
|
$
|
8
|
|
|
$
|
10
|
|
|
|
|
$
|
7
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other current assets
|
|
$
|
6
|
|
|
$
|
27
|
|
|
Other accrued liabilities
|
|
$
|
7
|
|
|
$
|
8
|
|
Total derivatives
|
|
$
|
14
|
|
|
$
|
37
|
|
|
|
|
$
|
14
|
|
|
$
|
11
|
|
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 31,
|
|
July 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
(in millions)
|
||||||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fair Value Hedges
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain (loss) on interest rate swap contracts, including interest accrual, recognized in interest expense
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Gain (loss) on hedged item, recognized in interest expense
|
$
|
—
|
|
|
$
|
(26
|
)
|
|
$
|
2
|
|
|
$
|
18
|
|
Cash Flow Hedges
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
||||||||
Gain (loss) recognized in accumulated other comprehensive income
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
—
|
|
Gain (loss) reclassified from accumulated other comprehensive income into cost of sales
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
6
|
|
|
$
|
(3
|
)
|
Treasury lock agreements
|
|
|
|
|
|
|
|
||||||||
Gain (loss) recognized in accumulated other comprehensive income
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Gain (loss) recognized in other income (expense)
|
$
|
(28
|
)
|
|
$
|
—
|
|
|
$
|
(38
|
)
|
|
$
|
28
|
|
|
Pensions
|
|
|
||||||||||||||||||||
|
U.S. Plans
|
|
Non-U.S.
Plans
|
|
U.S. Post Retirement
Benefit Plans
|
||||||||||||||||||
|
Three Months Ended July 31,
|
||||||||||||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Service cost—benefits earned during the period
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Interest cost on benefit obligation
|
7
|
|
|
7
|
|
|
19
|
|
|
18
|
|
|
3
|
|
|
4
|
|
||||||
Expected return on plan assets
|
(12
|
)
|
|
(11
|
)
|
|
(23
|
)
|
|
(24
|
)
|
|
(5
|
)
|
|
(5
|
)
|
||||||
Amortization and deferrals:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial losses
|
2
|
|
|
1
|
|
|
11
|
|
|
10
|
|
|
4
|
|
|
3
|
|
||||||
Prior service cost
|
(3
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
(8
|
)
|
|
(9
|
)
|
||||||
Total net plan costs
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
14
|
|
|
$
|
12
|
|
|
$
|
(5
|
)
|
|
$
|
(6
|
)
|
|
Pensions
|
|
|
|
|
||||||||||||||||||
|
U.S. Plans
|
|
Non-U.S.
Plans
|
|
U.S. Post Retirement
Benefit Plans
|
||||||||||||||||||
|
Nine Months Ended July 31,
|
||||||||||||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Service cost—benefits earned during the period
|
$
|
30
|
|
|
$
|
31
|
|
|
$
|
24
|
|
|
$
|
24
|
|
|
$
|
3
|
|
|
$
|
3
|
|
Interest cost on benefit obligation
|
21
|
|
|
21
|
|
|
56
|
|
|
53
|
|
|
11
|
|
|
17
|
|
||||||
Expected return on plan assets
|
(35
|
)
|
|
(33
|
)
|
|
(69
|
)
|
|
(70
|
)
|
|
(15
|
)
|
|
(15
|
)
|
||||||
Amortization and deferrals:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial losses
|
5
|
|
|
3
|
|
|
32
|
|
|
29
|
|
|
12
|
|
|
10
|
|
||||||
Prior service cost
|
(9
|
)
|
|
(9
|
)
|
|
(1
|
)
|
|
—
|
|
|
(26
|
)
|
|
(18
|
)
|
||||||
Total net plan costs
|
$
|
12
|
|
|
$
|
13
|
|
|
$
|
42
|
|
|
$
|
36
|
|
|
$
|
(15
|
)
|
|
$
|
(3
|
)
|
|
Nine Months Ended July 31,
|
||||||
|
2012
|
|
2011
|
||||
|
(in millions)
|
||||||
Beginning balance as of November 1
|
$
|
50
|
|
|
$
|
45
|
|
Accruals for warranties including change in estimate
|
65
|
|
|
54
|
|
||
Reserve acquired upon close of Dako acquisition
|
1
|
|
|
—
|
|
||
Settlements made during the period
|
(57
|
)
|
|
(50
|
)
|
||
Ending balance as of July 31,
|
$
|
59
|
|
|
$
|
49
|
|
|
July 31, 2012
|
|
October 31, 2011
|
||||||||||||||||||||
|
Amortized
Principal
|
|
Swap
|
|
Total
|
|
Amortized
Principal
|
|
Swap
|
|
Total
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
2012 Senior Notes
|
$
|
250
|
|
|
$
|
—
|
|
|
$
|
250
|
|
|
$
|
250
|
|
|
$
|
3
|
|
|
$
|
253
|
|
2013 Senior Notes
|
$
|
250
|
|
|
$
|
—
|
|
|
$
|
250
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
$
|
250
|
|
|
$
|
3
|
|
|
$
|
253
|
|
|
July 31, 2012
|
|
October 31, 2011
|
||||||||||||||||||||
|
Amortized
Principal
|
|
Swap
|
|
Total
|
|
Amortized
Principal
|
|
Swap
|
|
Total
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
2013 Senior Notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250
|
|
|
$
|
—
|
|
|
$
|
250
|
|
2015 Senior Notes
|
499
|
|
|
20
|
|
|
519
|
|
|
499
|
|
|
24
|
|
|
523
|
|
||||||
2017 Senior Notes
|
599
|
|
|
27
|
|
|
626
|
|
|
598
|
|
|
31
|
|
|
629
|
|
||||||
2020 Senior Notes
|
498
|
|
|
29
|
|
|
527
|
|
|
498
|
|
|
32
|
|
|
530
|
|
||||||
Total
|
$
|
1,596
|
|
|
$
|
76
|
|
|
$
|
1,672
|
|
|
$
|
1,845
|
|
|
$
|
87
|
|
|
$
|
1,932
|
|
|
Three Months Ended
|
||||||
|
July 31,
|
||||||
|
2012
|
|
2011
|
||||
|
(in millions)
|
||||||
Net income
|
$
|
243
|
|
|
$
|
330
|
|
Other comprehensive income:
|
|
|
|
||||
Change in unrealized gain on investments
|
—
|
|
|
—
|
|
||
Change in unrealized gain and loss on derivative instruments
|
(2
|
)
|
|
2
|
|
||
Reclassification of (gains) and losses into earnings related to derivative instruments, net of $(1) and $1 of tax
|
—
|
|
|
—
|
|
||
Foreign currency translation
|
(102
|
)
|
|
(9
|
)
|
||
Change in deferred net defined benefit pension cost and post retirement plan costs:
|
|
|
|
||||
Net gain, net of $3 and $3 of tax
|
13
|
|
|
11
|
|
||
Prior service (loss) and gain
|
(12
|
)
|
|
(11
|
)
|
||
Comprehensive income
|
$
|
140
|
|
|
$
|
323
|
|
|
Nine Months Ended
|
||||||
|
July 31,
|
||||||
|
2012
|
|
2011
|
||||
|
(in millions)
|
||||||
Net income
|
$
|
728
|
|
|
$
|
723
|
|
Other comprehensive income:
|
|
|
|
||||
Change in unrealized gain on investments, net of $(8) and zero of tax
|
6
|
|
|
(5
|
)
|
||
Change in unrealized gain and loss on derivative instruments
|
4
|
|
|
—
|
|
||
Reclassification of (gains) and losses into earnings related to derivative instruments, net of zero and $1 of tax
|
(6
|
)
|
|
2
|
|
||
Foreign currency translation
|
(160
|
)
|
|
147
|
|
||
Change in deferred net defined benefit pension cost and post retirement plan costs:
|
|
|
|
||||
Net gain, net of $9 and $10 of tax
|
41
|
|
|
27
|
|
||
Prior service (loss) and gain
|
(36
|
)
|
|
188
|
|
||
Comprehensive income
|
$
|
577
|
|
|
$
|
1,082
|
|
|
Life Sciences
|
|
Chemical
Analysis
|
|
Diagnostics and Genomics
|
|
Electronic
Measurement
|
|
Total
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Three months ended July 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total net revenue
|
$
|
391
|
|
|
$
|
381
|
|
|
$
|
106
|
|
|
$
|
845
|
|
|
$
|
1,723
|
|
Segment income from operations
|
$
|
57
|
|
|
$
|
80
|
|
|
$
|
16
|
|
|
$
|
197
|
|
|
$
|
350
|
|
Three months ended July 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total segment revenue
|
$
|
383
|
|
|
$
|
383
|
|
|
$
|
70
|
|
|
$
|
856
|
|
|
$
|
1,692
|
|
Varian acquisition deferred revenue fair value adjustment
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
Total net revenue
|
$
|
383
|
|
|
$
|
382
|
|
|
$
|
70
|
|
|
$
|
856
|
|
|
$
|
1,691
|
|
Segment income from operations
|
$
|
51
|
|
|
$
|
79
|
|
|
$
|
9
|
|
|
$
|
204
|
|
|
$
|
343
|
|
|
Life Sciences
|
|
Chemical
Analysis
|
|
Diagnostics and Genomics
|
|
Electronic
Measurement
|
|
Total
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Nine months ended July 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total net revenue
|
$
|
1,181
|
|
|
$
|
1,165
|
|
|
$
|
246
|
|
|
$
|
2,499
|
|
|
$
|
5,091
|
|
Segment income from operations
|
$
|
159
|
|
|
$
|
241
|
|
|
$
|
39
|
|
|
$
|
562
|
|
|
$
|
1,001
|
|
Nine months ended July 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total segment revenue
|
$
|
1,113
|
|
|
$
|
1,113
|
|
|
$
|
208
|
|
|
$
|
2,461
|
|
|
$
|
4,895
|
|
Varian acquisition deferred revenue fair value adjustment
|
$
|
(4
|
)
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(8
|
)
|
Total net revenue
|
$
|
1,109
|
|
|
$
|
1,109
|
|
|
$
|
208
|
|
|
$
|
2,461
|
|
|
$
|
4,887
|
|
Segment income from operations
|
$
|
145
|
|
|
$
|
216
|
|
|
$
|
24
|
|
|
$
|
551
|
|
|
$
|
936
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 31,
|
|
July 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
(in millions)
|
||||||||||||||
Total reportable segments’ income from operations
|
$
|
350
|
|
|
$
|
343
|
|
|
$
|
1,001
|
|
|
$
|
936
|
|
Restructuring related costs
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Acceleration of depreciation for held and used assets
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
||||
Transformational initiatives
|
(3
|
)
|
|
(11
|
)
|
|
(19
|
)
|
|
(33
|
)
|
||||
Amortization of intangibles
|
(32
|
)
|
|
(29
|
)
|
|
(85
|
)
|
|
(85
|
)
|
||||
Acquisition and integration costs
|
(29
|
)
|
|
(11
|
)
|
|
(40
|
)
|
|
(39
|
)
|
||||
Varian acquisition related fair value adjustments
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(8
|
)
|
||||
Other
|
(1
|
)
|
|
(8
|
)
|
|
(1
|
)
|
|
(11
|
)
|
||||
Interest income
|
2
|
|
|
3
|
|
|
7
|
|
|
10
|
|
||||
Interest expense
|
(24
|
)
|
|
(20
|
)
|
|
(75
|
)
|
|
(63
|
)
|
||||
Other income (expense), net
|
(10
|
)
|
|
17
|
|
|
14
|
|
|
34
|
|
||||
Income before taxes, as reported
|
$
|
238
|
|
|
$
|
281
|
|
|
$
|
787
|
|
|
$
|
739
|
|
|
Life Sciences
|
|
Chemical
Analysis
|
|
Diagnostics and Genomics
|
|
Electronic
Measurement
|
|
Total
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
As of July 31, 2012
|
$
|
1,462
|
|
|
$
|
1,739
|
|
|
$
|
2,645
|
|
|
$
|
2,184
|
|
|
$
|
8,030
|
|
As of October 31, 2011
|
$
|
1,479
|
|
|
$
|
1,772
|
|
|
$
|
358
|
|
|
$
|
2,156
|
|
|
$
|
5,765
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
||||||||||||||||
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
||||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
||||||||||
|
(in millions)
|
|
|
|
|
||||||||||||||||
Orders
|
$
|
1,662
|
|
|
$
|
1,687
|
|
|
$
|
5,126
|
|
|
$
|
5,017
|
|
|
(1
|
)%
|
|
2
|
%
|
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products
|
$
|
1,428
|
|
|
$
|
1,406
|
|
|
$
|
4,205
|
|
|
$
|
4,053
|
|
|
2
|
%
|
|
4
|
%
|
Services and other
|
295
|
|
|
285
|
|
|
886
|
|
|
834
|
|
|
4
|
%
|
|
6
|
%
|
||||
Total net revenue
|
$
|
1,723
|
|
|
$
|
1,691
|
|
|
$
|
5,091
|
|
|
$
|
4,887
|
|
|
2
|
%
|
|
4
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
||||||||||||||||
|
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
||||||||||
Total gross margin
|
|
51.7
|
%
|
|
52.7
|
%
|
|
52.7
|
%
|
|
53.4
|
%
|
|
(1) ppt
|
|
|
(1) ppt
|
|
||||
Operating margin
|
|
15.7
|
%
|
|
16.6
|
%
|
|
16.5
|
%
|
|
15.5
|
%
|
|
(1) ppt
|
|
|
1 ppt
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Research and development
|
|
$
|
162
|
|
|
$
|
162
|
|
|
$
|
490
|
|
|
$
|
486
|
|
|
—
|
|
|
1
|
%
|
Selling, general and administrative
|
|
$
|
458
|
|
|
$
|
449
|
|
|
$
|
1,351
|
|
|
$
|
1,364
|
|
|
2
|
%
|
|
(1
|
)%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
|
||||||||||||||||
|
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
|
||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
|
||||||||||
|
|
(in millions)
|
|
|
|
|
|
||||||||||||||||
Orders
|
|
$
|
373
|
|
|
$
|
382
|
|
|
$
|
1,177
|
|
|
$
|
1,164
|
|
|
(2
|
)
|
%
|
1
|
|
%
|
Net revenue
|
|
$
|
391
|
|
|
$
|
383
|
|
|
$
|
1,181
|
|
|
$
|
1,113
|
|
|
2
|
|
%
|
6
|
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
|
||||||||||||||||
|
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
|
||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
|
||||||||||
Gross margin
|
|
50.5
|
|
%
|
49.8
|
|
%
|
50.1
|
|
%
|
50.7
|
|
%
|
1
|
|
ppt
|
(1
|
)
|
ppt
|
||||
Operating margin
|
|
14.5
|
|
%
|
13.3
|
|
%
|
13.4
|
|
%
|
13.0
|
|
%
|
1
|
|
ppt
|
—
|
|
ppt
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
|
$
|
35
|
|
|
$
|
34
|
|
|
$
|
105
|
|
|
$
|
101
|
|
|
2
|
|
%
|
4
|
|
%
|
Selling, general and administrative
|
|
$
|
106
|
|
|
$
|
106
|
|
|
$
|
328
|
|
|
$
|
319
|
|
|
—
|
|
%
|
3
|
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
|
||||||||||||||||
|
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
|
||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
|
||||||||||
|
|
(in millions)
|
|
|
|
|
|
||||||||||||||||
Orders
|
|
$
|
372
|
|
|
$
|
400
|
|
|
$
|
1,183
|
|
|
$
|
1,168
|
|
|
(7
|
)
|
%
|
1
|
|
%
|
Net revenue
|
|
$
|
381
|
|
|
$
|
383
|
|
|
$
|
1,165
|
|
|
$
|
1,113
|
|
|
—
|
|
%
|
5
|
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
|
||||||||||||||||
|
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
|
||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
|
||||||||||
Gross margin
|
|
50.1
|
|
%
|
50.7
|
|
%
|
50.9
|
|
%
|
50.7
|
|
%
|
(1
|
)
|
ppt
|
—
|
|
ppt
|
||||
Operating margin
|
|
20.9
|
|
%
|
20.6
|
|
%
|
20.7
|
|
%
|
19.4
|
|
%
|
—
|
|
ppt
|
1
|
|
ppt
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
|
$
|
23
|
|
|
$
|
23
|
|
|
$
|
70
|
|
|
$
|
69
|
|
|
—
|
|
%
|
1
|
|
%
|
Selling, general and administrative
|
|
$
|
89
|
|
|
$
|
93
|
|
|
$
|
283
|
|
|
$
|
279
|
|
|
(4
|
)
|
%
|
1
|
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
|
||||||||||||||||
|
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
|
||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
|
||||||||||
|
|
(in millions)
|
|
|
|
|
|
||||||||||||||||
Orders
|
|
$
|
106
|
|
|
$
|
63
|
|
|
$
|
241
|
|
|
$
|
202
|
|
|
69
|
|
%
|
19
|
|
%
|
Net revenue
|
|
$
|
106
|
|
|
$
|
70
|
|
|
$
|
246
|
|
|
$
|
208
|
|
|
52
|
|
%
|
18
|
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
|
||||||||||||||||
|
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
|
||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
|
||||||||||
Gross margin
|
|
60.8
|
|
%
|
59.2
|
|
%
|
62.6
|
|
%
|
60.3
|
|
%
|
2
|
|
ppt
|
2
|
|
ppt
|
||||
Operating margin
|
|
15.2
|
|
%
|
12.6
|
|
%
|
15.8
|
|
%
|
11.5
|
|
%
|
3
|
|
ppt
|
4
|
|
ppt
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
|
$
|
13
|
|
|
$
|
10
|
|
|
$
|
33
|
|
|
$
|
30
|
|
|
35
|
|
%
|
10
|
|
%
|
Selling, general and administrative
|
|
$
|
36
|
|
|
$
|
23
|
|
|
$
|
83
|
|
|
$
|
72
|
|
|
54
|
|
%
|
16
|
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
|
||||||||||||||||
|
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
|
||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
|
||||||||||
|
|
(in millions)
|
|
|
|
|
|
||||||||||||||||
Orders
|
|
$
|
811
|
|
|
$
|
842
|
|
|
$
|
2,525
|
|
|
$
|
2,483
|
|
|
(4
|
)
|
%
|
2
|
|
%
|
Net revenue
|
|
$
|
845
|
|
|
$
|
856
|
|
|
$
|
2,499
|
|
|
$
|
2,461
|
|
|
(1
|
)
|
%
|
2
|
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Year over Year Change
|
|
||||||||||||||||
|
|
July 31,
|
|
July 31,
|
|
Three
|
|
Nine
|
|
||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Months
|
|
Months
|
|
||||||||||
Gross margin
|
|
55.9
|
|
%
|
57.7
|
|
%
|
56.9
|
|
%
|
58.5
|
|
%
|
(2
|
)
|
ppts
|
(2
|
)
|
ppt
|
||||
Operating margin
|
|
23.3
|
|
%
|
23.8
|
|
%
|
22.5
|
|
%
|
22.4
|
|
%
|
(1
|
)
|
ppt
|
—
|
|
ppts
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
|
$
|
91
|
|
|
$
|
95
|
|
|
$
|
281
|
|
|
$
|
284
|
|
|
(4
|
)
|
%
|
(1
|
)
|
%
|
Selling, general and administrative
|
|
$
|
184
|
|
|
$
|
195
|
|
|
$
|
578
|
|
|
$
|
603
|
|
|
(6
|
)
|
%
|
(4
|
)
|
%
|
•
|
identify and separate the intellectual property to be divested from the intellectual property that we wish to keep; and
|
•
|
difficulties in the assimilation of different corporate cultures, practices and sales and distribution methodologies, as well as in the assimilation and retention of geographically dispersed, decentralized operations and personnel;
|
•
|
the potential loss of key customers or suppliers who choose not to do business with the combined business; and
|
•
|
the use of cash resources and increased capital expenditures on additional investment or research and development activities in excess of our current expectations, which could offset any synergies resulting from the Dako acquisition and limit other potential uses of our cash, including stock repurchases and retirement of outstanding debt.
|
•
|
the possibility that we may not be able to expand the reach and customer base for Dako products as expected;
|
•
|
the possibility that we may not be able to expand the reach and customer base for Agilent products as expected; and
|
•
|
the fact that the acquisition will substantially expand our diagnostics business, and we may not experience anticipated growth in that market.
|
•
|
increasing our vulnerability to downturns in our business, to competitive pressures and to adverse economic and industry conditions;
|
•
|
requiring the dedication of an increased portion of our expected cash from operations to service our indebtedness, thereby reducing the amount of expected cash flow available for other purposes, including capital expenditures, acquisitions and stock repurchases; and
|
Period
|
|
Total Number of
Shares of Common
Stock Purchased
(1)(2)
|
|
Weighted Average
Price Paid per Share
of
Common Stock
(2)
|
|
Total
Number of
Shares of Common
Stock Purchased as
Part of Publicly
Announced Plans or
Programs
(1)
|
|
Maximum
Approximate Dollar
Value of Shares of
Common Stock that
May Yet Be
Purchased Under the
Plans or Programs
(in millions)
|
||||
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
||||
May. 1, 2012 through May. 31, 2012
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
NA
|
Jun. 1, 2012 through Jun. 30, 2012
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
NA
|
Jul. 1, 2012 through Jul. 31, 2012
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
NA
|
Total
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
NA
|
(1)
|
On November 19, 2009 our Board of Directors approved a new share repurchase program to reduce or eliminate dilution in connection with issuances of stock under the company’s equity incentive plans. The new share repurchase program does not require the company to acquire a specific number of shares and may be suspended or discontinued at any time. There is no fixed termination date for the new share repurchase program.
|
(2)
|
The weighted average price paid per share of common stock does not include the cost of commissions.
|
Dated:
|
September 5, 2012
|
By:
|
/s/ Didier Hirsch
|
|
|
|
Didier Hirsch
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
Dated:
|
September 5, 2012
|
By:
|
/s/ Solange Glaize
|
|
|
|
Solange Glaize
|
|
|
|
Vice President, Corporate Controllership
|
|
|
|
(Principal Accounting Officer)
|
Exhibit
|
|
|
|
Number
|
|
Description
|
|
11.1
|
|
|
See Note 6, “Net Income Per Share”, to our Condensed Consolidated Financial Statements on page 12.
|
|
|
|
|
31.1
|
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
31.2
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
32.1
|
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
32.2
|
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
101.INS XBRL
|
|
Instance Document
|
|
|
|
|
|
101.SCH XBRL
|
|
Schema Document
|
|
|
|
|
|
101.CAL XBRL
|
|
Calculation Linkbase Document
|
|
|
|
|
|
101.LAB XBRL
|
|
Labels Linkbase Document
|
|
|
|
|
|
101.PRE XBRL
|
|
Presentation Linkbase Document
|
|
|
|
|
|
101.DEF XBRL
|
|
Definition Linkbase Document
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|