Home Depot 2011 Annual Report Download - page 56

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50
Long-lived assets, goodwill and other intangible assets were also analyzed for impairment on a nonrecurring basis using fair
value measurements with unobservable inputs (level 3). Impairment charges related to long-lived assets, goodwill and other
intangible assets in fiscal 2011 and 2010 were not material, as further discussed in Note 1 under the captions "Impairment of
Long-Lived Assets" and "Goodwill and Other Intangible Assets," respectively.
The aggregate fair value of the Company’s Senior Notes, based on quoted market prices, was $12.1 billion and $9.8 billion at
January 29, 2012 and January 30, 2011, respectively, compared to a carrying value of $10.3 billion and $9.3 billion at
January 29, 2012 and January 30, 2011, respectively.
12. COMMITMENTS AND CONTINGENCIES
At January 29, 2012, the Company was contingently liable for approximately $413 million under outstanding letters of credit
and open accounts issued for certain business transactions, including insurance programs, trade contracts and construction
contracts. The Company’s letters of credit are primarily performance-based and are not based on changes in variable
components, a liability or an equity security of the other party.
The Company is involved in litigation arising from the normal course of business. In management’s opinion, this litigation is
not expected to have a material adverse effect on the Company’s consolidated financial condition or results of operations.
13. QUARTERLY FINANCIAL DATA (UNAUDITED)
The following is a summary of the quarterly consolidated results of operations for the fiscal years ended January 29, 2012
and January 30, 2011 (amounts in millions, except per share data):
Fiscal Year Ended January 29, 2012:
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Fiscal Year
Fiscal Year Ended January 30, 2011:
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Fiscal Year
Net Sales
$ 16,823
20,232
17,326
16,014
$ 70,395
$ 16,863
19,410
16,598
15,126
$ 67,997
Gross
Profit
$ 5,828
6,876
5,961
5,597
$ 24,262
$ 5,794
6,582
5,685
5,243
$ 23,304
Net
Earnings
$ 812
1,363
934
774
$ 3,883
$ 725
1,192
834
587
$ 3,338
Basic
Earnings per
Share
$ 0.51
0.87
0.61
0.51
$ 2.49
$ 0.43
0.72
0.51
0.36
$ 2.03
Diluted
Earnings per
Share
$ 0.50
0.86
0.60
0.50
$ 2.47
$ 0.43
0.72
0.51
0.36
$ 2.01
—————
Note: The quarterly data may not sum to fiscal year totals.