x |
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2007
|
|
o |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934 FOR THE TRANSITION PERIOD
FROM
TO
|
DELAWARE
|
43-1162835
|
(State
of
Incorporation)
|
(I.R.S.
Employer Identification No.)
|
Yes
x
|
No
o
|
Large
Accelerated Filer x
|
Accelerated
Filer o
|
Non-Accelerated
Filer o
|
Yes
o
|
No
x
|
In
millions, except per share
|
June
30,
2007
|
Dec.
31,
2006
|
||||||
Assets
|
||||||||
Current
Assets:
|
||||||||
Cash
|
$303.1
|
$219.2
|
||||||
Accounts
receivable
|
1,046.7
|
720.2
|
||||||
Inventories
|
699.6
|
694.9
|
||||||
Other
current assets
|
203.6
|
195.2
|
||||||
Total
current assets
|
2,253.0
|
1,829.5
|
||||||
Investments
in affiliated companies
|
3,721.2
|
3,680.3
|
||||||
Plant
and
equipment, net
|
8,830.2
|
8,916.1
|
||||||
Intangible
assets, including goodwill of $1,094.4 and $1,077.8
|
1,451.3
|
1,367.2
|
||||||
Other
assets
|
610.4
|
584.1
|
||||||
Total
Assets
|
$16,866.1
|
$16,377.2
|
||||||
Liabilities
and Shareholders Equity
|
||||||||
Current
Liabilities:
|
||||||||
Accounts
payable
|
$1,400.8
|
$1,426.3
|
||||||
Accrued
salaries, wages and
benefits
|
301.2
|
342.8
|
||||||
Accrued
taxes
|
309.6
|
133.9
|
||||||
Accrued
interest
|
131.6
|
124.2
|
||||||
Other
current
liabilities
|
282.0
|
218.9
|
||||||
Total
current
liabilities
|
2,425.2
|
2,246.1
|
||||||
Retirement
benefits
|
1,153.4
|
1,191.5
|
||||||
Debt
|
7,953.9
|
7,653.5
|
||||||
Deferred
income taxes
|
1,187.0
|
1,194.5
|
||||||
Other
long-term liabilities
|
238.0
|
152.9
|
||||||
Shareholders
Equity:
|
||||||||
Common
stock, $1.00 par value,
authorized 1.6 billion shares
|
1,479.7
|
1,473.7
|
||||||
Capital
in excess of par
value
|
3,178.4
|
2,962.5
|
||||||
Retained
earnings
|
17,487.4
|
16,741.0
|
||||||
Treasury
stock, at cost
|
(17,138.9 | ) |
(16,007.7
|
)
|
||||
Accumulated
non-owner changes in
equity
|
(1,098.0
|
) | (1,230.8 |
)
|
||||
Total
Shareholders
Equity
|
3,908.6
|
3,938.7
|
||||||
Commitments
and contingencies
|
--
|
--
|
||||||
Total
Liabilities and Shareholders
Equity
|
$16,866.1
|
$16,377.2
|
||||||
Second
Quarter
Ended
June
30,
|
Six
Months
Ended
June
30,
|
|||||||||||||||
In
millions, except per share
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Gross
sales
|
$5,126.2
|
$4,854.0
|
$9,531.8
|
$9,150.3
|
||||||||||||
Excise
taxes
|
(610.8 |
)
|
(598.0 |
)
|
(1,158.0 | ) | (1,138.7 | ) | ||||||||
Net
Sales
|
4,515.4
|
4,256.0
|
8,373.8
|
8,011.6
|
||||||||||||
Cost
of sales
|
(2,857.9 | ) | (2,660.7 | ) | (5,332.6 | ) | (5,078.4 | ) | ||||||||
Gross
profit
|
1,657.5
|
1,595.3
|
3,041.2
|
2,933.2
|
||||||||||||
Marketing,
distribution
and
administrative
expenses
|
(756.2 | ) | (714.3 | ) | (1,421.9 | ) | (1,330.0 | ) | ||||||||
Operating
income
|
901.3
|
881.0
|
1,619.3
|
1,603.2
|
||||||||||||
Interest
expense
|
(119.7 | ) | (115.2 | ) | (239.6 | ) | (230.3 | ) | ||||||||
Interest
capitalized
|
4.2
|
5.0
|
7.7
|
9.0
|
||||||||||||
Interest
income
|
1.5
|
0.2
|
2.0
|
0.8
|
||||||||||||
Other
income/(expense),
net
|
9.6
|
(6.8 | ) |
3.7
|
(3.1 | ) | ||||||||||
Income
before
income taxes
|
796.9
|
764.2
|
1,393.1
|
1,379.6
|
||||||||||||
Provision
for income
taxes
|
(314.6 | ) | (296.8 | ) | (552.7 | ) | (535.4 | ) | ||||||||
Equity
income, net of tax
|
194.7
|
170.4
|
354.1
|
292.8
|
||||||||||||
Net
income
|
$677.0
|
$637.8
|
$1,194.5
|
$1,137.0
|
||||||||||||
Basic
earnings per share
|
$.90
|
$.83
|
$1.57
|
$1.47
|
||||||||||||
Diluted
earnings per share
|
$.88
|
$.82
|
$1.55
|
$1.46
|
||||||||||||
Weighted
average shares outstanding
|
||||||||||||||||
Basic
|
754.8
|
769.8
|
759.2
|
773.0
|
||||||||||||
Diluted
|
765.1
|
777.0
|
770.3
|
778.8
|
||||||||||||
Six
Months
|
||||||||
In
millions
|
Ended
June
30,
|
|||||||
2007
|
2006
|
|||||||
Cash
flow
from operating activities:
|
||||||||
Net
income
|
$1,194.5
|
$1,137.0
|
||||||
Adjustments
to reconcile net income to
cash provided by
operating
activities:
|
||||||||
Depreciation
and
amortization
|
494.2
|
490.0
|
||||||
Decrease
in deferred income
taxes
|
(39.2 | ) | (34.7 | ) | ||||
Stock-based
compensation
expense
|
31.3
|
35.1
|
||||||
Undistributed
earnings of affiliated
companies
|
49.0
|
(52.8 | ) | |||||
Gain
on sale of
business
|
(16.0 | ) |
--
|
|||||
Other,
net
|
16.8
|
(139.3 | ) | |||||
Operating
cash flow before the change
in working capital
|
1,730.6
|
1,435.3
|
||||||
Increase
in working capital
|
(117.5 | ) | (55.8 | ) | ||||
Cash
provided by operating
activities
|
1,613.1
|
1,379.5
|
||||||
Cash
flow
from investing activities:
|
||||||||
Capital
expenditures
|
(346.2 | ) | (318.1 | ) | ||||
Acquisitions
|
(84.6 | ) | (82.3 | ) | ||||
Proceeds
from sale of
business
|
16.2
|
--
|
||||||
Cash
used for investing
activities
|
(414.6 | ) | (400.4 | ) | ||||
Cash
flow
from financing activities:
|
||||||||
Increase
in debt
|
333.2
|
300.9
|
||||||
Decrease
in debt
|
(71.5 | ) | (437.9 | ) | ||||
Dividends
paid to
shareholders
|
(448.1 | ) | (417.8 | ) | ||||
Acquisition
of treasury
stock
|
(1,131.4 | ) | (467.8 | ) | ||||
Shares
issued under stock
plans
|
203.2
|
40.2
|
||||||
Cash
used for financing
activities
|
(1,114.6 | ) | (982.4 | ) | ||||
Net
increase
/ (decrease) in cash during the period
|
83.9
|
(3.3 | ) | |||||
Cash,
beginning of period
|
219.2
|
225.8
|
||||||
Cash,
end of
period
|
$303.1
|
$222.5
|
||||||
2nd
Quarter
|
U.S.
Beer
|
International
Beer
|
Packaging
|
Entertainment
|
Corporate
&
Elims
|
Consolidated
|
2007
|
||||||
Gross
Sales
|
$3,749.1
|
349.3
|
744.9
|
400.6
|
(117.7)
|
$5,126.2
|
Net
Sales:
|
||||||
-
Intersegment
|
$0.9
|
0.2
|
249.7
|
-
|
(250.8)
|
$
-
|
-
External
|
$3,208.1
|
278.4
|
495.2
|
400.6
|
133.1
|
$4,515.4
|
Income
Before
Income
Taxes
|
$795.8
|
28.6
|
55.0
|
113.9
|
(196.4)
|
$796.9
|
Equity
Income
|
$1.5
|
193.2
|
-
|
-
|
-
|
$194.7
|
Net
Income
|
$494.9
|
210.9
|
34.1
|
70.6
|
(133.5)
|
$677.0
|
2006
|
||||||
Gross
Sales
|
$3,528.5
|
339.9
|
714.7
|
369.4
|
(98.5)
|
$4,854.0
|
Net
Sales:
|
|
|
|
|
||
-
Intersegment
|
$0.8
|
-
|
243.3
|
-
|
(244.1)
|
$
-
|
-
External
|
$3,001.8
|
267.7
|
471.4
|
369.4
|
145.7
|
$4,256.0
|
Income
Before
Income
Taxes
|
$783.3
|
26.0
|
45.2
|
108.5
|
(198.8)
|
$764.2
|
Equity
Income
|
$1.1
|
169.3
|
-
|
-
|
-
|
$170.4
|
Net
Income
|
$486.8
|
185.4
|
28.0
|
67.3
|
(129.7)
|
$637.8
|
First
Six
Months
|
U.S.
Beer
|
International
Beer
|
Packaging
|
Entertainment
|
Corporate
&
Elims
|
Consolidated
|
2007
|
||||||
Gross
Sales
|
$7,212.6
|
628.8
|
1,349.4
|
585.6
|
(244.6)
|
$9,531.8
|
Net
Sales:
|
||||||
-
Intersegment
|
$1.7
|
0.5
|
481.7
|
-
|
(483.9)
|
$-
|
-
External
|
$6,167.5
|
513.7
|
867.7
|
585.6
|
239.3
|
$8,373.8
|
Income
Before
Income
Taxes
|
$1,557.9
|
46.2
|
99.5
|
95.4
|
(405.9)
|
$1,393.1
|
Equity
Income
|
$1.6
|
352.5
|
-
|
-
|
-
|
$354.1
|
Net
Income
|
$967.5
|
381.1
|
61.7
|
59.1
|
(274.9)
|
$1,194.5
|
2006
|
||||||
Gross
Sales
|
$6,886.2
|
597.0
|
1,344.1
|
540.1
|
(217.1)
|
$9,150.3
|
Net
Sales:
|
|
|
|
|
||
-
Intersegment
|
$1.5
|
-
|
469.2
|
-
|
(470.7)
|
$
-
|
-
External
|
$5,858.3
|
484.6
|
874.9
|
540.1
|
253.7
|
$8,011.6
|
Income
Before
Income
Taxes
|
$1,557.5
|
48.1
|
83.9
|
90.9
|
(400.8)
|
$1,379.6
|
Equity
Income
|
$1.7
|
291.1
|
-
|
-
|
-
|
$292.8
|
Net
Income
|
$967.4
|
320.9
|
52.0
|
56.4
|
(259.7)
|
$1,137.0
|
Options
Outstanding
|
Options
Exercisable
|
||||||
Range
of
Exercise
Prices
|
Number
|
Wtd.
Avg.
Remaining
Life
|
Wtd.
Avg.
Exercise
Price
|
Pretax
In-The-
Money
Value
|
Number
|
Wtd.
Avg.
Exercise
Price
|
Pretax
In-The-
Money
Value
|
$20
-
$29
|
3.5
|
1.3
years
|
$28.78
|
$80.6
|
3.5
|
$28.78
|
$80.6
|
$30
-
$39
|
6.7
|
2.3
years
|
$37.84
|
94.1
|
6.7
|
$37.84
|
94.1
|
$40
-
$49
|
56.2
|
5.9
years
|
$46.49
|
332.1
|
40.3
|
$46.95
|
171.9
|
$50
-
$53
|
27.7
|
6.3
years
|
$51.29
|
25.6
|
24.0
|
$51.44
|
25.6
|
$20
-
$53
|
94.1
|
5.6
years
|
$46.64
|
$532.4
|
74.5
|
$46.74
|
$372.2
|
Second
Quarter
|
First
Six
Months
|
|||||||||
2007
|
2006
|
2007
|
2006
|
|||||||
Gains
|
Losses
|
Gains
|
Losses
|
Gains
|
Losses
|
Gains
|
Losses
|
|||
$2.8
|
$4.3
|
--
|
$14.2
|
$6.5
|
$9.4
|
$0.5
|
$40.9
|
Second
Quarter
|
First
Six
Months
|
||||||
2007
|
2006
|
2007
|
2006
|
||||
Basic
weighted average shares
|
754.8
|
769.8
|
759.2
|
773.0
|
|||
Diluted
weighted average shares
|
765.1
|
777.0
|
770.3
|
778.8
|
June
30,
2007
|
Dec.
31,
2006
|
||
Foreign
currency translation loss
|
$(346.3)
|
$(452.2)
|
|
Deferred
hedging gains / (losses)
|
(1.8)
|
2.1
|
|
Deferred
securities valuation gains
|
1.1
|
1.3
|
|
Deferred
retirement benefits costs
|
(751.0)
|
(782.0)
|
|
Accumulated
non-owner changes in shareholders equity
|
$(1,098.0)
|
$(1,230.8)
|
Second
Quarter
|
First
Six
Months
|
|||||||
2007
|
2006
|
2007
|
2006
|
|||||
Net
income
|
$677.0
|
$637.8
|
$1,194.5
|
$1,137.0
|
||||
Foreign
currency translation gains / (losses)
|
147.0
|
(236.6)
|
105.9
|
(202.1)
|
||||
Net
change in
deferred hedging losses
|
(7.0)
|
(2.8)
|
(3.9)
|
(3.4)
|
||||
Net
change in
deferred securities valuation
|
0.2
|
0.6
|
(0.2)
|
1.0
|
||||
Change
in
deferred retirement benefits costs
|
31.0
|
--
|
31.0
|
--
|
||||
Combined
net
income and non-owner
changes
in
shareholders equity
|
$848.2
|
$399.0
|
$1,327.3
|
$932.5
|
June
30,
2007
|
Dec.
31,
2006
|
||
Raw
Materials
|
$295.3
|
$385.6
|
|
Work-in-Process
|
120.1
|
110.8
|
|
Finished
Goods
|
284.2
|
198.5
|
|
Total
Inventories
|
$699.6
|
$694.9
|
June
30,
2007
|
Dec.
31,
2006
|
||
Domestic
Beer
|
$21.2
|
$21.2
|
|
International
Beer
|
1,311.6
|
1,283.0
|
|
Packaging
|
21.9
|
21.9
|
|
Entertainment
|
288.3
|
288.3
|
|
Total
goodwill
|
$1,643.0
|
$1,614.4
|
Pensions
|
|||||
Second
Quarter
|
First
Six
Months
|
||||
2007
|
2006
|
2007
|
2006
|
||
Service
cost
(benefits earned during the period)
|
$25.0
|
$26.5
|
$50.1
|
$53.1
|
|
Interest
cost
on benefit obligation
|
44.7
|
42.5
|
89.3
|
85.0
|
|
Assumed
return on plan assets
|
(52.2)
|
(49.6)
|
(104.3)
|
(99.2)
|
|
Amortization
of prior service cost and net actuarial
losses
|
21.4
|
28.5
|
42.7
|
57.0
|
|
FAS
88
Settlement
|
--
|
--
|
19.0
|
--
|
|
Expense
for
defined benefit plans
|
38.9
|
47.9
|
96.8
|
95.9
|
|
Cash
contributed to multi-employer plans
|
4.0
|
4.0
|
8.2
|
7.9
|
|
Cash
contributed to defined contribution plans
|
5.1
|
5.0
|
10.3
|
9.7
|
|
Total
expense
|
$48.0
|
$56.9
|
$115.3
|
$113.5
|
Postretirement
Health Care
|
|||||
Second
Quarter
|
First
Six
Months
|
||||
2007
|
2006
|
2007
|
2006
|
||
Service
cost
(benefits earned during the period)
|
$6.9
|
$6.1
|
$13.4
|
$12.3
|
|
Interest
cost
on benefit obligation
|
11.7
|
8.7
|
22.6
|
17.4
|
|
Amortization
of prior service cost and net actuarial
losses
|
4.1
|
1.4
|
8.2
|
2.7
|
|
Total
expense
|
$22.7
|
$16.2
|
$44.2
|
$32.4
|
Results
of
Operations
|
||||||||
Second
Quarter
|
First
Six
Months
|
|||||||
2007
|
2006
|
2007
|
2006
|
|||||
Gross
sales
|
$1,843.8
|
$1,473.5
|
$3,274.8
|
$2,706.5
|
||||
Net
sales
|
$1,743.6
|
$1,374.3
|
$3,076.0
|
$2,516.7
|
||||
Gross
profit
|
$947.1
|
$733.5
|
$1,663.4
|
$1,338.9
|
||||
Minority
interest expense
|
$67.0
|
$0.5
|
$110.4
|
$0.8
|
||||
Net
income
|
$380.1
|
$331.8
|
$692.8
|
$573.7
|
||||
As
of June 30
|
||||||||
2007
|
2006
|
|||||||
Cash
/
marketable securities
|
$1,573.6
|
$1,617.6
|
||||||
Other
current
assets
|
$1,506.8
|
$946.7
|
||||||
Non-current
assets
|
$4,937.7
|
$4,281.6
|
||||||
Current
liabilities
|
$623.9
|
$466.1
|
||||||
Non-current
liabilities
|
$368.8
|
$353.1
|
Reported
Beer
Volume (millions of barrels) for Periods Ended June
30
|
|||||||||||
Second
Quarter
|
Six
Months
|
||||||||||
Versus
2006
|
Versus
2006
|
||||||||||
2007
|
Barrels
|
%
|
2007
|
Barrels
|
%
|
||||||
U.S.
|
27.5
|
Up
0.6
|
Up
2.3%
|
53.3
|
Up
0.8
|
Up
1.5%
|
|||||
International
|
5.9
|
|
Up
0.1
|
Up
1.6%
|
11.1
|
Up
0.5
|
Up
4.8%
|
||||
Worldwide
A-B Brands
|
33.4
|
Up
0.7
|
Up
2.2%
|
64.4
|
Up
1.3
|
Up
2.0%
|
|||||
Int’l
Equity
Partner Brands
|
9.1
|
Up
0.6
|
Up
6.8%
|
15.7
|
Up
0.8
|
Up
5.6%
|
|||||
Total
Brands
|
42.5
|
Up
1.3
|
Up
3.2%
|
80.1
|
Up
2.1
|
Up
2.7%
|
|||||
$
in
millions, except per share
|
Second
Quarter
|
2007
vs.
2006
|
|||||
2007 | 2007 |
$
|
%
|
||||
Gross
Sales
|
$5,126
|
$4,854
|
Up
$272
|
Up
5.6%
|
|||
Net
Sales
|
$4,515
|
$4,256
|
Up
$259
|
Up
6.1%
|
|||
Income
Before
Income Taxes
|
$797
|
$764
|
Up
$33
|
Up
4.3%
|
|||
Equity
Income
|
$195
|
$170
|
Up
$25
|
Up
14.2%
|
|||
Net
Income
|
$677
|
$638
|
Up
$39
|
Up
6.1%
|
|||
Diluted
Earnings per Share
|
$.88
|
$.82
|
Up
$.06
|
Up
7.3%
|
$
in
millions, except per share
|
First
Six
Months
|
2007
vs.
2006
|
|||||
2007 | 2006 |
$
|
%
|
||||
Gross
Sales
|
$9,532
|
$9,150
|
Up
$382
|
Up
4.2%
|
|||
Net
Sales
|
$8,374
|
$8,012
|
Up
$362
|
Up
4.5%
|
|||
Income
Before
Income Taxes
|
$1,393
|
$1,380
|
Up
$13
|
Up
1.0%
|
|||
Equity
Income
|
$354
|
$293
|
Up
$61
|
Up
20.9%
|
|||
Net
Income
|
$1,195
|
$1,137
|
Up
$58
|
Up
5.1%
|
|||
Diluted
Earnings per Share
|
$1.55
|
$1.46
|
Up
$.09
|
Up
6.2%
|
($
in
millions, except per share)
|
Income
Before
Income
Taxes
|
Provision
for
Income
Taxes
|
Net
Income
|
Diluted
Earnings
Per
Share
|
Effective
Tax
Rate
|
|||||||||||||||
Second
Quarter
|
||||||||||||||||||||
2007
|
||||||||||||||||||||
Reported
|
$ |
796.9
|
$ | (314.6 | ) | $ |
677.0
|
$ |
0.88
|
39.5% | ||||||||||
Gain
on Sale
of Spanish Theme Park
|
(16.0 | ) |
6.1
|
(9.9 | ) | (0.01 | ) | |||||||||||||
Excluding
One-Time Item
|
$ |
780.9
|
$ | (308.5 | ) | $ |
667.1
|
$ |
0.87
|
39.5% | ||||||||||
2006
|
||||||||||||||||||||
Reported
|
$ |
764.2
|
$ | (296.8 | ) | $ |
637.8
|
$ |
0.82
|
38.8% | ||||||||||
Texas
Income
Tax Legislation Benefit
|
--
|
(7.8 | ) | (7.8 | ) | (0.01 | ) | |||||||||||||
Excluding
One-Time Item
|
$ |
764.2
|
$ | (304.6 | ) | $ |
630.0
|
$ |
0.81
|
39.9% | ||||||||||
Percentage
Change – 2007 vs. 2006
|
||||||||||||||||||||
Reported
|
4.3% | 6.1% | 7.3% |
70
pts
|
||||||||||||||||
Excluding
One-Time Items
|
2.2% | 5.9% | 7.4% |
(40)
pts
|
First
Six Months
|
||||||||||||||||||||
2007
|
||||||||||||||||||||
Reported
|
$ |
1,393.1
|
$ | (552.7 | ) | $ |
1,194.5
|
$ |
1.55
|
39.7% | ||||||||||
Gain
on Sale
of Spanish Theme Park
|
(16.0 | ) |
6.1
|
(9.9 | ) | (0.01 | ) | |||||||||||||
Excluding
One-Time Item
|
$ |
1,377.1
|
$ | (546.6 | ) | $ |
1,184.6
|
$ |
1.54
|
39.7% | ||||||||||
2006
|
||||||||||||||||||||
Reported
|
$ |
1,379.6
|
$ | (535.4 | ) | $ |
1,137.0
|
$ |
1.46
|
38.8% | ||||||||||
Texas
Income
Tax Legislation Benefit
|
--
|
(7.8 | ) | (7.8 | ) | (0.01 | ) | |||||||||||||
Excluding
One-Time Item
|
$ |
1,379.6
|
$ | (543.2 | ) | $ |
1,129.2
|
$ |
1.45
|
39.4% | ||||||||||
Percentage
Change – 2007 vs. 2006
|
||||||||||||||||||||
Reported
|
1.0% | 5.1% | 6.2% |
90
pts
|
||||||||||||||||
Excluding
One-Time Items
|
(0.2)% | 4.9% | 6.2% |
30
pts
|
Description
|
Amount
|
Interest
Rate
(Fixed
Unless
Noted)
|
|||||
First
Six
Months of 2007
|
|||||||
Increases:
|
|||||||
U.S.
Dollar
Notes
|
$317.3
|
$300.0
at
5.6% and $17.3 at 5.54%
|
|||||
Industrial
Revenue Bonds
|
12.5
|
Various
|
|||||
Other,
net
|
42.0
|
Various
|
|||||
Total
increases
|
371.8
|
||||||
Decreases:
|
|||||||
Commercial
Paper
|
(69.2)
|
5.38%
Wtd.
avg., floating
|
|||||
Other,
net
|
(2.2)
|
Various
|
|||||
Total
decreases
|
(71.4)
|
||||||
Net
Increase
in Debt
|
$300.4
|
||||||
First
Six
Months of 2006
|
|||||||
Increases:
|
|||||||
U.S.
dollar
debentures
|
$300.0
|
5.75%
|
|||||
Other,
net
|
6.9
|
Various
|
|||||
Total
increases
|
306.9
|
||||||
Decreases:
|
|||||||
Commercial
Paper
|
(428.2)
|
4.77%
Wtd.
avg., floating
|
|||||
Other,
net
|
(14.3)
|
Various
|
|||||
Total
decreases
|
(442.5)
|
||||||
Net
Decrease
in Debt
|
($135.6)
|
Shares
|
Avg.
Price
|
||
Repurchases
Remaining Authorized Under Disclosed Programs at March 31,
2007
|
105.3
|
||
Share
Repurchases
|
|||
April
|
1.1
|
$51.08
|
|
May
|
8.7
|
$50.13
|
|
June
|
3.1
|
$52.48
|
|
Total
|
12.9
|
||
Repurchases
Remaining Authorized Under Disclosed Programs at June 30,
2007
|
92.4
|
Exhibit
|
Description
|
|
12
|
Ratio
of
Earnings to Fixed Charges
|
|
31.1
|
Certification
of Chief Executive Officer required by Rule 13a-14(a) or 15d-14(a)
under
the Exchange Act
|
|
31.2
|
Certification
of Chief Financial Officer required by Rule 13a-14(a) or 15d-14(a)
under
the Exchange Act
|
|
32.1
|
Certification
of Chief Executive Officer 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 pursuant to 18 U.S.C. Section 1350,
as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
ANHEUSER-BUSCH
COMPANIES, INC.
(Registrant)
|
|
/s/
W.
Randolph Baker
W.
Randolph
Baker
Vice
President and Chief Financial Officer
(Chief
Financial Officer)
July
27,
2007
|
|
/s/
John
F. Kelly
John
F.
Kelly
Vice
President and Controller
(Chief
Accounting Officer)
July
27,
2007
|