|
|
(In thousands)
|
| |
|
|
|
| Years Ended December 31, |
2000
|
1999
|
1998
|
| |
|
|
|
 |
| Operating Activities |
|
|
|
| Income (loss) from continuing operations |
$(901,040)
|
$(1,207,243)
|
$2,152,344
|
| Adjustments to reconcile income (loss) from continuing
operations to net cash provided from operating activities of continuing
operations: |
|
|
|
| Litigation charges |
7,500,000
|
4,750,000
|
-
|
| Gains on sales of business and Immunex
common stock |
(2,061,204)
|
-
|
(592,084)
|
| Goodwill impairment |
401,000
|
-
|
-
|
| Special charges |
347,000
|
82,000
|
321,200
|
| Gains on sales of assets |
(159,430)
|
(205,739)
|
(445,380)
|
| Depreciation |
336,239
|
341,871
|
315,103
|
| Amortization |
198,810
|
199,307
|
196,504
|
| Deferred income taxes |
(814,282)
|
(1,410,068)
|
51,952
|
| Diet drug litigation payments |
(3,966,845)
|
(117,581)
|
-
|
| Deconsolidation of Immunex |
(236,768)
|
-
|
-
|
Changes in working capital, net of
businesses acquired,
sold or deconsolidated: |
|
|
|
| Accounts receivable |
(433,182)
|
164,588
|
(391,921)
|
| Inventories |
31,188
|
(115,699)
|
(100,493)
|
| Other current assets |
179,817
|
(170,478)
|
(213,003)
|
| Trade accounts payable
and accrued expenses |
270,518
|
(73,946)
|
(21,545)
|
| Accrued federal
and foreign taxes |
(393,330)
|
(121,227)
|
(4,008)
|
| Other items, net |
178,851
|
377,592
|
82,082
|
|
|
| Net cash provided from continuing operations |
477,342
|
2,493,377
|
1,350,751
|
| Net cash provided from/(used for) discontinued operations |
77,600
|
(327,771)
|
10,074
|
|
|
| Net Cash Provided from Operating Activities |
554,942
|
2,165,606
|
1,360,825
|
|
|
| |
|
|
|
|
| Investing Activities |
|
|
|
| Purchases of property, plant and equipment |
(1,681,906)
|
(937,435)
|
(690,058)
|
| Purchase of business, net of cash acquired |
-
|
-
|
(425,041)
|
| Proceeds from sales of businesses |
3,800,000
|
-
|
1,770,000
|
| Proceeds from sale of Immunex common stock |
2,404,875
|
-
|
-
|
| Proceeds from sales of assets |
256,192
|
327,730
|
620,632
|
| Purchases of marketable securities |
(677,802)
|
(789,846)
|
(350,687)
|
| Proceeds from sales and maturities of marketable securities |
384,292
|
383,941
|
278,290
|
|
|
| Net Cash Provided from/(Used for) Investing Activities |
4,485,651
|
(1,015,610)
|
1,203,136
|
|
|
| |
|
|
|
|
| Financing Activities |
|
|
|
| Net proceeds from/(repayments of ) debt |
(3,080,381)
|
1,593,468
|
(1,174,137)
|
| Dividends paid |
(1,201,477)
|
(1,183,621)
|
(1,143,252)
|
| Purchases of common stock for treasury |
(393,077)
|
(1,058,299)
|
(414,603)
|
| Exercises of stock options |
410,882
|
234,270
|
403,830
|
| Termination of interest rate swap agreements |
-
|
-
|
(96,655)
|
|
|
| Net Cash Used for Financing Activities |
(4,264,053)
|
(414,182)
|
(2,424,817)
|
|
|
| Effects of exchange rates on cash balances |
(24,949)
|
(25,418)
|
(8,197)
|
|
|
| Increase in Cash and Cash Equivalents |
751,591
|
710,396
|
130,947
|
| Cash and Cash Equivalents, Beginning of Year |
1,892,715
|
1,182,319
|
1,051,372
|
|
|
| Cash and Cash Equivalents, End of Year |
$ 2,644,306
|
$ 1,892,715
|
$ 1,182,319
|
|
|
The accompanying notes are an integral part of these Consolidated
Financial Statements.
|
