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| Years Ended December 31, | |||||
In millions |
1998 | 1997 | 1996 | ||
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| Cash flows from operating activities: | |||||
| Net earnings | $396.4 | $76.9 | $208.2 | ||
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Adjustments required to reconcile net earnings to net cash provided by (used in) operating activities: |
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| Depreciation and amortization | 249.7 | 242.6 | 262.8 | ||
| Merger, restructuring and other nonrecurring charges | 168.3 | 486.7 | 235.0 | ||
| Deferred income taxes and other non-cash items | 81.8 | (218.5) | 116.4 | ||
| Net operating loss carryforwards utilized | 7.2 | 69.4 | 15.3 | ||
| Gain on sale of securities | — | — | (121.4) | ||
| Extraordinary item, loss on early
retirement of debt, net of tax |
— | 17.1 | — | ||
| Income (loss) from unconsolidated subsidiary | — | 0.3 | (4.5) | ||
| Minority interest in net earnings | — | — | 22.2 | ||
| Change in assets and liabilities, excluding acquisitions and dispositions: | |||||
| (Increase) in accounts receivable, net | (197.9) | (82.5) | (0.8) | ||
| (Increase) in inventories | (315.0) | (566.1) | (251.0) | ||
| (Increase) in other current assets,
deferred charges and other assets |
(82.7) | (74.2) | (99.1) | ||
| Increase in accounts payable | 52.6 | 174.7 | 176.5 | ||
| (Decrease) in accrued expenses | (280.4) | (220.3) | (215.5) | ||
| Increase (decrease) in federal income taxes payable
and other liabilities |
141.0 | (11.9) | (16.9) | ||
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| Net cash provided by (used in) operating activities | 221.0 | (105.8) | 327.2 | ||
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| Cash flows from investing activities: | |||||
| Additions to property and equipment | (502.3) | (341.6) | (328.9) | ||
| Acquisitions, net of cash | (62.2) | — | (373.9) | ||
| Proceeds from sale of businesses and
other property and equipment |
50.5 | 192.7 | 240.4 | ||
| Proceeds from sale of investments | — | 309.7 | 485.8 | ||
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| Net cash (used in) provided by investing activities | (514.0) | 160.8 | 23.4 | ||
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| Cash flows from financing activities: | |||||
| Additions to (reductions in) short-term borrowings | 304.6 | 466.4 | (52.0) | ||
| Proceeds from exercise of stock options | 121.1 | 169.1 | 62.1 | ||
| (Reductions in) additions to long-term debt | (41.9) | (917.2) | 128.5 | ||
| Dividends paid | (102.5) | (87.6) | (137.5) | ||
| Other | — | — | (25.8) | ||
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| Net cash provided by (used in) financing activities | 281.3 | (369.3) | (24.7) | ||
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| Net (decrease) increase in cash and cash equivalents | (11.7) | (314.3) | 325.9 | ||
| Cash and cash equivalents at beginning of year | 192.5 | 506.8 | 180.9 | ||
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| Cash and cash equivalents at end of year | $180.8 | $192.5 | $506.8 | ||
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See accompanying notes to consolidated financial statements.
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copyright
©1998 CVS/pharmacy, Inc.
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