Consolidated Balance Sheets

December 31,

In millions 1997 1996

Assets:
Cash and cash equivalents

$168.5

  $471.8

Investments

--

181.4

Accounts receivable, net

452.4

350.7

Inventories

2,709.5

2,328.2

Other current assets

354.6

196.8


Total current assets

3,685.0

3,528.9

Property and equipment, net

958.2

965.5

Goodwill, net

711.3

721.7

Deferred charges and other
     assets

174.5

282.8

Reorganization value in excess
     of amounts allocated to
     identifiable assets, net

107.9

194.8


Total assets

$5,636.9

$5,693.7


Liabilities:
Accounts payable

$1,181.9

$1,046.3

Accrued expenses

1,165.7

1,007.1

Short-term borrowings

466.4

--

Other current liabilities

41.0

69.4


Total current liabilities

2,855.0

2,122.8

Long-term debt

272.6

1,184.3

Other long-term liabilities

147.9

190.2

Shareholders' equity:
Preference stock

284.6

298.6

Common stock

1.8

1.7

Treasury stock, at cost

(262.9)

(273.1)

Guaranteed ESOP obligation

(292.1)

(292.1)

Capital surplus

1,079.0

875.9

Retained earnings

1,551.0

1,587.8

Other

--

(2.4)


Total shareholders' equity

2,361.4

2,196.4


Total liabilities and shareholders' equity

$5,636.9

$5,693.7


See accompanying notes to consolidated financial statements.

 

 

Please note that the 1997 Annual Report Financial Statements do not include
Arbor Drugs, Inc., which was subsequently acquired on March 31, 1998.


copyright 1998 CVS/pharmacy, Inc.

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