CVS 1998 Annual Report Download - page 25

23
1998 Financial Report
December 31,
In millions, except per share amounts 1998 1997
Assets:
Cash and cash equivalents $ 180.8 $ 192.5
Accounts receivable, net 650.3 452.4
Inventories 3,190.2 2,882.4
Other current assets 327.9 364.8
Total current assets 4,349.2 3,892.1
Property and equipment, net 1,351.2 1,072.3
Goodwill, net 724.6 711.5
Deferred charges and other assets 311.2 303.0
Total assets $6,736.2 $5,978.9
Liabilities:
Accounts payable $1,286.3 $1,233.7
Accrued expenses 1,111.3 1,168.6
Short-term borrowings 771.1 466.4
Current maturities of long-term debt 14.6 41.9
Total current liabilities 3,183.3 2,910.6
Long-term debt 275.7 290.4
Other long-term liabilities 166.6 163.3
Commitments and contingencies (Note 14)
Shareholders’ equity:
Preferred stock, $0.01 par value: authorized 120,619 shares,
0 shares issued and outstanding ——
Preference stock, series one ESOP convertible, par value $1.00:
authorized 50,000,000 shares; issued and outstanding 5,239,000 shares
at December 31, 1998 and 5,324,000 shares at December 31, 1997 280.0 284.6
Common stock, par value $0.01: authorized 1,000,000,000 shares;
issued 401,380,000 shares at December 31, 1998 and
393,734,000 shares at December 31, 1997 4.0 3.9
Treasury stock, at cost: 11,169,000 shares at December 31, 1998 and
11,278,000 shares at December 31, 1997 (260.2) (262.9)
Guaranteed ESOP obligation (270.7) (292.2)
Capital surplus 1,336.4 1,154.0
Retained earnings 2,021.1 1,727.2
Total shareholders’ equity 3,110.6 2,614.6
Total liabilities and shareholders’ equity $6,736.2 $5,978.9
See accompanying notes to consolidated financial statements.
Consolidated Balance Sheets