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(28) CVS Corporation 2003 Annual Report
SHARES DOLLARS
JAN. 3, DEC. 28, DEC. 29, JAN. 3, DEC. 28, DEC. 29,
In millions 2004 2002 2001 2004 2002 2001
PREFERENCE STOCK:
Beginning of year 4.7 4.9 5.0 $ 250.4 $ 261.2 $ 267.5
Conversion to common stock (0.2) (0.2) (0.1) (7.7) (10.8) (6.3)
End of year 4.5 4.7 4.9 242.7 250.4 261.2
COMMON STOCK:
Beginning of year 409.3 408.5 407.4 4.1 4.1 4.1
Stock options exercised and awards 0.9 0.8 1.1 ———
End of year 410.2 409.3 408.5 4.1 4.1 4.1
TREASURY STOCK:
Beginning of year (16.2) (17.6) (15.1) (469.5) (510.8) (404.9)
Purchase of treasury shares ——(3.4) (0.5) —(129.0)
Conversion of preference stock 0.3 0.5 0.3 9.6 13.5 7.5
Employee stock purchase plan issuance 1.1 0.9 0.6 31.8 27.8 15.6
End of year (14.8) (16.2) (17.6) (428.6) (469.5) (510.8)
GUARANTEED ESOP OBLIGATION:
Beginning of year (194.4) (219.9) (240.6)
Reduction of guaranteed ESOP obligation 31.2 25.5 20.7
End of year (163.2) (194.4) (219.9)
CAPITAL SURPLUS:
Beginning of year 1,546.6 1,539.6 1,493.8
Conversion of preference stock (1.9) (2.7) (1.2)
Stock option activity and awards 9.2 6.7 33.9
Tax benefit on stock options and awards 3.3 3.0 13.1
End of year 1,557.2 1,546.6 1,539.6
ACCUMULATED OTHER COMPREHENSIVE LOSS:
Beginning of year (44.6) ——
Minimum pension liability adjustment 7.7 (44.6) —
End of year (36.9) (44.6) —
RETAINED EARNINGS:
Beginning of year 4,104.4 3,492.7 3,184.7
Net earnings 847.3 716.6 413.2
Preference stock dividends (17.7) (18.3) (19.1)
Tax benefit on preference stock dividends 3.1 3.5 4.4
Common stock dividends (90.6) (90.1) (90.5)
End of year 4,846.5 4,104.4 3,492.7
TOTALSHAREHOLDERS’ EQUITY $ 6,021.8 $ 5,197.0 $ 4,566.9
COMPREHENSIVE INCOME:
Net earnings $ 847.3 $ 716.6 $ 413.2
Minimum pension liability, net of income tax 7.7 (44.6) —
Comprehensive income $ 855.0 $ 672.0 $ 413.2
See accompanying notes to consolidated financial statements.
Consolidated Statements of Shareholders’ Equity
(28) CVS Corporation 2003 Annual Report