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57
2013 Annual Report
SHARES DOLLARS
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
In millions
2013 2012 2011 2013 2012 2011
Common stock:
Beginning of year
1,667
1,640 1,624
$ 17
$ 16 $ 16
Stock options exercised and issuance
of stock awards
13
27 16
—
1 —
End of year
1,680
1,667 1,640
$
17
$ 17 $ 16
Treasury stock:
Beginning of year
(435)
(340) (259)
$ (16,270)
$ (11,953) $ (9,030)
Purchase of treasury shares
(66)
(95) (84)
(3,976)
(4,330) (3,001)
Employee stock purchase plan issuances
1
1 3
77
47 78
Transfer of shares from shares held in trust
—
(1) —
—
(34) —
End of year
(500)
(435) (340)
$ (20,169)
$ (16,270) $ (11,953)
Shares held in trust:
Beginning of year
(1)
(2) (2)
$ (31)
$ (56) $ (56)
Transfer of shares to treasury stock
—
1 —
—
25 —
End of year
(1)
(1) (2)
$ (31)
$ (31) $ (56)
Capital surplus:
Beginning of year
$ 29,120
$ 28,126 $ 27,610
Stock option activity and stock awards
588
955 495
Tax benefit on stock options and stock awards
69
28 21
Transfer of shares held in trust to treasury stock
—
9 —
Purchase of noncontrolling interest in subsidiary
—
2 —
End of year
$ 29,777
$ 29,120 $ 28,126
Retained earnings:
Beginning of year
$ 24,998
$ 22,052 $ 19,303
Adjustment to opening balance (1)
—
— (39)
Beginning of year, as adjusted
24,998
22,052 19,264
Changes in inventory accounting
principles (Note 2)
—
(89) —
Net income attributable to CVS Caremark
4,592
3,864 3,462
Common stock dividends
(1,097)
(829) (674)
End of year
$ 28,493
$ 24,998 $ 22,052
Accumulated other comprehensive loss:
Beginning of year
$ (181)
$ (172) $ (143)
Foreign currency translation adjustments,
net of tax
(30)
— —
Net cash flow hedges, net of tax
3
3 (9)
Pension and other postretirement benefits,
net of tax
59
(12) (20)
End of year
$ (149)
$ (181) $ (172)
Total shareholders’ equity
$ 37,938
$ 37,653 $ 38,013
(1) See Note 1 – Significant Accounting Policies (Revenue Recognition – Retail Pharmacy Segment).
See accompanying notes to consolidated financial statements.
Consolidated Statements of Shareholders’ Equity