|
|
|
Six Months Ended
June 30,
|
|
|
|
|
2003
|
|
|
2002
|
|
|
|
|
(dollars in millions)
|
|
|
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
1,639
|
|
|
$
|
1,335
|
|
|
Depreciation
|
|
|
211
|
|
|
|
212
|
|
|
Amortization
|
|
|
155
|
|
|
|
149
|
|
|
Litigation settlement charge
|
|
|
16
|
|
|
|
90
|
|
|
Provision for restructuring and other items
|
|
|
20
|
|
|
|
4
|
|
|
Acquired in-process research and development
|
|
|
—
|
|
|
|
160
|
|
|
Gain on sales of businesses/product lines (including discontinued operations)
|
|
|
—
|
|
|
|
(54
|
)
|
|
Other operating items
|
|
|
17
|
|
|
|
(11
|
)
|
|
Receivables
|
|
|
(156
|
)
|
|
|
340
|
|
|
Inventories
|
|
|
(50
|
)
|
|
|
(78
|
)
|
|
Deferred revenue on consigned inventory
|
|
|
(360
|
)
|
|
|
(550
|
)
|
|
Litigation settlement payments
|
|
|
(603
|
)
|
|
|
—
|
|
|
Accounts payable and accrued expenses
|
|
|
386
|
|
|
|
(531
|
)
|
|
Income taxes
|
|
|
(34
|
)
|
|
|
(1,547
|
)
|
|
Product liability
|
|
|
17
|
|
|
|
(38
|
)
|
|
Insurance recoverable
|
|
|
1
|
|
|
|
34
|
|
|
Pension contribution to the U.S. retirement income plan
|
|
|
—
|
|
|
|
(150
|
)
|
|
Other assets and liabilities
|
|
|
53
|
|
|
|
(45
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by (Used In) Operating Activities
|
|
|
1,312
|
|
|
|
(680
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of time deposits and marketable securities
|
|
|
82
|
|
|
|
314
|
|
|
Purchases of time deposits and marketable securities
|
|
|
(182
|
)
|
|
|
(225
|
)
|
|
Additions to property, plant and equipment
|
|
|
(337
|
)
|
|
|
(477
|
)
|
|
Investment in ImClone
|
|
|
(60
|
)
|
|
|
—
|
|
|
Proceeds from product divestitures
|
|
|
—
|
|
|
|
88
|
|
|
Business acquisitions (including purchase of trademarks/patents)
|
|
|
(38
|
)
|
|
|
(200
|
)
|
|
DuPont acquisition costs and liabilities
|
|
|
(5
|
)
|
|
|
(306
|
)
|
|
Other, net
|
|
|
(22
|
)
|
|
|
88
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Investing Activities
|
|
|
(562
|
)
|
|
|
(718
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
568
|
|
|
|
530
|
|
|
Long-term debt borrowings
|
|
|
53
|
|
|
|
2
|
|
|
Long-term debt repayments
|
|
|
(2
|
)
|
|
|
(6
|
)
|
|
Issuances of common stock under stock plans
|
|
|
19
|
|
|
|
120
|
|
|
Purchases of treasury stock
|
|
|
—
|
|
|
|
(117
|
)
|
|
Dividends paid
|
|
|
(1,084
|
)
|
|
|
(1,084
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Financing Activities
|
|
|
(446
|
)
|
|
|
(555
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rates on Cash
|
|
|
25
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Cash and Cash Equivalents
|
|
|
329
|
|
|
|
(1,953
|
)
|
|
Cash and Cash Equivalents at Beginning of Period
|
|
|
3,978
|
|
|
|
5,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at End of Period
|
|
$
|
4,307
|
|
|
$
|
3,547
|
|
|
|
|
|
|
|
|
|
|
|
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