|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
Restated
2003
|
|
|
Restated
2002
|
|
|
|
|
(dollars in millions)
|
|
|
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
2,600
|
|
|
$
|
1,672
|
|
|
Depreciation
|
|
|
325
|
|
|
|
321
|
|
|
Amortization
|
|
|
229
|
|
|
|
228
|
|
|
Litigation charges
|
|
|
13
|
|
|
|
669
|
|
|
Provision for restructuring and other items, net
|
|
|
65
|
|
|
|
(25
|
)
|
|
Acquired in-process research and development
|
|
|
—
|
|
|
|
160
|
|
|
Asset impairment charge for investment in ImClone
|
|
|
—
|
|
|
|
379
|
|
|
Gain on sales of businesses/product lines (including discontinued operations)
|
|
|
—
|
|
|
|
(95
|
)
|
|
Other operating items
|
|
|
54
|
|
|
|
44
|
|
|
Receivables
|
|
|
(547
|
)
|
|
|
303
|
|
|
Inventories
|
|
|
(50
|
)
|
|
|
38
|
|
|
Deferred revenue on consigned inventory
|
|
|
(386
|
)
|
|
|
(869
|
)
|
|
Litigation settlement payments, net of receipts
|
|
|
(606
|
)
|
|
|
(90
|
)
|
|
Accounts payable and accrued expenses
|
|
|
372
|
|
|
|
(454
|
)
|
|
Income taxes
|
|
|
98
|
|
|
|
(2,061
|
)
|
|
Product liability
|
|
|
9
|
|
|
|
(21
|
)
|
|
Insurance recoverable
|
|
|
1
|
|
|
|
150
|
|
|
Pension contribution to the U.S. retirement income plan
|
|
|
—
|
|
|
|
(150
|
)
|
|
Other assets and liabilities
|
|
|
84
|
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
|
|
|
2,261
|
|
|
|
255
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from sales and maturities of marketable securities
|
|
|
15,568
|
|
|
|
8,786
|
|
|
Purchases of marketable securities
|
|
|
(16,303
|
)
|
|
|
(8,133
|
)
|
|
Additions to property, plant and equipment
|
|
|
(538
|
)
|
|
|
(714
|
)
|
|
Investment in ImClone
|
|
|
(60
|
)
|
|
|
—
|
|
|
Proceeds from product divestitures
|
|
|
—
|
|
|
|
88
|
|
|
Proceeds from sale of Clairol
|
|
|
—
|
|
|
|
45
|
|
|
Business acquisitions (including purchase of trademarks/patents)
|
|
|
(53
|
)
|
|
|
(215
|
)
|
|
DuPont acquisition costs and liabilities
|
|
|
(8
|
)
|
|
|
(326
|
)
|
|
Other, net
|
|
|
(41
|
)
|
|
|
(51
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Investing Activities
|
|
|
(1,435
|
)
|
|
|
(520
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
|
Short-term borrowings, net of repayments
|
|
|
(45
|
)
|
|
|
498
|
|
|
Long-term debt borrowings
|
|
|
1,103
|
|
|
|
3
|
|
|
Long-term debt repayments
|
|
|
(3
|
)
|
|
|
(6
|
)
|
|
Issuances of common stock under stock plans
|
|
|
34
|
|
|
|
129
|
|
|
Purchases of treasury stock
|
|
|
—
|
|
|
|
(154
|
)
|
|
Dividends paid
|
|
|
(1,627
|
)
|
|
|
(1,627
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Financing Activities
|
|
|
(538
|
)
|
|
|
(1,157
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rates on Cash
|
|
|
23
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Cash and Cash Equivalents
|
|
|
311
|
|
|
|
(1,416
|
)
|
|
Cash and Cash Equivalents at Beginning of Period
|
|
|
2,367
|
|
|
|
4,552
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at End of Period
|
|
$
|
2,678
|
|
|
$
|
3,136
|
|
|
|
|
|
|
|
|
|
|
|
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