BRISTOL MYERS SQUIBB CO, 8-K filed on 11/27/2006
Current report filing
Statement of Financial Position (USD $)
In Millions
Sep. 30, 2006
Dec. 31, 2005
Statement of Financial Position
 
 
Assets
 
 
Assets - Current
 
 
Cash, Cash Equivalents and Short-Term Investments
 
 
Cash and Cash Equivalents
 
 
Cash and cash equivalents
$ 2,834 
$ 3,050 
Marketable Securities
 
 
Marketable securities
2,671 
2,749 
Receivables, Net
 
 
Accounts and Notes Receivable, Net
 
 
Accounts Receivable Trade, Net
 
 
Receivables, net
2,945 
3,378 
Inventories, Net
 
 
Inventories, net
2,297 
2,060 
Deferred income taxes, net of valuation allowances
601 
776 
Prepaid Expenses - Current
 
 
Prepaid expenses
300 
270 
Total Current Assets
11,648 
12,283 
Assets - Noncurrent
 
 
Property, Plant and Equipment, Net
 
 
Property, plant and equipment, net
5,715 
5,693 
Intangible Assets
 
 
Goodwill
4,828 
4,823 
Intangible Assets (Excluding Goodwill)
 
 
Other intangible assets, net
1,933 
1,921 
Prepaid Expenses - Noncurrent
 
 
Prepaid pension
1,172 
1,324 
Deferred Long-Term Asset Charges
 
 
Deferred income taxes, net of valuation allowances
1,675 
1,808 
Other assets
244 
286 
Total Assets
27,215 
28,138 
Liabilities and Stockholders' Equity
 
 
Liabilities
 
 
Current Liabilities
 
 
Accounts Payable and Accrued Expenses
 
 
Accounts Payable
 
 
Accounts payable
1,174 
1,579 
Accrued Expenses
 
 
Accrued rebates and returns
856 
1,056 
Dividends payable
550 
547 
Accrued expenses
2,592 
2,446 
U.S. and foreign income taxes payable
208 
538 
Debt and Capital Lease Obligations - Current
 
 
Short-term borrowings
630 
231 
Accrued litigation liabilities
155 
493 
Total Current Liabilities
6,165 
6,890 
Liabilities - Noncurrent
 
 
Debt and Capital Lease Obligations - Long-Term
 
 
Long-Term Debt
 
 
Long-term debt
7,837 
8,364 
Pensions and Other Postemployment Benefits
 
 
Pension and other postretirement liabilities
801 
804 
Deferred Long-Term Liability Charges
 
 
Deferred income
232 
241 
Other liabilities
591 
631 
Total Liabilities
15,626 
16,930 
Stockholder's Equity
 
 
Common Stock Value (Excluding Additional Paid in Capital) - All Classes
 
 
Common stock, par value of $.10 per share: Authorized 4.5 billion shares; 2,205 million issued both in 2006 and 2005
220 
220 
Preferred Stock Value (Excluding Additional Paid in Capital) - All Types and Classes
 
 
Preferred stock, $2 convertible series: Authorized 10 million shares; issued and outstanding 6,201 in 2006 and 6,540 in 2005, liquidation value of $50 per share
Capital in excess of par value of stock
2,493 
2,457 
Retained Earnings
 
 
Retained earnings
20,531 
20,464 
Treasury Stock Value - All Types and Classes
 
 
Less cost of treasury stock-238 million common shares in 2006 and 248 million in 2005
10,945 
11,168 
Other Accumulated Comprehensive Income
 
 
Accumulated other comprehensive loss
(710)
(765)
Total Stockholders' Equity
11,589 
11,208 
Total Liabilities and Stockholders' Equity
$ 27,215 
$ 28,138 
Income Statement (USD $)
In Millions
3 Months Ended
Sep. 30, 2006
9 Months Ended
Sep. 30, 2006
3 Months Ended
Sep. 30, 2005
9 Months Ended
Sep. 30, 2005
Income Statement
 
 
 
 
Revenue
 
 
 
 
Sales Revenue
 
 
 
 
Net Sales
$ 4,154 
$ 13,701 
$ 4,767 
$ 14,188 
Cost of Goods and Services Sold
 
 
 
 
Cost of Goods Sold
 
 
 
 
Cost of products sold
1,465 
4,509 
1,483 
4,333 
Operating Expenses
 
 
 
 
Selling, General and Administrative Expenses
 
 
 
 
Selling and Marketing Expenses
 
 
 
 
Marketing and Advertising Expenses
 
 
 
 
Advertising and product promotion
286 
933 
349 
1,032 
Marketing, selling and administrative
1,189 
3,608 
1,286 
3,737 
Research and Development Expense
 
 
 
 
Research Development and Engineering Expense - Total
 
 
 
 
Research and development
756 
2,246 
669 
1,971 
Restructuring, Remediation and Impairment Provisions
 
 
 
 
Restructuring Charges
 
 
 
 
Provision for restructuring, net
(5)
Litigation (income)/charges, net
(9)
(44)
(26)
72 
Total expenses
3,537 
10,781 
3,141 
10,504 
Nonoperating Income/(Expense)
 
 
 
 
Nonoperating Gains/(Losses)
 
 
 
 
Gain on sale of product asset and businesses
200 
569 
569 
Nonoperating Income/(Expense) - Other
 
 
 
 
Other (income)/expense, net
34 
(59)
(38)
(168)
Earnings from Continuing Operations Before Minority Interest and Income Taxes
617 
2,920 
1,626 
3,684 
Provision for Income Taxes
 
 
 
 
Provision for income taxes
193 
777 
507 
754 
Earnings from Continuing Operations
338 
1,719 
964 
2,493 
Minority interest, net of taxes
86 
424 
155 
437 
Equity in net income of affiliates
118 
336 
84 
240 
Income/(Loss) from Discontinued Operations, Net of Tax
 
 
 
 
Loss, net of taxes
(5)
Income/(Loss) from Disposition of Discontinued Operations, Net of Tax Effect
 
 
 
 
Gain on disposal, net of taxes
13 
Income/(Loss) from Discontinued Operations, Net of Tax Effect
Net Earnings
338 
1,719 
964 
2,501 
Basic Earnings Per Share Details
 
 
 
 
Earnings from Continuing Operations
0.17 
0.88 
0.49 
1.28 
Loss, net of taxes
Gain on disposal, net of taxes
Net Earnings per Common Share
0.17 
0.88 
0.49 
1.28 
Average Common Shares Outstanding Basic
1,961 
1,959 
1,953 
1,951 
Diluted Earnings Per Share Details
 
 
 
 
Earnings from Continuing Operations
0.17 
0.88 
0.49 
1.27 
Loss, net of taxes
Gain on disposal, net of taxes
Net Earnings per Common Share
0.17 
0.88 
0.49 
1.27 
Average Common Shares Outstanding Diluted
1,992 
1,991 
1,984 
1,983 
Dividends declared per common share
0.28 
0.84 
0.28 
0.84 
Statement of Cash Flows - Indirect Method (USD $)
In Millions
9 Months Ended
Sep. 30,
2006
2005
Statement of Cash Flows
 
 
Net Cash Flows Provided By/(Used In) Operating Activities, Indirect
 
 
Net earnings
$ 1,719 
$ 2,501 
Depreciation and Amortization
 
 
Depreciation
420 
427 
Amortization
273 
263 
Litigation settlement (income)/expense, net of recoveries
(44)
72 
Increase/(Decrease) in Provision for Restructuring
 
 
Provision for restructuring
Impairment charges and asset write-offs
91 
19 
Loss/(gain) on disposal of property, plant and equipment and investment in other companies
(19)
Gain on sale of product assets and businesses
207 
632 
Deferred income tax expense/(benefits)
238 
(561)
(Under)/over distribution of earnings from affiliates
(40)
61 
Unfunded pension expense
168 
178 
Stock-based compensation expense
91 
28 
Increase/(Decrease) in Working Capital
 
 
Increase/(Decrease) in Current Assets
 
 
Receivables
(501)
(649)
Inventories
172 
344 
Prepaid expenses
25 
Increase/(Decrease) in Current Liabilities
 
 
Increase/(Decrease) in Accounts Payable and Accrued Expenses
 
 
Accounts payable and accrued expenses
(486)
(511)
U.S. and foreign income taxes payable
(283)
(568)
Product liability
(44)
(42)
Other assets
(4)
(8)
Other liabilities
(62)
(120)
Litigation settlement payments, net of insurance recoveries
295 
(115)
Net Cash Provided by Operating Activities
1,872 
1,539 
Net Cash Flows Provided By/(Used In) Investing Activities
 
 
Additions to property, plant and equipment and capitalized software
561 
537 
Purchases and Payments for Investments
 
 
Acquisition/(Divestiture) of Business Activities, Net
 
 
Proceeds from sale of product assets and businesses
226 
843 
Purchases of and proceeds from marketable securities, net
79 
2,140 
Purchase of trademarks, patents, licenses & other businesses and investments in other companies
28 
Proceeds from disposal of property, plant and equipment and investment in other companies
96 
Upfront and milestone payments
280 
Net Cash (Used in)/Provided by Investing Activities
(534)
2,514 
Net Cash Flows Provided By/(Used In) Financing Activities
 
 
Increase/(Decrease) in Debt
 
 
Increase/(Decrease) in Short-Term Borrowings
 
 
Repayments of Short-Term Borrowings
 
 
Repayments of short-term borrowings
101 
1,583 
Increase/(Decrease) in Long-Term Debt and Capital Securities
 
 
Proceeds from Issuance of Long-Term Debt and Capital Securities
 
 
Long-term debt borrowings
Repayments of Long-Term Debt and Capital Securities
 
 
Long-term debt repayments
2,502 
Increase/(Decrease) in Equity
 
 
Proceeds from Issuance of Equity
 
 
Issuances of common stock under stock plans and excess tax benefits from share-based payment arrangements
168 
126 
Payment of Dividends
 
 
Dividends paid
1,649 
1,639 
Net Cash Used in Financing Activities
(1,576)
(5,590)
Effect of Exchange Rates on Cash and Cash Equivalents
22 
(14)
Decrease in Cash and Cash Equivalents
(216)
(1,551)
Cash and Cash Equivalents at Beginning of Period
3,050 
3,680 
Cash and Cash Equivalents at End of Period
$ 2,834 
$ 2,129