Assets Acquired and Liabilities Assumed as of March 22, 2007 for CVS_Caremark

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CVS Caremark Corporation (CVS)

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CVS » Topics » Assets Acquired and Liabilities Assumed as of March 22, 2007

This excerpt taken from the CVS 10-Q filed Oct 31, 2008.

Assets Acquired and Liabilities Assumed as of March 22, 2007


*(In millions)*
Cash and cash equivalents	$	1,293.4
Short-term investments		27.5
Accounts receivable		2,472.7
Inventories		442.3
Deferred tax asset		98.3
Other current assets		31.2

Total current assets		4,365.4
Property and equipment⁽¹⁾		305.3
Goodwill		20,891.3
Intangible assets ⁽²⁾		9,319.7
Other assets		67.2

Total assets acquired		34,948.9

Accounts payable		960.8
Claims and discounts payable		2,430.1
Accrued expenses ⁽³⁾		1,032.8

Total current liabilities		4,423.7
Deferred tax liability		3,581.4
Other long-term liabilities		93.2

Total liabilities assumed		8,098.3

Net assets acquired	$	26,850.6


Part I		Item 1

CVS Caremark Corporation

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(1)	Property and equipment includes proprietary technology ($108.1 million) with an estimated weighted average life of 3.5 years.

(2)

Intangible assets include customer contracts and relationships ($2.9 billion) with an estimated weighted average life of 14.7 years, favorable leaseholds ($12.7 million) with an estimated weighted average life of 6.2 years, covenants not to compete ($9.0 million) with an estimated average life of 2 years and trade names ($6.4 billion), which are indefinitely lived.

(3)

Accrued expenses include $54.9 million for estimated severance, benefits and outplacement costs for approximately 340 Caremark employees terminated in connection with the Caremark Merger. As of September 27, 2008, $48.9 million of the liability has been settled with cash payments. The remaining liability will require future cash payments through 2009. Accrued expenses also include $1.5 million for the estimated costs associated with the non-cancelable lease obligation of two locations. As of September 27, 2008, $1.0 million of the liability has been settled with cash payments. The remaining liability will require future cash payments through 2009.

This excerpt taken from the CVS 10-Q filed Jul 31, 2008.

Assets Acquired and Liabilities Assumed as of March 22, 2007


*(In millions)*
Cash and cash equivalents	$	1,293.4
Short-term investments		27.5
Accounts receivable		2,472.7
Inventories		442.3
Deferred tax asset		95.4
Other current assets		31.2

Total current assets		4,362.5
Property and equipment⁽¹⁾		305.3
Goodwill		20,881.4
Intangible assets ⁽²⁾		9,319.7
Other assets		67.2

Total assets acquired		34,936.1

Accounts payable		960.8
Claims and discounts payable		2,430.1
Accrued expenses ⁽³⁾		1,020.0

Total current liabilities		4,410.9
Deferred tax liability		3,581.4
Other long-term liabilities		93.2

Total liabilities assumed		8,085.5

Net assets acquired	$	26,850.6


Part I		Item 1

CVS Caremark Corporation

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(1)	Property and equipment includes proprietary technology ($108.1 million) with an estimated weighted average life of 3.5 years.

(2)

(3)

Accrued expenses include $54.0 million for estimated severance, benefits and outplacement costs for approximately 340 Caremark employees, substantially all of whom had been terminated as of June 28, 2008. As of June 28, 2008, $48.9 million of the liability has been settled with cash payments. The remaining liability will require future cash payments through 2009. Accrued expenses also include $1.5 million for the estimated costs associated with the non-cancelable lease obligation of two locations. As of June 28, 2008, $1.0 million of the liability has been settled with cash payments. The remaining liability will require future cash payments through 2009.

This excerpt taken from the CVS 10-Q filed May 1, 2008.

Assets Acquired and Liabilities Assumed as of March 22, 2007


*In millions*
Cash and cash equivalents	$	1,293.4
Short-term investments		27.5
Accounts receivable		2,472.7
Inventories		442.3
Deferred tax asset		95.4
Other current assets		31.2

Total current assets		4,362.5
Property and equipment⁽¹⁾		305.3
Goodwill		20,881.4
Intangible assets ⁽²⁾		9,319.7
Other assets		67.2

Total assets acquired		34,936.1

Accounts payable		960.8
Claims and discounts payable		2,430.1
Accrued expenses ⁽³⁾		1,020.0

Total current liabilities		4,410.9
Deferred tax liability		3,581.4
Other long-term liabilities		93.2

Total liabilities assumed		8,085.5

Net assets acquired	$	26,850.6

(1)	Property and equipment includes proprietary technology ($108.1 million) with an estimated weighted average life of 3.5 years.

(2)

(3)

Accrued expenses include $54.0 million for estimated severance, benefits and outplacement costs for approximately 340 Caremark employees, substantially all of whom had been terminated as of March 29, 2008. As of March 29, 2008, $48.1 million of the liability has been settled with cash payments. The remaining liability will require future cash payments through 2009. Accrued expenses also include $1.5 million for the estimated costs associated with the non-cancelable lease obligation of two locations. As of March 29, 2008, $0.8 million of the liability has been settled with cash payments. The remaining liability will require future cash payments through 2009.


Part I		Item 1

CVS Caremark Corporation

Notes to Consolidated Condensed Financial Statements

(Unaudited)

EXCERPTS ON THIS PAGE:

10-Q	Oct 31, 2008

10-Q	Jul 31, 2008

10-Q	May 1, 2008

CVS Caremark Corporation (CVS)

CVS » Topics » Assets Acquired and Liabilities Assumed as of March 22, 2007

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