Valuation Techniques: Discounted Cash Flow, Earnings Quality, Measures of Value Added, and Real Options

APPENDIX 6A: MERCK & COMPANY FINANCIAL DATA

TABLE 6A.1 Consolidated Balance Sheets, December 31, 1989–1991 (millions of dollars)

Source: Merck annual report, 1991.

TABLE 6A.2 Consolidated Statements of Income, December 31, 1989–1991 (millions of dollars, except as noted)

Source: Merck annual report, 1991.

TABLE 6A.3 Consolidated Statements of Retained Earnings, December 31, 1989–1991 (millions of dollars)

Source: Merck annual report, 1991.

TABLE 6A.4 Consolidated Statement of Cash Flows, December 31, 1991

Source: Merck annual report, 1991.

Item	Millions of Dollars
Cash flows from operating activities
Net income	$2,121.7
Adjustments to reconcile net income to cash provided from operations
Depreciation and amortization	263.8
Deferred taxes	1.2
Other	(13.0)
Net changes in assets and liabilities
Accounts receivable	(194.7)
Inventories	(98.7)
Accounts payable and accrued liabilities	226.2
Income taxes payable	157.8
Noncurrent liabilities	(49.5)
Other	19.2
Net cash provided by operating activities	2,434.0
Cash flows from investing ...