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{"sheet":"Page 118","index":0,"n_rows":16,"n_cols":8,"rows_kept":16,"cut":false,"hidden":false,"merged":[[0,0,0,7]]}
["BASIC CASH FLOW VALUATION TEMPLATE"]
["Current free cash flow (FCF)",1000]
["Growth rate of FCF, years 1-5",0.08]
["Long-term FCF growth rate",0.05]
["Weighted average cost of capital (WACC)",0.11]
[]
["Year",0,1,2,3,4,5]
["Future FCFs",null,{"$f":"B2*(1+B3)","v":1080},{"$f":"C8*(1+$B$3)","v":1166.4000000000001},{"$f":"D8*(1+$B$3)","v":1259.7120000000002},{"$f":"E8*(1+$B$3)","v":1360.4889600000004},{"$f":"F8*(1+$B$3)","v":1469.3280768000004},{"$f":"getformula(G8)","v":"<--  =F8*(1+$B$3)"}]
["Terminal value",null,null,null,null,null,{"$f":"G8*(1+B4)/(B5-B4)","v":25713.241344000009},{"$f":"getformula(G9)","v":"<--  =G8*(1+B4)/(B5-B4)"}]
["Total",null,{"$f":"C8+C9","v":1080},{"$f":"D8+D9","v":1166.4000000000001},{"$f":"E8+E9","v":1259.7120000000002},{"$f":"F8+F9","v":1360.4889600000004},{"$f":"G8+G9","v":27182.56942080001},{"$f":"getformula(G10)","v":"<--  =G8+G9"}]
[]
["Enterprise value",{"$f":"NPV(B5,C10:G10)*(1+B5)^0.5","v":20932.730026080018},{"$f":"getformula(B12)","v":"<--  =NPV(B5,C10:G10)*(1+B5)^0.5"}]
["Add back initial cash",2000,"<-- From current balance sheet"]
["Subtract out debt",10000,"<-- From current balance sheet"]
["Equity value",{"$f":"B12+B13-B14","v":12932.730026080018},{"$f":"getformula(B15)","v":"<--  =B12+B13-B14"}]
["Per share (1,000 shares)",{"$f":"B15/1000","v":12.932730026080019},{"$f":"getformula(B16)","v":"<--  =B15/1000"}]

{"sheet":"Page 121","index":1,"n_rows":35,"n_cols":7,"rows_kept":35,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["ABC CORPORATION\nConsolidated Statement of Cash Flows, 2008-2012"]
[null,2008,2009,2010,2011,2012]
["Operating Activities:"]
["Net earnings",479355,495597,534268,505856,520273]
["Adjustments to reconcile net earnings to net cash provided by operating activities"]
["Add back depreciation and amortization",41583,47647,46438,45839,46622]
["Changes in operating assets and liabilities:"]
["Subtract increase in accounts receivable",9387,25951,-12724,1685,-2153]
["Subtract increase in inventories",-37630,-22780,-16247,-15780,-5517]
["Subtract increase in prepaid expenses and other assets",-52191,13573,16255,14703,-2975]
["Add increase in accounts payable, accrued expenses, pensions, and other liabilities",29612,51172,6757,40541,60255]
["Net cash provided by operating activities",{"$f":"SUM(B4:B11)","v":470116},{"$f":"SUM(C4:C11)","v":611160},{"$f":"SUM(D4:D11)","v":574747},{"$f":"SUM(E4:E11)","v":592844},{"$f":"SUM(F4:F11)","v":616505},{"$f":"getformula(F12)","v":"<--  =SUM(F4:F11)"}]
[]
["Investing Activities:"]
["Short-term investments, net",-5000,-55000,50000,-10000,20000]
["Purchases of property, plant and equipment",-48944,-70326,-89947,-37044,-88426]
["Proceeds from dispositions of property, plant and equipment",197,6956,22942,6179,28693]
["Net cash used in investing activities",-53747,-118370,{"$f":"SUM(D15:D17)","v":-17005},{"$f":"SUM(E15:E17)","v":-40865},{"$f":"SUM(F15:F17)","v":-39733},{"$f":"getformula(F18)","v":"<--  =SUM(F15:F17)"}]
[]
["Financing Activities:"]
["Repayment of debt",0,0,-300000,0,-7095]
["Proceeds from revolving credit facility borrowings",1242431,0,0,0,250000]
["Proceeds from the issuance of stock",48286,114276,69375,68214,37855]
["Dividends paid",-332986,-344128,-361208,-367499,-378325]
["Stock repurchased",-150095,-200031,-200038,-200003,-597738]
["Net cash used in financing activities",{"$f":"SUM(B21:B25)","v":807636},{"$f":"SUM(C21:C25)","v":-429883},{"$f":"SUM(D21:D25)","v":-791871},{"$f":"SUM(E21:E25)","v":-499288},{"$f":"SUM(F21:F25)","v":-695303},{"$f":"getformula(F26)","v":"<--  =SUM(F21:F25)"}]
[]
["Changes in cash balances",{"$f":"B12+B18+B26","v":1224005},{"$f":"C12+C18+C26","v":62907},{"$f":"D12+D18+D26","v":-234129},{"$f":"E12+E18+E26","v":52691},{"$f":"F12+F18+F26","v":-118531},{"$f":"getformula(F28)","v":"<--  =F12+F18+F26"}]
[]
["Supplemental disclosure of cash flow information"]
["Cash paid during the period for"]
["Income taxes",255043,175972,314735,283618,305094]
["Interest",83553,83551,70351,57151,57910]
[]
["Income tax rate",{"$f":"B32/(B4+B32)","v":0.34728171917679512},{"$f":"C32/(C4+C32)","v":0.26203115390972481},{"$f":"D32/(D4+D32)","v":0.37071129312852841},{"$f":"E32/(E4+E32)","v":0.35924932296693746},{"$f":"F32/(F4+F32)","v":0.36964647241772447},{"$f":"getformula(F35)","v":"<--  =F32/(F4+F32)"}]

{"sheet":"Page 122","index":2,"n_rows":37,"n_cols":7,"rows_kept":37,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["ABC CORPORATION\nConsolidated Statement of Cash Flows, 2008-2012"]
[null,2008,2009,2010,2011,2012]
["Operating Activities:"]
["Net earnings",479355,495597,534268,505856,520273]
["Adjustments to reconcile net earnings to net cash provided by operating activities"]
["Add back depreciation and amortization",41583,47647,46438,45839,46622]
["Changes in operating assets and liabilities:"]
["Subtract increase in accounts receivable",9387,25951,-12724,1685,-2153]
["Subtract increase in inventories",-37630,-22780,-16247,-15780,-5517]
["Subtract increase in prepaid expenses and other assets",-52191,13573,16255,14703,-2975]
["Add increase in accounts payable, accrued expenses, pensions, and other liabilities",29612,51172,6757,40541,60255]
["Net cash provided by operating activities",{"$f":"SUM(B4:B11)","v":470116},{"$f":"SUM(C4:C11)","v":611160},{"$f":"SUM(D4:D11)","v":574747},{"$f":"SUM(E4:E11)","v":592844},{"$f":"SUM(F4:F11)","v":616505},{"$f":"getformula(F12)","v":"<--  =SUM(F4:F11)"}]
[]
["Investing Activities:"]
["Short-term investments, net"]
["Purchases of property, plant and equipment",-48944,-70326,-89947,-37044,-88426]
["Proceeds from dispositions of property, plant and equipment",197,6956,22942,6179,28693]
["Net cash used in investing activities",-53747,-118370,{"$f":"SUM(D15:D17)","v":-67005},{"$f":"SUM(E15:E17)","v":-30865},{"$f":"SUM(F15:F17)","v":-59733},{"$f":"getformula(F18)","v":"<--  =SUM(F15:F17)"}]
[]
["Financing Activities:"]
["Repayment of debt"]
["Proceeds from revolving credit facility borrowings"]
["Proceeds from the issuance of stock"]
["Dividends paid"]
["Stock repurchased"]
["Net cash used in financing activities"]
[]
["Free cash flow before interest adjustment",{"$f":"B12+B18+B26","v":416369},{"$f":"C12+C18+C26","v":492790},{"$f":"D12+D18+D26","v":507742},{"$f":"E12+E18+E26","v":561979},{"$f":"F12+F18+F26","v":556772},{"$f":"getformula(F28)","v":"<--  =F12+F18+F26"}]
["Add back after-tax net interest",{"$f":"(1-B37)*B35","v":54536.570517621236},{"$f":"(1-C37)*C35","v":61658.035059688576},44271.089817114902,36619.541943116557,36503.772782289576,{"$f":"getformula(F29)","v":"<--  =(1-F37)*F35"}]
["Free cash flow (FCF)",{"$f":"B28+B29","v":470905.57051762124},{"$f":"C28+C29","v":554448.03505968861},552013.08981711487,598598.54194311658,593275.77278228954,{"$f":"getformula(F30)","v":"<--  =F28+F29"}]
[]
["Supplemental disclosure of cash flow information"]
["Cash paid during the period for"]
["Income taxes",255043,175972,314735,283618,305094]
["Interest",83553,83551,70351,57151,57910]
[]
["Income tax rate",{"$f":"B34/(B4+B34)","v":0.34728171917679512},{"$f":"C34/(C4+C34)","v":0.26203115390972481},{"$f":"D34/(D4+D34)","v":0.37071129312852841},{"$f":"E34/(E4+E34)","v":0.35924932296693746},{"$f":"F34/(F4+F34)","v":0.36964647241772447},{"$f":"getformula(F37)","v":"<--  =F34/(F4+F34)"}]

{"sheet":"Page 123","index":3,"n_rows":27,"n_cols":8,"rows_kept":27,"cut":false,"hidden":false,"merged":[[0,0,0,7],[18,2,18,6],[18,0,19,0]]}
["ABC CORP. VALUATION"]
["Free cash flow (FCF)\nyear ending 31 Dec. 2012",{"$f":"'Page 122'!F30","v":593275.77278228954},{"$f":"getformula(B2)","v":"<--  ='Page 122'!F30"}]
["Growth rate of FCF, years 1-5",0.08,"<-- Optimistic about short-term growth"]
["Long-term FCF growth rate",{"$f":"#REF!","v":{"$error":"#REF!"}},"<-- More pessimistic about long-term growth"]
["Weighted average cost of capital (WACC)",0.107]
[]
["Year",2012,2013,2014,2015,2016,2017]
["FCF",null,{"$f":"B2*(1+B3)","v":640737.83460487274},{"$f":"C8*(1+$B$3)","v":691996.8613732626},{"$f":"D8*(1+$B$3)","v":747356.61028312368},{"$f":"E8*(1+$B$3)","v":807145.13910577365},{"$f":"F8*(1+$B$3)","v":871716.75023423554},{"$f":"getformula(G8)","v":"<--  =F8*(1+$B$3)"}]
["Terminal value",null,null,null,null,null,{"$f":"G8*(1+B4)/(B3-B4)","v":{"$error":"#REF!"}},{"$f":"getformula(G9)","v":"<--  =G8*(1+B4)/(B3-B4)"}]
["Total",null,{"$f":"C8+C9","v":640737.83460487274},{"$f":"D8+D9","v":691996.8613732626},{"$f":"E8+E9","v":747356.61028312368},{"$f":"F8+F9","v":807145.13910577365},{"$f":"G8+G9","v":{"$error":"#REF!"}},{"$f":"getformula(G10)","v":"<--  =G8+G9"}]
[]
["Enterprise value",{"$f":"NPV(B5,C10:G10)*(1+B5)^0.5","v":{"$error":"#REF!"}},{"$f":"getformula(B12)","v":"<--  =NPV(B5,C10:G10)*(1+B5)^0.5"}]
["Add back initial cash and marketable securities",73697,"<-- From current balance sheet"]
["Subtract out 2012 financial liabilities",1379106,"<-- From current balance sheet"]
["Equity value",{"$f":"B12+B13-B14","v":{"$error":"#REF!"}},{"$f":"getformula(B15)","v":"<--  =B12+B13-B14"}]
["Per share (1 million shares outstanding)",{"$f":"B15/1000000","v":{"$error":"#REF!"}},{"$f":"getformula(B16)","v":"<--  =B15/1000000"}]
[]
["Data table:  Share value vs LT growth and WACC"]
[{"$f":"\"data table header, \"&CHAR(10)&gggetformula(B20)","v":"data table header, \n=IF(B5>B4,B16,\"nmf\")  -->"},null,"Long-term growth ↓"]
[null,{"$f":"IF(B5>B4,B16,\"nmf\")","v":{"$error":"#REF!"}},0,0.03,0.06,0.09,0.12]
[null,0.06,10.309132298710086,15.74143568063359,"nmf","nmf","nmf"]
["WACC →",0.08,9.4842207042654536,14.478277881668323,34.454506591279781,"nmf","nmf"]
[null,0.1,8.7361907920337405,13.334448704139067,31.727480352560363,-60.237677889546163,"nmf"]
[null,0.12,8.0565621102291498,12.296693437778165,29.257218747974225,-55.545407803006114,"nmf"]
[null,0.14000000000000001,7.4379232236337849,11.353435401196725,27.015484111448483,-51.294759439810349,-12.139637664180919]
[null,0.16,6.8737809749029957,10.494538637841771,24.977569289596861,-47.437583969178633,-11.230007339790872]
[null,0.18,6.3584331613821918,9.7111075522447337,23.121805115694897,-43.93168270155595,-10.404938792930515]

{"sheet":"Page 124","index":4,"n_rows":35,"n_cols":8,"rows_kept":35,"cut":false,"hidden":false,"merged":[[0,0,0,7]]}
["MERCK CASH FLOW VALUATION TEMPLATE"]
["Current free cash flow (FCF)",{"$f":"'Merck Free Cash Flow'!D51","v":10346},{"$f":"getformula(B2)","v":"<--  ='Merck Free Cash Flow'!D51"}]
["Growth rate of FCF, years 1-5",0.03]
["Long-term FCF growth rate",0.03,"<-- critical question"]
["Weighted average cost of capital (WACC)",5.6599999999999998E-2,"<-- Chapter 2"]
[]
["Year",0,1,2,3,4,5]
["FCF",null,{"$f":"B2*(1+$B$3)","v":10656.380000000001},{"$f":"C8*(1+$B$3)","v":10976.071400000001},{"$f":"D8*(1+$B$3)","v":11305.353542000001},{"$f":"E8*(1+$B$3)","v":11644.514148260001},11993.849572707801,{"$f":"getformula(G8)","v":"<--  =F8*(1+$B$3)"}]
["Terminal value",null,null,null,null,null,{"$f":"G8*(1+B4)/(B5-B4)","v":464423.49849206902},{"$f":"getformula(G9)","v":"<--  =G8*(1+B4)/(B5-B4)"}]
["Total (sum of FCF+terminal)",null,{"$f":"C8+C9","v":10656.380000000001},{"$f":"D8+D9","v":10976.071400000001},11305.353542000001,11644.514148260001,476417.3480647768,{"$f":"getformula(G10)","v":"<--  =G8+G9"}]
[]
["Enterprise value",{"$f":"NPV(B5,C10:G10)*(1+B5)^0.5","v":411797.17724326818},{"$f":"getformula(B12)","v":"<--  =NPV(B5,C10:G10)*(1+B5)^0.5"}]
["Add back initial cash",{"$f":"13531+1441","v":14972},{"$f":"getformula(B13)","v":"<--  =13531+1441"}]
["Subtract out debt",{"$f":"1990+15525","v":17515},"<-- From current balance sheet"]
["Equity value",{"$f":"B12+B13-B14","v":409254.17724326818},{"$f":"getformula(B15)","v":"<--  =B12+B13-B14"}]
["Number of shares outstanding",{"$f":"3576948356-536109713","v":3040838643},"<-- Merck's financial statements"]
["Share value from our model",{"$f":"B15/B16*1000000","v":134.58595647137341},{"$f":"getformula(B17)","v":"<--  =B15/B16*1000000"}]
["Actual stock price (30 Dec 2011)",37.700000000000003]
[]
[{"$f":"\"Data table:  Model share price as function of LT growth and WACC\"&\", short-term FCF growth rate = \"&TEXT(B3,\"0%\")","v":"Data table:  Model share price as function of LT growth and WACC, short-term FCF growth rate = 3%"}]
[null,null,"Long-term growth rate ↓"]
[{"$f":"ggetformula(B22)&\" -->\"","v":"=IF(B5>B4,B17,\"nmf\") -->"},{"$f":"IF(B5>B4,B17,\"nmf\")","v":134.58595647137341},-0.05,-0.04,-0.03,-0.02,0]
[null,0.05,45.708508493106457,49.403046730737387,54.021219527776012,59.958870266825691,78.959352631784654]
[null,5.1999999999999998E-2,44.790269996605119,48.310103602874669,52.688433210673381,58.282965487305049,75.927259590527996]
[null,5.3999999999999999E-2,43.907579242867179,47.263887883378921,51.419317628774415,56.697836494547069,73.119895188061989]
["WACC -->",5.6000000000000001E-2,43.058421825748795,46.261476928338219,50.209428566413571,55.196314846087688,70.513179847943903]
[null,5.8000000000000003E-2,42.240932580084035,45.300186701751201,49.054725851069996,53.771967346367973,68.086355332099757]
[null,0.06,41.453382013984417,44.377547914410222,47.951528459375112,52.419004140581201,65.821431184199483]
[null,6.2E-2,40.694164194825923,43.49128496997988,46.896475478862968,51.132200258205337,63.702738313027844]
[null,6.4000000000000001E-2,39.961785910400017,42.63929734037859,45.886492053331345,49.906828364606184,61.716566278975996]
[null,6.6000000000000003E-2,39.254856951329934,41.819643049612495,44.91875958503725,48.738600896142202,59.850866528447476]
[null,6.8000000000000005E-2,38.572081381720118,41.030523992742879,43.990689585607015,47.623620085940289,58.095007998665544]
[null,6.9999999999999896E-2,37.91224968274544,40.270272856425429,43.099900664841407,46.558334652905387,56.439574618802496]
[null,7.1999999999999897E-2,37.274231669006028,39.537341440823894,42.24419822672369,45.539502139993033,54.876196560922786]
[null,7.3999999999999899E-2,36.656970090400911,38.830290210800605,41.421556508200268,44.564156060365796,53.397408855641935]

{"sheet":"Merck Free Cash Flow","index":5,"n_rows":51,"n_cols":5,"rows_kept":51,"cut":false,"hidden":false,"merged":[[0,0,0,7],[16,4,22,4],[39,4,49,4]]}
["MERCK & Co.\nCONSOLIDATED STATEMENT OF CASH FLOWS"]
[null,2009,2010,2011]
["Cash flow from operating activities"]
["Net income",13022,982,6392]
["Adjustments to reconcile net income to net cash provided by operating activities"]
["Depreciation",2576,7381,7427]
["Intangible asset impairment charges",null,2441,705,"<-- Impairment not cash, simon says recurring"]
["Gain on disposition of interest in equity investment method",-3163,null,-136,"<-- same logic as above"]
["Gain on AstraZeneca LP asset option exercise",null,null,null,"<-- not recurring"]
["Gain related to Merck/Schering-Plough partnernship",-7530,null,null,"<-- not cash or recurring\nleave as is"]
["Eqyity income from affiliates",-2235,-587,-610,"<-- leave, non-cash income that we reported"]
["Dividends and distributions from equity affiliates",1724,324,216,"<-- leave, but investigate?"]
["Deferred income taxes",1821,-1092,-1537,"<-- leave; difference btw reported and actual depr."]
["Share-based compensation",415,509,369,"<-- leave; accounting for employee stock options"]
["Other",-535,377,323,"<-- accept; maybe investigate?"]
["Net changes in assets and liabilities"]
["Accounts receivable",165,-1089,-1168,"CHANGES IN NET WORKING CAPITAL"]
["Inventories",1211,1990,-678]
["Trace accounts payable",-45,124,182]
["Accrued and other current liabilities",-4003,35,1444]
["Income taxes payable",-365,128,-277]
["Noncurrent liabilities",231,-98,-7]
["Other",103,-160,-262]
["Net cash provided by operating activities",{"$f":"SUM(B4:B23)","v":3392},{"$f":"SUM(C4:C23)","v":11265},{"$f":"SUM(D4:D23)","v":12383},{"$f":"getformula(D24)","v":"<--  =SUM(D4:D23)"}]
[]
["Cash flows from investing activities"]
["Capital expenditures",-1461,-1678,-1723,"<-- operations, recurring"]
["Purchases of securities and other investments",null,null,null,"<-- not operations"]
["Proceeds from sales of secrutieis and other investments",null,null,null,"<-- not operations"]
["Acquisitions of business, net of cash acquired",4000,null,175,"<-- operational, recurring"]
["Dispositions of business, net of cash divested",-130,-256,-373,"<-- operational, recurring"]
["Scherin-Plough merger, net of cash acquired",null,null,null,"<-- not recurring"]
["Proceeds from AstraZeneca LP asset option exercise",null,null,null,"<-- not recurring"]
["Decrease in restricted assets",null,null,null,"<-- operational, not recurring"]
["Other",171,150,-116,"<-- who the hell knows? Quite small"]
["Net cash (used in) provided by investing activities",{"$f":"SUM(B27:B35)","v":2580},{"$f":"SUM(C27:C35)","v":-1784},{"$f":"SUM(D27:D35)","v":-2037},{"$f":"getformula(D36)","v":"<--  =SUM(D27:D35)"}]
[]
[]
["Cash flows from financing activities"]
["Net change in short-term borrowoings",null,null,null,"NOT PART OF FREE CASH FLOWS"]
["Payments on debt"]
["Proceeds form issuance of deb"]
["tPurhcases of treasury stock"]
["Dividends paid to stockholders"]
["Other dividends paid"]
["Proceeds from exercise of stock options"]
["Other dividends paid"]
["Net cash used in financing activities"]
[]
["Effect of Exchange rate changes on cash and cash equivalents"]
["Free cash flow",{"$f":"B24+B36+B48+B50","v":5972},{"$f":"C24+C36+C48+C50","v":9481},{"$f":"D24+D36+D48+D50","v":10346},{"$f":"getformula(D51)","v":"<--  =D24+D36+D48+D50"}]

{"sheet":"Merck CSCF","index":6,"n_rows":51,"n_cols":5,"rows_kept":51,"cut":false,"hidden":false,"merged":[[0,0,0,4]]}
["MERCK & Co.\nCONSOLIDATED STATEMENT OF CASH FLOWS"]
[null,2009,2010,2011]
["Cash flow from operating activities"]
["Net income",13022,982,6392]
["Adjustments to reconcile net income to net cash provided by operating activities"]
["Depreciation",2576,7381,7427]
["Intangible asset impairment charges",null,2441,705]
["Gain on disposition of interest in equity investment method",-3163,null,-136]
["Gain on AstraZeneca LP asset option exercise",null,-443]
["Gain related to Merck/Shcering-Plough partnernship",-7530]
["Eqyity income from affiliates",-2235,-587,-610]
["Dividends and distributions from equity affiliates",1724,324,216]
["Deferred income txes",1821,-1092,-1537]
["Share-based compensation",415,509,369]
["Other",-535,377,323]
["Net changes in assets and liabilities"]
["Accounts receivable",165,-1089,-1168]
["Inventories",1211,1990,-678]
["Trace accounts payable",-45,124,182]
["Accrued and other current liabilities",-4003,35,1444]
["Income taxes payable",-365,128,-277]
["Noncurrent liabilities",231,-98,-7]
["Other",103,-160,-262]
["Net cash provided by operating activities",{"$f":"SUM(B4:B23)","v":3392},{"$f":"SUM(C4:C23)","v":10822},{"$f":"SUM(D4:D23)","v":12383},{"$f":"getformula(D24)","v":"<--  =SUM(D4:D23)"}]
[]
["Cash flows from investing activities"]
["Capital expenditures",-1461,-1678,-1723]
["Purchases of securities and other investments",-3071,-7197,-7325]
["Proceeds from sales of secrutieis and other investments",10942,4561,6149]
["Acquisitions of business, net of cash acquired",4000,null,175]
["Dispositions of business, net of cash divested",-130,-256,-373]
["Scherin-Plough merger, net of cash acquired",-12843,null,323]
["Proceeds from AstraZeneca LP asset option exercise",null,647]
["Decrease in restricted assets",5548,276]
["Other",171,150,-116]
["Net cash (used in) provided by investing activities",{"$f":"SUM(B27:B35)","v":3156},{"$f":"SUM(C27:C35)","v":-3497},{"$f":"SUM(D27:D35)","v":-2890},{"$f":"getformula(D36)","v":"<--  =SUM(D27:D35)"}]
[]
[]
["Cash flows from financing activities"]
["Net change in short-term borrowoings",-2422,90,1076]
["Payments on debt",-25,-1341,-1547]
["Proceeds form issuance of deb",4228,1999]
["tPurhcases of treasury stock",null,-1593,-1921]
["Dividends paid to stockholders",-3215,-4734,-4691]
["Other dividends paid",-264,-119,-120]
["Proceeds from exercise of stock options",186,363,321]
["Other dividends paid",-126,-106,-22]
["Net cash used in financing activities",{"$f":"SUM(B40:B47)","v":-1638},{"$f":"SUM(C40:C47)","v":-5441},{"$f":"SUM(D40:D47)","v":-6904},{"$f":"getformula(D48)","v":"<--  =SUM(D40:D47)"}]
[]
["Effect of Exchange rate changes on cash and cash equivalents",33,-295,42]
["Net increase in cash and cash equivalents",{"$f":"B24+B36+B48+B50","v":4943},{"$f":"C24+C36+C48+C50","v":1589},{"$f":"D24+D36+D48+D50","v":2631},{"$f":"getformula(D51)","v":"<--  =D24+D36+D48+D50"}]

{"sheet":"Merck balance sheet","index":7,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Interest, Note 16","index":8,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}