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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 30, 2001
CVS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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Delaware 001-01011 05-0494040
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation or
organization)
One CVS Drive
Woonsocket, Rhode Island 02895
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(Address of principal executive offices) (Zip Code)
(401) 765-1500
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
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Item 5. Other Events and Regulation FD Disclosure
The purpose of this Current Report on Form 8-K is to amplify our explanation of
the change in our future minimum lease payments from our Annual Report on Form
10-K for the fiscal year ended January 1, 2000 to our Annual Report on Form 10-K
for the fiscal year ended December 30, 2000.
The Company's Annual Report on Form 10-K for the fiscal year ended January 1,
2000 reported future minimum lease payments of $441.8 million for 2001 and total
future minimum lease payments of $5,205.9 million as of January 1, 2000. The
Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2000
reported future minimum lease payments of $718.6 million for 2001 and total
future minimum lease payments of $8,131.1 million as of December 30, 2000.
The increase in future minimum lease payments is primarily due to expanded real
estate activities as the Company continues to drive its growth by adding new
stores and relocating existing stores to more convenient freestanding locations.
During 2000, the Company also exercised a significant number of lease renewal
options, thereby replacing its expiring leases with new, longer-term leases. As
of January 1, 2000, we also had a number of locations whose rental payments were
calculated on a month-to-month basis. These lease obligations were not included
in our Annual Report on Form 10-K for the fiscal year ended January 1, 2000.
During 2000, the lease obligations for these locations were finalized and we
reported the future minimum lease payments in our Annual Report on Form 10-K for
the fiscal year ended December 30, 2000.
In addition, our Annual Report on Form 10-K for the fiscal year ended December
30, 2000 included operating leases for equipment such as one-hour photo labs,
Kodak Picture Makers, pill-counting automation, and blood pressure monitors.
These leases were not included in our Annual Report on Form 10-K for the fiscal
year ended January 1, 2000 because they were not material. As a result of the
additional equipment that was rolled-out in fiscal 2000, the aggregate future
minimum lease liability for these leases became material and was included in the
future minimum lease payments in our Annual Report on Form 10-K for the fiscal
year ended December 30, 2000.
On a pro forma basis, in fiscal 1999 comparable future minimum lease payments
for 2001 and total future minimum lease payments as of January 1, 2000 would
have been $562.6 million and $6,636.4 million, respectively.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CVS CORPORATION
By: /s/ David B. Rickard
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David B. Rickard
Executive Vice President and
Chief Financial Officer
Dated: March 30, 2001