| For the years ended December 31, |  | 1997 | | 1996 | | 1995 |
|
Cash Flows Provided from (Used by)
Operating Activities | | | | | | |
| Net income | $ | 336,251 | $ | 273,186 | $ | 281,919 |
| Adjustments to reconcile net income to net cash provided from operations: | | | | | | |
Depreciation and amortization | | 152,750 | | 133,476 | | 133,884 |
Deferred income taxes | | 16,915 | | 22,863 | | 26,380 |
Loss on disposal of businesses | | — | | 35,352 | | — |
Changes in assets and liabilities, net of effects from business acquisitions and divestitures: | | | | | | |
Accounts receivable—trade
| | (68,479) | | 5,159 | | 1,666 |
Inventories
| | (33,538) | | (41,038) | | 28,147 |
Accounts payable
| | 12,967 | | 14,032 | | 14,767 |
Other assets and liabilities
| | 55,974 | | 15,120 | | (11,297) |
Other, net | | 4,018
| | 5,593
| | 19,614
|
|
| Net Cash Provided from Operating Activities | | 476,858
| | 463,743
| | 494,929
|
|
Cash Flows Provided from (Used by)
Investing Activities | | | | | | |
| Capital additions | | (172,939) | | (159,433) | | (140,626) |
| Capitalized software additions | | (172,939) | | (159,433) | | (140,626) |
| Business acquisitions | | — | | (437,195) | | (12,500) |
| Proceeds from divestitures | | — | | 149,222 | | — |
| Other, net | | 21,368
| | 9,333
| | 8,720
|
|
| Net Cash (Used by) Investing Activities | | (151,571)
| | (438,073)
| | (144,406)
|
|
| Cash Flows Provided from (Used by) Financing Activities | | | | | | |
| Net change in short-term borrowings partially classified as long-term debt | | (217,018) | | 210,929 | | 103,530 |
| Long-term borrowings | | 550,000 | | — | | 202,448 |
| Repayment of long-term debt | | (15,588) | | (3,103) | | (7,887) |
| Cash dividends paid | | (121,546) | | (114,763) | | (110,090) |
| Exercise of stock options | | 14,397 | | 22,049 | | 15,106 |
| Incentive plan transactions | | (35,063) | | (45,634) | | (21,903) |
| Repurchase of Common Stock | | (507,654)
| | (66,072)
| | (526,119)
|
|
| Net Cash (Used by) Provided from Financing Activities | | (332,472)
| | 3,406
| | (344,915)
|
|
| Increase (Decrease) in Cash and Cash Equivalents | | (7,185) | | 29,076 | | 5,608 |
|
| Cash and Cash Equivalents as of January 1 | | 61,422
| | 32,346
| | 26,738
|
|
| Cash and Cash Equivalents as of December 31 | $ | 54,237
| $ | 61,422
| $ | 32,346
|
|
| Interest Paid | $ | 64,937 | $ | 52,143 | $ | 43,731 |
|
| Income Taxes Paid | | 181,377 | | 180,347 | | 148,629 |
The Consolidated Financial Statements and Management's Discussion and Analysis are included as an appendix to the corporation's Proxy Statement or can be obtained separately through the Investor Relations contact listed on page 39. |
