For the years ended December 31, |  |
1998 | |
1997 | |
1996 |
|
Cash Flows Provided from (Used by)
Operating Activities | | | | | | |
| Net income | $ | 340,888 | $ | 336,251 | $ | 273,186 |
| Adjustments to reconcile net income to net cash provided from operations: | | | | | | |
Depreciation and amortization | | 158,161 | | 152,750 | | 133,476 |
Deferred income taxes | | 82,241 | | 16,915 | | 22,863 |
Loss on disposal of businesses | | — | | — | | 35,352 |
Changes in assets and liabilities, net of effects from business acquisitions and divestitures: | | | | | | |
Accounts receivable—trade
| | (90,493) | | (68,479) | | 5,159 |
Inventories
| | 12,276 | | (33,538) | | (41,038) |
Accounts payable
| | 10,005 | | 12,967 | | 14,032 |
Other assets and liabilities
| | (124,118) | | 85,074 | | 15,120 |
Other, net | | 745
| | 4,018
| | 5,593
|
| |
| Net Cash Provided from Operating Activities | | 389,705
| | 505,958
| | 463,743
|
| |
Cash Flows Provided from (Used by)
Investing Activities | | | | | | |
| Capital additions | | (161,328) | | (172,939) | | (159,433) |
| Capitalized software additions | | (42,859) | | (29,100) | | — |
| Business acquisitions | | — | | — | | (437,195) |
| Proceeds from divestitures | | — | | — | | 149,222 |
| Other, net | | 9,284
| | 21,368
| | 9,333
|
| |
| Net Cash (Used by) Investing Activities | | (194,903)
| | (180,671)
| | (438,073)
|
| |
| Cash Flows Provided from (Used by) Financing Activities | | | | | | |
| Net change in short-term borrowings partially classified as long-term debt | | (36,543) | | (217,018) | | 210,929 |
| Long-term borrowings | | — | | 550,000 | | — |
| Repayment of long-term debt | | (25,187) | | (15,588) | | (3,103) |
| Cash dividends paid | | (129,044) | | (121,546) | | (114,763) |
| Exercise of stock options | | 19,368 | | 14,397 | | 22,049 |
| Incentive plan transactions | | (22,458) | | (35,063) | | (45,634) |
| Repurchase of Common Stock | | (16,151)
| | (507,654)
| | (66,072)
|
| |
| Net Cash (Used by) Provided from Financing Activities | | (210,015)
| | (332,472)
| | 3,406
|
| |
| Increase (Decrease) in Cash and Cash Equivalents | | (15,213) | | (7,185) | | 29,076 |
| |
| Cash and Cash Equivalents as of January 1 | | 54,237
| | 61,422
| | 32,346
|
| |
| Cash and Cash Equivalents as of December 31 | $ | 39,024
| $ | 54,237
| $ | 61,422
|
| |
| Interest Paid | $ | 89,001 | $ | 64,937 | $ | 52,143 |
| |
| Income Taxes Paid | | 123,970 | | 181,377 | | 180,347 |
| |
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. |
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