Consolidated Statements of Cash Flows
in thousands of dollars

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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