| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
| Year ended December 31 (In thousands) |
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
| Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
$ |
4,017 |
|
$ |
( 38,784 |
) |
$ |
43,622 |
|
| Adjustments to reconcile net income (loss) to net cash |
|
|
|
|
|
|
|
|
|
| provided by operating activities: |
|
|
|
|
|
|
|
|
|
| Restructuring charges |
|
42,816 |
|
|
- |
|
|
- |
|
| Net loss on disposal of discontinued operations |
|
5,847 |
|
|
- |
|
|
- |
|
| Purchased research and development expense |
|
- |
|
|
114,091 |
|
|
68,311 |
|
| Write-off of acquired inventory step-up |
|
- |
|
|
5,000 |
|
|
- |
|
| Gain on sale of securities |
|
( 35,594 |
) |
|
( 8,330 |
) |
|
( 5,329 |
) |
| Depreciation and amortization |
|
44,409 |
|
|
40,661 |
|
|
30,587 |
|
| Deferred income tax (benefit) provision |
|
( 12,762 |
) |
|
5,835 |
|
|
( 8,212 |
) |
| Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
| Decrease (increase) in accounts receivable |
|
32,327 |
|
|
( 24,468 |
) |
|
247 |
|
| Decrease (increase) in inventories |
|
21,053 |
|
|
( 13,361 |
) |
|
( 11,612 |
) |
| Decrease (increase) in other current assets |
|
3,558 |
|
|
( 6,937 |
) |
|
1,661 |
|
| (Increase) in other assets |
|
( 267 |
) |
|
( 8,648 |
) |
|
( 8,747 |
) |
| (Decrease) in accounts payable and |
|
|
|
|
|
|
|
|
|
| accrued expenses |
|
( 37,972 |
) |
|
( 21,629 |
) |
|
( 11,087 |
) |
| (Decrease) increase in accrued retirement |
|
|
|
|
|
|
|
|
|
| plan contributions |
|
( 342 |
) |
|
2,557 |
|
|
( 36 |
) |
| (Decrease) increase in accrued income taxes |
|
( 15,545 |
) |
|
1,050 |
|
|
1,723 |
|
| Other |
|
( 10 |
) |
|
6,942 |
|
|
1,058 |
|
|
| Net cash provided by operating activities
|
|
51,535
|
|
|
53,979
|
|
|
102,186
|
|
| Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
| Additions to property, plant and equipment |
|
( 59,787 |
) |
|
( 41,063 |
) |
|
( 30,427 |
) |
| Additions to intangible assets |
|
( 3,953 |
) |
|
( 6,135 |
) |
|
( 1,760 |
) |
| Acquisitions, net of cash acquired |
|
- |
|
|
( 159,158 |
) |
|
( 122,576 |
) |
| Other investments |
|
- |
|
|
( 1,646 |
) |
|
( 4010 |
) |
| Net cash used by discontinued businesses |
|
( 2,255 |
) |
|
( 3,516 |
) |
|
( 7,939 |
) |
| Proceeds from sale of securities |
|
35,594 |
|
|
8,330 |
|
|
5,745 |
|
|
| Net cash used in investing activities
|
|
( 30,401
|
)
|
|
( 203,188
|
)
|
|
( 160,967
|
)
|
| Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
| Treasury stock acquired |
|
- |
|
|
- |
|
|
( 58,362 |
) |
| Issuance of treasury stock under stock plans |
|
6,274 |
|
|
6,956 |
|
|
11,450 |
|
| Net change in short-term debt |
|
5,821 |
|
|
65,036 |
|
|
20,045 |
|
| Proceeds from issuance of long-term debt |
|
- |
|
|
197,950 |
|
|
124,397 |
|
| Payments on long-term debt |
|
- |
|
|
( 126,018 |
) |
|
- |
|
| Dividends paid |
|
( 18,427 |
) |
|
( 16,558 |
) |
|
( 14,899 |
) |
|
| Net cash (used in) provided by financing activities |
|
( 6,332 |
) |
|
127,366 |
|
|
82,631 |
|
| Effect of foreign exchange rates on cash |
|
|
|
|
|
|
|
|
|
| and cash equivalents |
|
951 |
|
|
(4,758 |
) |
|
( 738 |
) |
|
| Net increase (decrease) in cash and cash equivalents |
|
15,753 |
|
|
( 26,601 |
) |
|
23,112 |
|
| Cash and cash equivalents on January 1 |
|
20,269 |
|
|
46,870 |
|
|
23,758 |
|
|
| Cash and cash equivalents on December 31 |
$ |
36,022 |
|
$ |
20,269 |
|
$ |
46,870 |
|
|
Previous | Next
