ST
E E L C A S E I N C.
Consolidated
Statements of Cash Flows
|
|
(in
millions)
|
 |
|
Year
Ended
|
Feb 25, 2000
|
Feb 26,1999
|
Feb 27,1998
|
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net
income
|
$
184.2)
|
$
221.4)
|
$
217.0)
|
|
Adjustments
to reconcile net income to
net cash provided by operating activities:
|
|
|
|
|
Depreciation
and amortization
|
141.8)
|
107.0)
|
95.3)
|
|
Pension
and postretirement benefit cost
|
26.3)
|
22.7)
|
17.9)
|
|
(Gain)
loss on disposal of assets
|
(17.0)
|
—)
|
4.3)
|
|
Employee
stock grant
|
— )
|
—)
|
4.2)
|
|
Deferred
income taxes
|
(4.5)
|
(2.7)
|
(4.7)
|
|
Equity
in net income of joint ventures
and dealer transitions
|
(3.3)
|
(8.9)
|
(7.9)
|
|
Changes
in operating assets and liabilities,
net of corporate
acquisitions:
|
|
|
|
|
Accounts receivable
|
(9.4)
|
15.4)
|
(36.7)
|
|
Inventories
|
(21.2)
|
9.3)
|
2.2)
|
|
Prepaids expenses and other assets
|
(14.7)
|
(20.6)
|
3.7)
|
|
Accounts and notes payable
|
7.9)
|
(15.7)
|
12.7)
|
|
Accrued expenses and other liabilities
|
15.6)
|
32.0)
|
94.7)
|
|
|
|
Net
cash provided by operating activities
|
305.7)
|
359.9)
|
402.7)
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Capital
expenditures
|
(188.8)
|
(170.4)
|
(126.4)
|
|
Proceeds
from the disposal of assets
|
39.6)
|
—)
|
1.2)
|
|
Net
increase in notes receivable and leased assets
|
(140.2)
|
(52.2)
|
(69.3)
|
|
Net
change in investments
|
(5.9)
|
4.4)
|
(20.7)
|
|
Joint
ventures and dealer transitions
|
(9.7)
|
(66.8)
|
0.8)
|
|
Corporate
acquisitions, net of cash acquired
|
(209.6)
|
(57.2)
|
(4.8)
|
|
|
|
Net
cash used in investing activities
|
(514.6)
|
(342.2)
|
(219.2)
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Proceeds
from issuance of debt
|
326.3)
|
—)
|
—)
|
|
Repayments
of debt
|
(93.4)
|
—)
|
—)
|
|
Short-term
borrowings, net
|
90.5)
|
—)
|
—)
|
|
Common
stock issuance
|
—
|
24.8)
|
—)
|
|
Common
stock repurchase
|
(36.7)
|
(15.0)
|
(43.5)
|
|
Dividends paid
|
(67.3)
|
(63.1)
|
(210.9)
|
|
|
|
|
|
Net
cash provided by (used in) financing activities
|
219.4)
|
(53.3)
|
(254.4)
|
|
|
|
Effect
of exchange rate changes on cash equivalents
|
(4.3)
|
—)
|
—)
|
|
|
|
Net
increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
|
6.2)
67.5)
|
(35.6)
103.1)
|
(70.9)
174.0)
|
|
|
|
Cash
and cash equivalents, end of year
|
$
73.7)
|
$
67.5)
|
$
103.1
|
|
|
