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Fiscal year
ended |
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January 3, | December 28, | December 29, | |||||
(in thousands) | 1999 | 1997 | 1996 | ||||
Cash flows from operating activities: | |||||||
Net income | $417,259 | $281,574 | $220,817 | ||||
Adjustments to reconcile
net income to net cash provided by operating activities: |
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Depreciation of property, plant, and | |||||||
equipment | 89,248 | 71,478 | 65,103 | ||||
Amortization of goodwill and | |||||||
other intangibles | 49,889 | 33,559 | 29,836 | ||||
Net pension benefit | (61,997) | (30,227) | (23,269) | ||||
Gain from disposition | |||||||
of businesses, net | (314,400) | (44,560) | (3,112) | ||||
Equity in losses (earnings) of | |||||||
affiliates, net of distributions | 9,145 | (6,996) | (11,099) | ||||
Provision for deferred | |||||||
income taxes | 26,987 | 3,089 | (4,273) | ||||
Change in assets and liabilities: | |||||||
Decrease (increase) in accounts | |||||||
receivable, net | 22,041 | (8,438) | (31,444) | ||||
Increase (decrease) in | |||||||
inventories | (941) | 5,214 | 2,339 | ||||
Increase in accounts payable and | |||||||
accrued liabilities | 13,949 | 19,638 | 26,923 | ||||
(Decrease) increase in income | |||||||
taxes payable | (53,747) | (13,709) | 1,887 | ||||
Decrease in other assets and | |||||||
other liabilities, net | 6,778 | 2,690 | 3,634 | ||||
Other | 18,902 | 4,985 | 8,073 | ||||
Net cash provided by operating | |||||||
activities | 223,113 | 318,297 | 285,415 | ||||
Cash flows from investing activities: | |||||||
Net proceeds from sale | |||||||
of businesses | 376,442 | 120,208 | 3,517 | ||||
Purchases of property, plant, | |||||||
and equipment | (244,219) | (214,573) | (79,981) | ||||
Purchases of marketable | |||||||
equity securities | (164,955) | -- | -- | ||||
Sales and maturities of | |||||||
marketable securities | 38,246 | -- | 12,821 | ||||
Investments in certain businesses | (320,597) | (178,943) | (147,471) | ||||
Other | (5,960) | (3,187) | 784 | ||||
Net cash used in investing activities | (321,043) | (276,495) | (210,330) | ||||
Cash flows from financing activities: | |||||||
Principal payments on debt | (296,394) | -- | (50,209) | ||||
Issuance of debt | 453,362 | 296,394 | -- | ||||
Issuance of redeemable | |||||||
preferred stock | -- | -- | 11,947 | ||||
Redemption of redeemable | |||||||
preferred stock | (74) | -- | -- | ||||
Dividends paid | (51,383) | (52,592) | (51,164) | ||||
Common shares repurchased | (20,512) | (368,565) | (32,302) | ||||
Proceeds from exercise | |||||||
of stock options | 7,004 | 1,800 | 2,020 | ||||
Net cash provided by (used in) | |||||||
financing activities | 92,003 | (122,963) | (119,708) | ||||
Net decrease in cash and cash equivalents | (5,927) | (81,161) | (44,623) | ||||
Cash and cash equivalents at beginning of year | 21,117 | 102,278 | 146,901 | ||||
Cash and cash equivalents at end of year | $ 15,190 | $ 21,117 | $102,278 | ||||
Supplemental cash flow information: | |||||||
Cash paid during the year for: | |||||||
Income taxes | $280,000 | $164,000 | $142,000 | ||||
Interest, net of amounts capitalized | $ 8,700 | $ 350 | $ 5,115 |
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