Consolidated Statements of Cash Flows

 
    Fiscal year ended
    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:
             
     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
 


The information in the Notes to Consolidated Financial Statements is an integral part of the financial statements.