Statements
Consolidated Statements of Cash Flows
Years Ended September 30
Thousands of dollars
| |
|
2003 |
|
|
2002 |
|
|
2001 |
|
 |
| Operating Activities |
|
|
|
|
|
|
|
|
|
| Net income |
$ |
547,056 |
|
$ |
479,982 |
|
$ |
401,652 |
|
| Adjustments to net income to derive net cash |
|
|
|
|
|
|
|
|
|
| provided by operating activities: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
344,456 |
|
|
304,865 |
|
|
305,700 |
|
| Pension contribution |
|
(100,000 |
) |
|
(100,000 |
) |
|
— |
|
| Deferred income taxes |
|
(1,029 |
) |
|
57,202 |
|
|
37,400 |
|
| Losses on investments |
|
4,116 |
|
|
18,576 |
|
|
— |
|
| Impairment of intangible assets |
|
30,138 |
|
|
— |
|
|
— |
|
| Cumulative effect of change in accounting principle, net of tax |
|
— |
|
|
— |
|
|
36,750 |
|
| Non-cash special charges |
|
— |
|
|
6,526 |
|
|
— |
|
| Change in operating assets (excludes impact of acquisitions): |
|
|
|
|
|
|
|
|
|
| Trade receivables |
|
33,168 |
|
|
32,585 |
|
|
(34,063 |
) |
| Inventories |
|
(43,818 |
) |
|
21,112 |
|
|
(32,290 |
) |
| Prepaid expenses, deferred taxes and other |
|
10,160 |
|
|
(222 |
) |
|
(18,652 |
) |
| Accounts payable, income taxes and other liabilities |
|
64,454 |
|
|
(1,241 |
) |
|
67,519 |
|
| Other, net |
|
16,999 |
|
|
16,648 |
|
|
14,629 |
|
|
| Net Cash Provided by Operating Activities |
|
905,700 |
|
|
836,033 |
|
|
778,645 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Investing Activities |
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
(261,043 |
) |
|
(259,703 |
) |
|
(370,754 |
) |
| Capitalized software |
|
(64,776 |
) |
|
(81,376 |
) |
|
(72,231 |
) |
| Proceeds (purchases) of short-term investments, net |
|
1,975 |
|
|
3,054 |
|
|
(530 |
) |
| Purchases of long-term investments |
|
(4,399 |
) |
|
(3,397 |
) |
|
(24,938 |
) |
| Acquisitions of businesses, net of cash acquired |
|
— |
|
|
— |
|
|
(30,953 |
) |
| Proceeds from sales of long-term investments |
|
— |
|
|
4,598 |
|
|
7,632 |
|
| Other, net |
|
(21,112 |
) |
|
(24,297 |
) |
|
(50,155 |
) |
|
| Net Cash Used for Investing Activities |
|
(349,355 |
) |
|
(361,121 |
) |
|
(541,929 |
) |
|
| |
|
|
|
|
|
|
|
|
|
| Financing Activities |
|
|
|
|
|
|
|
|
|
| Change in short-term debt |
|
(320,765 |
) |
|
(18,819 |
) |
|
(82,600 |
) |
| Proceeds of long-term debt |
|
404,683 |
|
|
4,526 |
|
|
2,987 |
|
| Payment of long-term debt |
|
(8,055 |
) |
|
(11,096 |
) |
|
(103,104 |
) |
| Repurchase of common stock |
|
(349,998 |
) |
|
(223,961 |
) |
|
— |
|
| Issuance of common stock |
|
86,618 |
|
|
38,069 |
|
|
82,925 |
|
| Dividends paid |
|
(104,148 |
) |
|
(102,459 |
) |
|
(101,329 |
) |
|
| Net Cash Used for Financing Activities |
|
(291,665 |
) |
|
(313,740 |
) |
|
(201,121 |
) |
|
| Effect of exchange rate changes on cash and equivalents |
|
12,091 |
|
|
(186 |
) |
|
(2,662 |
) |
|
| Net Increase in Cash and Equivalents |
|
276,771 |
|
|
160,986 |
|
|
32,933 |
|
| Opening Cash and Equivalents |
|
243,115 |
|
|
82,129 |
|
|
49,196 |
|
|
| Closing Cash and Equivalents |
$ |
519,886 |
|
$ |
243,115 |
|
$ |
82,129 |
|
|
See notes to consolidated financial statements
|
