| for the year ended November 30 (millions) |
2005
|
|
2004
|
|
2003
|
|
| Operating activities |
|
|
|
|
|
|
|
|
|
| Net income |
$ |
214.9 |
|
$ |
214.5 |
|
$ |
210.8 |
|
| Net income from discontinued operations |
|
- |
|
|
- |
|
|
(4.7 |
) |
| Gain on sale of discontinued operations |
|
- |
|
|
- |
|
|
(9.0 |
) |
| Cumulative effect of accounting change |
|
- |
|
|
- |
|
|
2.1 |
|
| Net income from continuing operations |
|
214.9 |
|
|
214.5 |
|
|
199.2 |
|
| Adjustments to reconcile net income from continuing operations to |
|
|
|
|
|
|
|
|
|
| net cash provided by continuing operating activities: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
74.6 |
|
|
72.0 |
|
|
65.3 |
|
| Deferred income taxes |
|
5.9 |
|
|
(1.7 |
) |
|
15.6 |
|
| Income from unconsolidated operations |
|
(20.6 |
) |
|
(14.6 |
) |
|
(16.4 |
) |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
| Receivables |
|
16.8 |
|
|
(35.5 |
) |
|
9.8 |
|
| Inventories |
|
(3.0 |
) |
|
33.8 |
|
|
(50.0 |
) |
| Prepaid allowances |
|
14.5 |
|
|
27.2 |
|
|
13.5 |
|
| Trade accounts payable |
|
9.4 |
|
|
5.7 |
|
|
(17.1 |
) |
| Other assets and liabilities |
|
(2.5 |
) |
|
38.5 |
|
|
(38.7 |
) |
| Dividends received from unconsolidated affiliates |
|
29.2 |
|
|
9.6 |
|
|
20.6 |
|
| Net cash provided by continuing operating activities |
|
339.2 |
|
|
349.5 |
|
|
201.8 |
|
| |
|
|
|
|
|
|
|
|
|
| Investing activities |
|
|
|
|
|
|
|
|
|
| Acquisitions of businesses |
|
(5.5 |
) |
|
(74.5 |
) |
|
(202.9 |
) |
| Purchase price adjustment |
|
- |
|
|
- |
|
|
50.0 |
|
| Capital expenditures |
|
(73.8 |
) |
|
(69.8 |
) |
|
(91.6 |
) |
| Proceeds from sale of discontinued operations |
|
- |
|
|
- |
|
|
133.9 |
|
| Proceeds from sale of property, plant and equipment |
|
2.3 |
|
|
2.8 |
|
|
9.9 |
|
| Net cash used in continuing investing activities |
|
(77.0 |
) |
|
(141.5 |
) |
|
(100.7 |
) |
| |
|
|
|
|
|
|
|
|
|
| Financing activities |
|
|
|
|
|
|
|
|
|
| Short-term borrowings, net |
|
(34.8 |
) |
|
(14.3 |
) |
|
17.2 |
|
| Long-term debt borrowings |
|
- |
|
|
50.1 |
|
|
- |
|
| Long-term debt repayments |
|
(32.8 |
) |
|
(16.5 |
) |
|
(.8 |
) |
| Proceeds from exercised stock options |
|
45.0 |
|
|
53.0 |
|
|
29.5 |
|
| Common stock acquired by purchase |
|
(185.6 |
) |
|
(173.8 |
) |
|
(119.5 |
) |
| Dividends paid |
|
(86.2 |
) |
|
(76.9 |
) |
|
(64.1 |
) |
| Net cash used in continuing financing activities |
|
(294.4 |
) |
|
(178.4 |
) |
|
(137.7 |
) |
| Effect of exchange rate changes on cash and cash equivalents |
|
(7.8 |
) |
|
15.6 |
|
|
19.0 |
|
| Net cash used in discontinued operations |
|
- |
|
|
- |
|
|
(4.6 |
) |
| Increase/(decrease) in cash and cash equivalents |
|
(40.0 |
) |
|
45.2 |
|
|
(22.2 |
) |
| Cash and cash equivalents at beginning of year |
|
70.3 |
|
|
25.1 |
|
|
47.3 |
|
| Cash and cash equivalents at end of year |
$ |
30.3 |
|
$
|
70.3 |
|
$ |
25.1 |
|
