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PART II
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA
CONSOLIDATED BALANCE SHEETS
As of December 31,
(In millions, except share data)
2000 1999
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents ............................................. $ 82.2 $ 218.6
Receivables, net ...................................................... 1,108.8 1,179.5
Inventory ............................................................. 2,769.2 2,706.8
Other current assets .................................................. 216.0 165.6
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Total Current Assets ................................................. 4,176.2 4,270.5
INVESTMENTS ............................................................. 38.8 175.8
PROPERTY AND EQUIPMENT, NET ............................................. 1,538.1 1,360.4
INTANGIBLE ASSETS, NET .................................................. 2,920.2 2,831.0
OTHER ASSETS ............................................................ 156.7 218.8
NET ASSETS OF DISCONTINUED OPERATIONS ................................... -- 726.6
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$ 8,830.0 $ 9,583.1
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable ...................................................... $ 143.2 $ 163.1
Accrued liabilities ................................................... 453.0 622.9
Notes payable and current maturities of long-term debt ................ 2,423.5 2,218.3
Other current liabilities ............................................. 121.6 129.9
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Total Current Liabilities ............................................ 3,141.3 3,134.2
LONG-TERM DEBT, NET OF CURRENT MATURITIES ............................... 850.4 836.1
DEFERRED INCOME TAXES ................................................... 877.2 804.8
OTHER LIABILITIES ....................................................... 118.6 206.8
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, par value $.01 per share; 5,000,000 shares authorized;
none issued .......................................................... -- --
Common stock, par value $.01 per share; 1,500,000,000 shares
authorized; 475,559,195 and 474,965,676 shares issued and outstanding
including shares held in treasury, respectively ...................... 4.8 4.7
Additional paid-in capital ............................................ 4,664.7 4,661.5
Retained earnings ..................................................... 649.3 1,213.8
Accumulated other comprehensive income ................................ 1.0 6.6
Treasury stock, at cost; 127,473,709 and 99,602,444 shares held,
respectively ......................................................... (1,477.3) (1,285.4)
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Total Shareholders' Equity ........................................... 3,842.5 4,601.2
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$ 8,830.0 $ 9,583.1
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The accompanying notes are an integral part of
these statements.
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