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PART II
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA
CONSOLIDATED STATEMENTS OF CASH
FLOWS
For the Years Ended December 31,
(In millions)
2000 1999 1998
------------ ----------- ----------
CASH PROVIDED BY OPERATING ACTIVITIES:
Net income .................................................................... $ 329.9 $ 282.9 $ 499.5
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ............................................... 133.8 123.0 79.9
Deferred income tax provision (benefit) ..................................... 91.3 (127.2) 12.2
Non-cash restructuring and impairment (recovery) ............................ (6.9) 432.9 --
Gain on sale of marketable securities, net .................................. (23.7) (4.5) --
Valuation write-down on equity-method investment ............................ 30.0 -- --
Gain on sale of subsidiary .................................................. (53.5) -- --
Income from discontinued operations ......................................... (1.8) (314.4) (273.7)
Changes in assets and liabilities, net of effects from business combinations:
Receivables ................................................................ (28.1) (140.9) (148.4)
Inventory .................................................................. (37.2) (380.8) 66.5
Other assets ............................................................... (33.9) 42.0 (23.0)
Accounts payable and accrued liabilities ................................... (162.3) (33.3) (85.2)
Other liabilities .......................................................... 43.9 167.5 90.0
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281.5 47.2 217.8
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CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment ........................................... (148.2) (242.3) (256.7)
Proceeds from sale of property and equipment and assets held for sale ......... 129.9 88.4 12.3
Purchases of marketable securities ............................................ (.9) (88.6) (193.6)
Funding of installment loan receivables, net of collections ................... (562.3) (1,578.6) (965.5)
Proceeds from sales of installment loan receivables ........................... 720.3 1,599.4 706.4
Sales of marketable securities ................................................ 91.6 116.7 94.1
Cash used in business acquisitions, net of cash acquired ...................... (313.3) (914.0) (804.3)
Cash received from business divestitures ...................................... 178.7 131.3 55.1
Cash received on disposal of solid waste services segment ..................... -- 1,779.6 1,433.6
Restricted cash deposits ...................................................... (76.6) (51.2) (39.2)
Other ......................................................................... (.4) (15.2) (64.1)
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18.8 825.5 ( 21.9)
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CASH USED IN FINANCING ACTIVITIES:
Net proceeds under vehicle inventory financing facilities ..................... 159.4 429.7 65.1
Net proceeds (payments) under revolving credit facilities ..................... (54.0) 169.0 250.0
Purchases of treasury stock ................................................... (188.9) (1,158.0) (136.0)
Payments of notes payable and long-term debt .................................. (197.0) (126.1) (260.3)
Proceeds from sale-leaseback financing ........................................ 52.1 -- --
Other ......................................................................... 1.3 29.0 32.2
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(227.1) (656.4) (49.0)
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CASH PROVIDED BY CONTINUING OPERATIONS ......................................... 73.2 216.3 146.9
CASH (USED IN) PROVIDED BY DISCONTINUED OPERATIONS ............................. (227.0) (706.3) 451.4
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(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ............................... (153.8) (490.0) 598.3
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD, INCLUDING
CASH AND CASH EQUIVALENTS OF DISCONTINUED OPERATIONS OF
$17.4, $590.1 AND $44.9, RESPECTIVELY ......................................... 236.0 726.0 127.7
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CASH AND CASH EQUIVALENTS AT END OF PERIOD, INCLUDING CASH
AND CASH EQUIVALENTS OF DISCONTINUED OPERATIONS OF $17.4 and
$590.1 AT DECEMBER 31, 1999 AND 1998, RESPECTIVELY ............................ $ 82.2 $ 236.0 $ 726.0
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The accompanying notes are an integral part of
these statements.
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Form
10-K 
