|
|
Years Ended
December 31, |
In
millions |
1997 |
1996 |
1995 |
|
Cash
flows from operating activities: |
|
|
|
Net
earnings (loss) |
$37.7 |
$176.6 |
($572.8) |
Adjustments
required to reconcile net earnings (loss) |
|
|
|
to net cash (used in) provided by operating activities: |
|
|
|
Merger,
restructuring and other non-recurring charges |
486.7 |
235.0 |
982.4 |
Depreciation
and amortization |
226.2 |
246.2 |
327.7 |
Gain
on sale of securities |
(30.0) |
(121.4) |
-- |
Minority
interest in net earnings |
-- |
22.2 |
38.4 |
Income
(loss) from unconsolidated subsidiary |
0.3 |
(4.5) |
-- |
Deferred
income taxes and other non-cash items |
(195.1) |
115.1 |
(89.7) |
Net
operating loss carryforwards utilized |
69.4 |
15.3 |
18.8 |
Extraordinary
item, loss on early retirement of debt, net of tax |
17.1 |
-- |
-- |
Change in assets and liabilities, excluding acquisitions and dispositions: |
|
|
(Increase)
decrease in accounts receivable, net |
(80.6) |
4.6 |
(59.0) |
(Increase)
in inventories |
(531.0) |
(233.6) |
(349.7) |
(Increase)
in other current assets, deferred charges and other
assets |
(66.7) |
(93.5) |
(32.9) |
Increase
in accounts payable |
21.3 |
337.9 |
205.5 |
(Decrease)
increase in accrued expenses |
(224.4) |
(219.9) |
54.6 |
(Decrease)
in Federal incomes taxes payable and other liabilities |
(6.1) |
(16.9) |
(63.3) |
|
Net
cash (used in) provided by operating activities |
(275.2) |
463.1 |
460.0 |
|
Cash
flows from investing activities: |
|
|
|
Additions
to property and equipment |
(312.1) |
(297.5) |
(528.9) |
Proceeds
from sale of businesses and other property and
equipment |
192.7 |
240.4 |
423.6 |
Proceeds
from initial and secondary public offerings of Linens 'n
Things, Inc. |
147.4 |
189.4 |
-- |
Proceeds
from sale of investments |
162.3 |
296.4 |
-- |
Acquisitions,
net of cash |
-- |
(373.9) |
(4.8) |
|
Net
cash provided by (used in) investing activities |
190.3 |
54.8 |
(110.1) |
|
Cash
flows from financing activities: |
|
|
|
Dividends
paid or payable |
(74.6) |
(132.3) |
(240.0) |
Additions
to (reductions in) short-term borrowings |
466.4 |
(52.0) |
(148.0) |
Increase
(decrease) in book overdrafts |
144.3 |
(158.2) |
74.8 |
Repurchase
of common stock |
-- |
(11.2) |
(39.1) |
(Reductions
in) additions to long-term debt |
(911.7) |
131.4 |
21.6 |
Proceeds
from exercise of stock options and other issuances of
stock |
159.5 |
45.6 |
14.0 |
Other |
(2.3) |
(14.6) |
(8.9) |
|
Net
cash used in financing activities |
(218.4) |
(191.3) |
(325.6) |
|
Net
(decrease) increase in cash and cash equivalents |
(303.3) |
326.6 |
24.3 |
Cash
and cash equivalents at beginning of year |
471.8 |
145.2 |
120.9 |
|
Cash
and cash equivalents at end of year |
$168.5
|
$471.8
|
$145.2
|
|
See accompanying notes to
consolidated financial statements
|
