|
Financial Statements
|
|
| Consolidated Statements of Cash Flows |
| Years Ended September 30 |
| Thousands of dollars |
| |
| |
|
2004 |
|
|
2003 |
|
|
2002 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Operating Activities |
|
|
|
|
|
|
|
|
|
| Net income |
$ |
467,402 |
|
$ |
547,056 |
|
$ |
479,982 |
|
| Loss (income) from discontinued operations, net |
|
115,102 |
|
|
7,874 |
|
|
(630 |
) |
|
| Income from continuing operations, net |
|
582,504 |
|
|
554,930 |
|
|
479,352 |
|
| Adjustments to income from continuing operations to derive |
|
|
|
|
|
|
|
|
|
| net cash provided by continuing operating activities: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
357,224 |
|
|
335,759 |
|
|
296,576 |
|
| Pension contributions |
|
(37,468 |
) |
|
(112,132 |
) |
|
(110,325 |
) |
| Deferred income taxes |
|
(31,345 |
) |
|
5,921 |
|
|
58,372 |
|
| Losses on investments |
|
4,918 |
|
|
4,116 |
|
|
32,777 |
|
| Impairment of intangible assets |
|
— |
|
|
29,154 |
|
|
— |
|
| Non-cash special charges |
|
— |
|
|
— |
|
|
6,526 |
|
| BGM charges |
|
38,551 |
|
|
— |
|
|
— |
|
| Change in operating assets (excludes impact of acquisitions): |
|
|
|
|
|
|
|
|
|
| Trade receivables |
|
(15,854 |
) |
|
31,450 |
|
|
31,086 |
|
| Inventories |
|
30,096 |
|
|
(49,854 |
) |
|
22,610 |
|
| Prepaid expenses, deferred taxes and other |
|
(2,466 |
) |
|
8,596 |
|
|
(419 |
) |
| Accounts payable, income taxes |
|
|
|
|
|
|
|
|
|
| and other liabilities |
|
99,447 |
|
|
65,500 |
|
|
(498 |
) |
| Other, net |
|
74,653 |
|
|
29,493 |
|
|
13,226 |
|
|
| Net Cash Provided by Continuing Operating Activities |
1,100,260 |
|
|
902,933 |
|
|
829,283 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Investing Activities |
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
(265,718 |
) |
|
(259,218 |
) |
|
(255,705 |
) |
| Capitalized software |
|
(39,190 |
) |
|
(64,782 |
) |
|
(81,376 |
) |
| (Purchases) proceeds of short-term investments, net |
|
(31,298 |
) |
|
1,975 |
|
|
3,054 |
|
| Purchases of long-term investments |
|
(10,149 |
) |
|
(4,399 |
) |
|
(3,397 |
) |
| Acquisitions of businesses, net of cash acquired |
|
(24,251 |
) |
|
— |
|
|
— |
|
| Other, net |
|
(24,628 |
) |
|
(21,987 |
) |
|
(19,902 |
) |
|
| Net Cash Used for Continuing Investing Activities |
|
(395,234 |
) |
|
(348,411 |
) |
|
(357,326 |
) |
|
| |
|
|
|
|
|
|
|
|
|
| Financing Activities |
|
|
|
|
|
|
|
|
|
| Change in short-term debt |
|
(56,509 |
) |
|
(319,608 |
) |
|
(18,756 |
) |
| Proceeds of long-term debt |
|
— |
|
|
404,683 |
|
|
3,827 |
|
| Payment of long-term debt |
|
(21,682 |
) |
|
(6,386 |
) |
|
(9,543 |
) |
| Repurchase of common stock |
|
(449,930 |
) |
|
(349,998 |
) |
|
(223,961 |
) |
| Issuance of common stock |
|
176,072 |
|
|
86,618 |
|
|
38,069 |
|
| Dividends paid |
|
(152,376 |
) |
|
(104,148 |
) |
|
(102,459 |
) |
|
| Net Cash Used for Continuing Financing Activities |
|
(504,425 |
) |
|
(288,839 |
) |
|
(312,823 |
) |
|
| Net Cash (Used for) Provided by Discontinued Operations |
|
(2,726 |
) |
|
(1,003 |
) |
|
2,038 |
|
| Effect of exchange rate changes on cash and equivalents |
|
1,617 |
|
|
12,091 |
|
|
(186 |
) |
|
| Net Increase in Cash and Equivalents |
|
199,492 |
|
|
276,771 |
|
|
160,986 |
|
| Opening Cash and Equivalents |
|
519,886 |
|
|
243,115 |
|
|
82,129 |
|
|
| Closing Cash and Equivalents |
$ |
719,378 |
|
$ |
519,886 |
|
$ |
243,115 |
|
|
See notes to consolidated financial statements |
|
|
|
