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Financial Statements

Consolidated Statements of Cash Flows
Years Ended September 30
Thousands of dollars
 2002 2001 2000
Operating Activities
Net Income
$ 479,982 $ 401,652 $ 392,897
Adjustments to net income to derive net cash
  provided by operating activities:
   Depreciation and amortization 304,865 305,700 288,255
   Pension contribution (100,000) - -
   Cumulative effect of change in accounting principle, net of tax - 36,750 -
   Non-cash special charges 6,526 - 4,543
   Deferred income taxes 57,202 37,400 37,246
   Losses (gains) on investments, net 18,576 - (76,213)
   Change in operating assets (excludes impact of acquisitions):
      Trade receivables
32,585 (34,063) 11,688
      Inventories 21,112 (32,290) (64,663)
      Prepaid expenses, deferred taxes and other (222) (18,652) (12,106)
      Accounts payable, income taxes and other liabilities (1,241) 67,519 44,854
   Other, net 16,648 14,629 (11,008)
Net Cash Provided by Operating Activities 836,033 778,645 615,493
 
Investing Activities

Capital expenditures
(259,703) (370,754) (376,372)
Acquisitions of businesses, net of cash acquired - (30,953) (21,272)
Proceeds (purchases) of short-term investments, net 3,054 (530) 1,299
Proceeds from sales of long-term investments 4,598 7,632 101,751
Purchases of long-term investments (3,397) (24,938) (9,273)
Capitalized software (81,376) (72,231) (50,397)
Other, net (24,297) (50,155) (49,135)
Net Cash Used for Investing Activities (361,121) (541,929) (403,399)
 
Financing Activities

Change in short-term debt
(18,819) (82,600) (98,496)
Proceeds of long-term debt 4,526 2,987 948
Payment of long-term debt (11,096) (103,104) (60,923)
Repurchase of common stock (223,961) - -
Issuance of common stock 38,069 82,925 34,724
Dividends paid (102,459) (101,329) (95,749)
Net Cash (Used for) Provided by Financing Activities (313,740) (201,121) (219,496)
Effect of exchange rate changes on cash and equivalents (186) (2,662) (3,334)
Net Increase (Decrease) in Cash and Equivalents 160,986 32,933 (10,736)
Opening Cash and Equivalents 82,129 49,196 59,932
Closing Cash and Equivalents       $243,115       $82,129       $49,196

See Notes to Consolidated Financial Statements


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