|
| 2003 |
2002 |
2001 |
 |
OPERATING ACTIVITIES |
|
|
|
| Net income |
$277,348 |
$209,770 |
$188,170 |
| Cumulative effect of change in accounting |
|
4,002 |
|
| Gain from discontinued operations |
|
(1,882) |
|
|
| Income from continuing operations |
277,348 |
211,890 |
188,170 |
Adjustments to reconcile income from continuing
operations to cash provided by operating activities:
Depreciation |
201,512 |
194,840 |
128,020 |
| Amortization |
28,144 |
28,588 |
34,970 |
| Deferred income taxes |
42,455 |
49,923 |
(2,950) |
| Gain on sale of equity investment |
(11,105) |
|
|
| Equity in earnings of Henkel-Ecolab |
|
|
(15,833) |
| Henkel-Ecolab royalties and dividends |
|
|
23,928 |
| Special charges – asset disposals |
1,684 |
6,180 |
(566) |
| Other, net |
1,837 |
1,835 |
(1,373) |
Changes in operating assets and liabilities:
Accounts receivable |
(5,547) |
78 |
20,570 |
| Inventories |
(2,902) |
(3,567) |
(8,014) |
| Other assets |
(39,224) |
(141,926) |
(26,049) |
| Accounts payable |
(13,329) |
(8,860) |
(7,451) |
| Other liabilities |
48,326 |
84,345 |
31,059 |
|
| Cash provided by operating activities |
529,199 |
423,326 |
364,481 |
|
INVESTING ACTIVITIES |
|
|
|
| Capital expenditures |
(212,035) |
(212,757) |
(157,937) |
| Property disposals |
8,502 |
6,788 |
3,027 |
| Capitalized software expenditures |
(8,951) |
(4,490) |
|
| Businesses acquired and investments in affiliates |
(31,726) |
(62,825) |
(469,804) |
| Sale of businesses and assets |
27,130 |
|
|
|
| Cash used for investing activities |
(217,080) |
(273,284) |
(624,714) |
|
FINANCING ACTIVITIES |
|
|
|
| Net issuances (repayments) of notes payable |
(94,412) |
(368,834) |
204,218 |
| Long-term debt borrowings |
5,959 |
261,039 |
149,817 |
| Long-term debt repayments |
(13,270) |
(1,257) |
(16,283) |
| Reacquired shares |
(227,145) |
(8,894) |
(32,164) |
| Cash dividends on common stock |
(75,413) |
(69,583) |
(66,456) |
| Exercise of employee stock options |
126,615 |
45,531 |
19,356 |
| Other, net |
(313) |
(1,746) |
(975) |
|
| Cash provided by (used for) financing activities |
(277,979) |
(143,744) |
257,513 |
|
Effect of exchange rate changes on cash |
2,281 |
1,114 |
548 |
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
36,421 |
7,412 |
(2,172) |
| Cash and cash equivalents, beginning of year |
49,205 |
41,793 |
43,965 |
|
| Cash and cash equivalents, end of year |
$ 85,626 |
$ 49,205 |
$ 41,793 |
|
|
