| Consolidated
statement of cash
flows |
| |
|
|
|
|
|
|
|
|
| Year
ended December 31 (thousands) |
2001 |
2000 |
1999 |
|
|
|
|
| Operating
Activities |
|
|
|
| Net
income |
$
188,170 |
$
206,127 |
$
175,786 |
| Adjustments
to reconcile net income to cash provided by operations: |
|
|
|
| |
Cumulative
effect of change in accounting |
|
2,428 |
|
| |
Depreciation
|
128,020 |
119,072 |
109,946 |
| |
Amortization
|
34,970 |
29,364 |
24,584 |
| |
Deferred
income taxes |
(2,950) |
(11,604) |
(3,903) |
| |
Equity
in earnings of Henkel-Ecolab |
(15,833) |
(19,516) |
(18,317) |
| |
Henkel-Ecolab
royalties and dividends |
23,928 |
15,914 |
21,826 |
| |
Restructuring
expenses – asset disposals |
(566)
|
2,786 |
|
| |
Gain
on sale of Jackson business |
|
(25,925) |
|
| |
Other,
net |
(1,373) |
(913) |
(303) |
| |
Changes
in operating assets and liabilities: |
|
|
|
| |
Accounts
receivable |
20,570 |
(30,635) |
(44,643) |
| |
Inventories
|
(8,014) |
(22,585) |
(8,913) |
| |
Other
assets |
(26,049) |
(7,332) |
(23,842) |
| |
Accounts
payable |
(7,451) |
16,626 |
(4,512) |
| |
Other
liabilities |
31,059 |
41,679 |
65,785 |
|
|
|
|
| Cash
provided by operating activities |
364,481 |
315,486 |
293,494 |
|
|
|
|
| Investing
Activities |
|
|
|
| Capital
expenditures |
(157,937) |
(150,009) |
(145,622) |
| Property
disposals |
3,027 |
2,092 |
6,293 |
| Businesses
acquired and investments in affiliates |
(469,804) |
(90,603) |
(45,991) |
| Sale
of businesses and assets |
|
35,803 |
12,090 |
| Other,
net |
|
|
(1,246) |
|
|
|
|
| Cash
used for investing activities |
(624,714) |
(202,717) |
(174,476) |
|
|
|
|
| Financing
Activities |
|
|
|
| Net
issuances of notes payable |
204,218 |
124,080 |
43,896 |
| Long-term
debt borrowings |
149,817 |
|
62,552 |
| Long-term
debt repayments |
(16,283) |
(21,777) |
(122,096) |
| Reacquired
shares |
(32,164) |
(186,516) |
(42,395) |
| Cash
dividends on common stock |
(66,456) |
(61,644) |
(54,333) |
| Other,
net |
18,381 |
30,622 |
13,263 |
|
|
|
|
| Cash
provided by (used for) financing activities |
257,513 |
(115,235) |
(99,113) |
|
|
|
|
| Effect
of exchange rate changes on cash |
548 |
(1,317) |
(582) |
|
|
|
|
| Increase
(Decrease) in Cash and Cash Equivalents
|
(2,172) |
(3,783) |
19,323 |
| Cash
and cash equivalents, beginning of year |
43,965 |
47,748 |
28,425 |
|
|
|
|
| Cash
and cash equivalents, end of year |
$ 41,793 |
$
43,965 |
$ 47,748 |
|
|
|
|
| The
accompanying notes are an integral part of the consolidated financial
statements. |
|
