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Note
6. Balance Sheet Information
| December
31 (thousands) |
2001 |
2000 |
1999 |
| Accounts
Receivable, Net |
|
|
| Accounts
receivable |
$
544,371 |
$ 342,267 |
$ 320,720 |
| Allowance
for doubtful accounts |
(30,297) |
(15,330) |
(20,969) |
| |
|
|
|
| Total |
$
514,074 |
$
326,937 |
$ 299,751 |
| |
|
|
|
| Inventories
|
|
|
|
| Finished
goods |
$
124,657 |
$ 74,392 |
$
71,395 |
| Raw
materials and parts |
156,754 |
96,430 |
106,239 |
| Excess
of fifo cost over lifo cost |
(1,626) |
(2,602) |
(1,265) |
| |
|
|
|
| Total |
$
279,785 |
$ 168,220 |
$ 176,369 |
| |
|
|
|
| Property,
Plant and Equipment, Net |
|
|
|
| Land |
$
20,349 |
$ 12,436 |
$ 13,516 |
| Buildings
and leaseholds |
221,054 |
174,651 |
162,955 |
| Machinery
and equipment |
452,611 |
290,017 |
273,101 |
| Merchandising
equipment |
743,404 |
556,205 |
492,160 |
| Construction
in progress |
22,217 |
22,235 |
15,522 |
| |
|
|
|
| |
1,459,635 |
1,055,544 |
957,254 |
Accumulated
depreciation
and amortization |
(815,312) |
(553,904) |
(509,138) |
| |
|
|
|
| Total
|
$
644,323 |
$ 501,640 |
$ 448,116 |
| |
|
|
|
| Goodwill,
Net |
|
|
|
| Goodwill
|
$
763,211 |
$ 311,401 |
$ 257,496 |
| Accumulated
amortization |
(166,286) |
(59,379) |
(52,166) |
| |
|
|
|
| Total |
$
596,925 |
$ 252,022 |
$ 205,330 |
| |
|
|
|
| Other
Intangible Assets, Net |
|
|
|
| Other
intangible assets |
$
235,527 |
$ 76,008 |
$ 62,851 |
| Accumulated
amortization |
(56,576) |
(20,974) |
(18,425) |
| |
|
|
|
| Total |
$
178,951 |
$ 55,034 |
$
44,426 |
| |
|
|
|
| Other
Assets |
|
|
|
| Deferred
income taxes |
$
56,952 |
$ 26,768 |
$ 24,591 |
| Other
|
118,266 |
78,337 |
67,159 |
| |
|
|
|
| Total
|
$
175,218 |
$
105,105 |
$ 91,750 |
| |
|
|
|
| Short-Term
Debt |
|
|
|
| Notes
payable |
$
230,306 |
$ 68,644 |
$
96,992 |
| Long-term
debt, current maturities |
3,087 |
67,948 |
15,068 |
| |
|
|
|
| Total |
$
233,393 |
$
136,592 |
$
112,060 |
| |
|
|
|
| Long-Term
Debt |
|
|
|
| 6.875%
notes, due 2011 |
$
148,847 |
|
|
| Commercial
paper |
265,860 |
$
145,800 |
|
| 7.19%
senior notes, due 2006 |
75,000 |
75,000 |
$
75,000 |
| 9.68%
senior notes, due 1995-2001 |
|
14,286 |
28,571 |
| 6.00%
medium-term notes, due 2001 |
|
52,800 |
63,500 |
| Other
|
25,660 |
14,439 |
17,011 |
| |
|
|
|
| |
515,367 |
302,325 |
184,082 |
| Long-term
debt, current maturities |
(3,087) |
(67,948) |
(15,068) |
| |
|
|
|
| Total |
$
512,280 |
$ 234,377 |
$ 169,014 |
| |
|
|
|
The
company has a $275 million Multicurrency Credit Agreement with
a consortium of banks that has a term through 2005. The company
may borrow varying amounts from time to time on a revolving credit
basis, with loans denominated in multiple currencies, if available.
The company has the option of borrowing based on various short-term
interest rates. The agreement includes a covenant regarding the
ratio of total debt to capitalization. No amounts were outstanding
under the agreement at year-end 2001, 2000 and 1999.
In December 2001, the company entered into two additional credit
agreements with a consortium of banks to support its commercial
paper program. One agreement is a $175 million credit agreement
for 364 days. The second agreement is a $275 million credit agreement
for 180 days and was effectively terminated by a provision reducing
the banks’ commitments under the agreement following the company’s
Eurobond offering in February 2002. The company may borrow varying
amounts from time to time on a revolving credit basis. The company
has the option of borrowing based on various short-term interest
rates. Each agreement includes a covenant regarding total debt
to capitalization. No amounts were outstanding at year-end 2001.
These agreements support the company’s $450 million U.S. commercial
paper program and its 200 million Australian dollar commercial
paper program. At December 31, 2001 and 2000, the company had
$355.7 million and $145.8 million, respectively, in outstanding
U.S. commercial paper with an average annual interest rate of
2.0 percent and 6.7 percent, respectively. The company also had
132.5 million and 34.5 million of Australian dollar denominated
commercial paper (in U.S. dollars, approximately $69 million and
$18 million, respectively) outstanding at year-end 2001 and 2000,
respectively, with an average annual interest rate of 4.5 percent
and 6.4 percent, respectively. The U.S. commercial paper outstanding
at December 31, 2001 was primarily used to finance the acquisition
of Henkel-Ecolab as discussed in Note 4.
In February 2002, the company issued euro 300 million ($265.9
million) of 5.375 percent Eurobonds, due February 2007. The proceeds
from this debt issuance were used to repay a portion of the U.S.
commercial paper outstanding as of December 31, 2001. Therefore,
$265.9 million of commercial paper outstanding at December 31,
2001 was classified as long-term debt.
In January 2001, the company issued $150 million of 6.875 percent
notes, due 2011. The proceeds from this debt issuance were used
to repay commercial paper outstanding at December 31, 2000. Therefore,
commercial paper outstanding at year-end 2000 was also classified
as long-term debt.
As
of December 31, 2001, the weighted-average interest rate on notes
payable was 4.4 percent in 2001, 7.7 percent for 2000 and 7.2
percent for 1999.
As of December 31, 2001, the aggregate annual maturities of long-term
debt for the next five years were: 2002 – $3,087,000; 2003 – $11,524,000;
2004 – $1,266,000; 2005 – $990,000 and 2006 – $76,030,000.
Interest expense was $31,477,000 in 2001, $26,707,000 in 2000
and $25,053,000 in 1999. Interest income was $3,043,000 in 2001,
$2,102,000 in 2000 and $2,340,000 in 1999. Total interest paid
was $26,402,000 in 2001, $27,497,000 in 2000 and $24,451,000 in
1999.
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