|
| 2004 |
2003 |
2002 |
 |
|
OPERATING ACTIVITIES
Net income |
$310,488 |
$277,348 |
$209,770 |
| Cumulative effect of change in accounting |
|
|
4,002 |
| Gain from discontinued operations |
|
|
(1,882) |
|
| Income from continuing operations |
310,488 |
277,348 |
211,890 |
Adjustments to reconcile income from continuing
operations to cash provided
by operating activities:
Depreciation |
213,523 |
201,512 |
194,840 |
| Amortization |
33,859 |
28,144 |
28,588 |
| Deferred income taxes |
24,309 |
42,455 |
49,923 |
| Gain on sale of equity investment |
|
(11,105) |
|
| Disposal loss, net |
3,691 |
|
|
| Charge for in-process research and development |
1,600 |
|
|
| Special charges – asset disposals |
|
1,684 |
6,180 |
| Other, net |
(2,507) |
1,837 |
1,835 |
Changes in operating assets and liabilities:
Accounts receivable |
(47,217) |
(5,547) |
78 |
| Inventories |
(5,481) |
(2,902) |
(3,567) |
| Other assets |
(31,723) |
(39,224) |
(141,926) |
| Accounts payable |
34,841 |
(13,329) |
(8,860) |
| Other liabilities |
47,081 |
48,326 |
84,345 |
|
| Cash provided by operating activities |
582,464 |
529,199 |
423,326 |
|
INVESTING ACTIVITIES
Capital expenditures |
(275,871) |
(212,035) |
(212,757) |
| Property disposals |
18,373 |
8,502 |
6,788 |
| Capitalized software expenditures |
(9,688) |
(8,951) |
(4,490) |
Businesses acquired and investments in affiliates,
net of cash acquired |
(129,822) |
(31,726) |
(62,825) |
| Sale of businesses and assets |
3,417 |
27,130 |
|
|
| Cash used for investing activities |
(393,591) |
(217,080) |
(273,284) |
|
FINANCING ACTIVITIES
Net repayments of notes payable |
(17,474) |
(94,412) |
(368,834) |
| Long-term debt borrowings |
7,325 |
5,959 |
261,039 |
| Long-term debt repayments |
(6,632) |
(13,270) |
(1,257) |
| Reacquired shares |
(165,414) |
(227,145) |
(8,894) |
| Cash dividends on common stock |
(82,419) |
(75,413) |
(69,583) |
| Exercise of employee stock options |
59,989 |
126,615 |
45,531 |
| Other, net |
(800) |
(313) |
(1,746) |
|
| Cash used for financing activities |
(205,425) |
(277,979) |
(143,744) |
|
| Effect of exchange rate changes on cash |
2,157 |
2,281 |
1,114 |
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(14,395) |
36,421 |
7,412 |
| Cash and cash equivalents, beginning of year |
85,626 |
49,205 |
41,793 |
|
| Cash and cash equivalents, end of year |
$ 71,231 |
$ 85,626 |
$ 49,205 |
|
|
