Notes to Consolidated Financial Statements

NOTE 7. BALANCE SHEET INFORMATION

December 31 (thousands)	2004	2003	2002
Accounts Receivable, Net   Accounts receivable	$     782,465	$     670,013	$     589,149
Allowance for doubtful accounts	(44,199)	(44,011)	(35,995)
Total	$     738,266	$     626,002	$     553,154
Inventories   Finished goods	$     167,787	$     159,633	$     136,721
Raw materials and parts	176,336	152,127	156,628
Excess of fifo cost over lifo cost	(5,520)	(1,801)	(1,843)
Total	$     338,603	$     309,959	$     291,506
Property, Plant      and Equipment, Net   Land	$       34,469	$       26,921	$       21,914
Buildings and leaseholds	272,931	243,795	231,119
Machinery and equipment	639,046	589,620	525,359
Merchandising equipment	1,065,482	949,553	821,109
Construction in progress	37,106	21,488	18,830
	2,049,034	1,831,377	1,618,331
Accumulated depreciation      and amortization	(1,214,304)	(1,094,580)	(938,066)
Total	$     834,730	$     736,797	$     680,265
Other Intangible Assets, Net   Cost      Customer relationships	$     189,572	$     153,479	$     120,324
Intellectual property	38,130	77,793	71,104
Trademarks	62,874	52,283	50,308
Other intangibles	17,104	16,012	13,502
	307,680	299,567	255,238
Accumulated amortization      Customer relationships	(43,798)	(27,565)	(9,238)
Intellectual property	(7,726)	(45,809)	(39,641)
Trademarks	(12,764)	(9,313)	(5,947)
Other intangibles	(14,297)	(13,021)	(11,742)
Total	$     229,095	$     203,859	$     188,670
Other Assets, Net   Deferred income taxes	$       49,478	$       43,168	$       36,797
Pension	170,625	161,098	106,314
Other	161,369	136,445	142,224
Total	$     381,472	$     340,711	$     285,335
Short-Term Debt   Notes payable	$       50,980	$       66,250	$     146,947
Long-term debt,      current maturities	5,152	3,953	13,152
Total	$       56,132	$       70,203	$     160,099
Other Current Liabilities   Discounts and rebates	$     154,797	$     145,508	$     127,418
Other	204,492	173,729	163,775
Total	$     359,289	$     319,237	$     291,193
Long-Term Debt   6.875% notes, due 2011	$     149,228	$     149,101	$     148,974
5.375% Euronotes, due 2007	404,716	364,399	299,777
7.19% senior notes, due 2006	74,715	75,017	75,000
Other	21,938	19,877	29,144
	650,597	608,394	552,895
Long-term debt,      current maturities	(5,152)	(3,953)	(13,152)
Total	$     645,445	$     604,441	$     539,743

The company has a $450 million multicurrency credit agreement with a consortium of banks that has a term through August 2009. Under certain circumstances, this credit agreement can be increased by $150 million for a total of $600 million. Prior to October 2004, the company had two similar agreements in place which provided $450 million of available credit. The company may borrow varying amounts in different currencies from time to time on a revolving credit basis. The company has the option of borrowing based on various short-term interest rates. This agreement includes a covenant regarding the ratio of total debt to capitalization. No amounts were outstanding under these agreements at year-end 2004, 2003 and 2002.

This credit agreement supports the company's $450 million U.S. commercial paper program and its $200 million European commercial paper program. The company had $8.8 million and $64.1 million in outstanding U.S. commercial paper at December 31, 2004 and 2002, respectively, with average annual interest rates of 1.2 percent and 1.4 percent, respectively. There was no U.S. commercial paper outstanding at December 31, 2003. The company had no commercial paper outstanding under its European commercial paper program at December 31, 2004 and 2003. Both programs were rated A-1 by Standard & Poor's and P-1 by Moody's as of December 31, 2004.

In December 2004, the company terminated a third commercial paper program, its 200 million Australian dollar commercial paper program. The company had 50.0 million of Australian dollar denominated commercial paper outstanding at December 31, 2003 and 2002 (in U.S. dollars, approximately $36 million and $28 million, respectively), with average annual interest rates of 5.1 percent and 4.8 percent, respectively.

In February 2002, the company issued euro 300 million ($265.9 million at rates prevailing at that time) of 5.375 percent Euronotes, due February 2007. As described further in Note 8, the company accounts for the transaction gains and losses related to the Euronotes as a component of the cumulative translation account within accumulated other comprehensive income (loss).

As of December 31, the weighted-average interest rate on notes payable was 5.7 percent in 2004, 6.3 percent in 2003 and 4.6 percent in 2002.

As of December 31, 2004, the aggregate annual maturities of long-term debt for the next five years were: 2005 - $5,152,000; 2006 - $79,708,000; 2007 - $408,264,000; 2008 - $1,906,000 and 2009 - $789,000.

Interest expense was $48,479,000 in 2004, $49,342,000 in 2003 and $47,210,000 in 2002. Interest income was $3,135,000 in 2004, $3,997,000 in 2003 and $3,315,000 in 2002. Total interest paid was $47,014,000 in 2004, $47,428,000 in 2003 and $45,056,000 in 2002.