| YEAR ENDED JUNE 30 |
 |
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|
2006 |
|
|
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|
2005 |
|
|
2004 |
|
|
| (In millions) |
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|
|
|
|
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|
Revised |
|
|
Revised |
|
| Cash Flows from Operating Activities |
|
|
|
|
|
|
|
| Net earnings |
|
|
|
$ |
244.2 |
|
|
|
|
$ |
406.1 |
|
|
$ |
342.1 |
|
| Adjustments to reconcile net earnings to net cash flows provided by |
|
|
|
|
|
|
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| operating activities: |
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|
|
|
|
| Depreciation and amortization |
|
|
|
|
198.4 |
|
|
|
|
|
196.7 |
|
|
|
191.7 |
|
| Deferred income taxes |
|
|
|
|
(74.3 |
) |
|
|
|
|
104.9 |
|
|
|
18.3 |
|
| Minority interest, net of tax |
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|
|
|
11.6 |
|
|
|
|
|
9.3 |
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|
8.9 |
|
| Non-cash stock-based compensation |
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|
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|
35.9 |
|
|
|
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|
(1.2 |
) |
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|
7.9 |
|
| Excess tax benefits from stock-based compensation arrangements |
|
|
|
|
(6.7 |
) |
|
|
|
|
- |
|
|
|
- |
|
| Loss on disposal of fixed assets |
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|
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|
13.2 |
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|
9.8 |
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|
5.6 |
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| Discontinued operations, net of tax |
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|
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|
80.3 |
|
|
|
|
|
- |
|
|
|
33.3 |
|
| Other non-cash items |
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|
0.8 |
|
|
|
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|
1.1 |
|
|
|
0.8 |
|
| Changes in operating assets and liabilities: |
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|
|
|
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|
| Decrease (increase) in accounts receivable, net |
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|
|
|
14.6 |
|
|
|
|
|
(106.6 |
) |
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|
(18.4 |
) |
| Decrease (increase) in inventory and promotional merchandise, net |
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|
|
|
1.9 |
|
|
|
|
|
(105.1 |
) |
|
|
(45.7 |
) |
| Decrease in other assets |
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|
7.0 |
|
|
|
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|
6.0 |
|
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|
16.2 |
|
| Increase (decrease) in accounts payable |
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|
|
|
9.1 |
|
|
|
|
|
(23.9 |
) |
|
|
29.8 |
|
| Increase in accrued income taxes |
|
|
|
|
63.5 |
|
|
|
|
|
21.0 |
|
|
|
17.3 |
|
| Increase (decrease) in other accrued liabilities |
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|
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|
66.2 |
|
|
|
|
|
(47.5 |
) |
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|
75.5 |
|
| Increase (decrease) in other noncurrent liabilities |
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|
|
|
61.6 |
|
|
|
|
|
8.6 |
|
|
|
(7.9 |
) |
|
| Net cash flows provided by operating activities of continuing operations |
|
|
|
|
727.3 |
|
|
|
|
|
479.2 |
|
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|
675.4 |
|
| Net cash flows used for operating activities of discontinued operations |
|
|
|
|
(17.5 |
) |
|
|
|
|
(1.1 |
) |
|
|
(2.4 |
) |
|
| Net cash flows provided by operating activities |
|
|
|
|
709.8 |
|
|
|
|
|
478.1 |
|
|
|
673.0 |
|
|
| Cash Flows from Investing Activities |
|
|
|
|
|
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| Capital expenditures |
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|
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|
(260.6 |
) |
|
|
|
|
(229.6 |
) |
|
|
(212.1 |
) |
| Capital expenditures of discontinued operations |
|
|
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|
(0.6 |
) |
|
|
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|
- |
|
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|
(0.1 |
) |
| Acquisition of businesses, net of cash acquired |
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|
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|
(51.7 |
) |
|
|
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|
(7.1 |
) |
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|
(4.4 |
) |
| Proceeds from divestitures |
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|
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|
9.3 |
|
|
|
|
|
- |
|
|
|
3.0 |
|
| Proceeds from disposition of long-term investments |
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|
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|
0.5 |
|
|
|
|
|
- |
|
|
|
- |
|
| Purchases of long-term investments |
|
|
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|
(0.1 |
) |
|
|
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
| Net cash flows used for investing activities |
|
|
|
|
(303.2 |
) |
|
|
|
|
(237.0 |
) |
|
|
(213.7 |
) |
|
| Cash Flows from Financing Activities |
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|
|
|
|
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|
| Increase (decrease) in short-term debt, net |
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|
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|
(82.0 |
) |
|
|
|
|
158.6 |
|
|
|
(2.0 |
) |
| Proceeds from issuance of long-term debt, net |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
195.5 |
|
| Proceeds from the net settlement of treasury lock agreements |
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|
|
|
- |
|
|
|
|
|
- |
|
|
|
15.0 |
|
| Repayments and redemptions of long-term debt |
|
|
|
|
(97.8 |
) |
|
|
|
|
(2.5 |
) |
|
|
(293.7 |
) |
| Net proceeds from employee stock transactions |
|
|
|
|
67.3 |
|
|
|
|
|
80.6 |
|
|
|
61.4 |
|
| Excess tax benefits from stock-based compensation arrangements |
|
|
|
|
6.7 |
|
|
|
|
|
- |
|
|
|
- |
|
| Payments to acquire treasury stock |
|
|
|
|
(400.5 |
) |
|
|
|
|
(438.6 |
) |
|
|
(115.9 |
) |
| Dividends paid to stockholders |
|
|
|
|
(85.4 |
) |
|
|
|
|
(90.1 |
) |
|
|
(68.5 |
) |
| Distributions made to minority holders of consolidated subsidiaries |
|
|
|
|
(2.9 |
) |
|
|
|
|
(8.4 |
) |
|
|
(7.8 |
) |
|
| Net cash flows used for financing activities |
|
|
|
|
(594.6 |
) |
|
|
|
|
(300.4 |
) |
|
|
(216.0 |
) |
|
| Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
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|
3.3 |
|
|
|
|
|
1.0 |
|
|
|
4.2 |
|
|
| Net Increase (Decrease) in Cash and Cash Equivalents |
|
|
|
|
(184.7 |
) |
|
|
|
|
(58.3 |
) |
|
|
247.5 |
|
| Cash and Cash Equivalents at Beginning of Year |
|
|
|
|
553.3 |
|
|
|
|
|
611.6 |
|
|
|
364.1 |
|
|
| Cash and Cash Equivalents at End of Year |
|
|
|
$ |
368.6 |
|
|
|
|
$ |
553.3 |
|
|
$ |
611.6 |
|
|
| Supplemental disclosures of cash flow information (see Note 16) |
|
|
|
|
|
|
|
| Cash paid during the year for: |
|
|
|
|
|
|
|
| Interest |
|
|
|
$ |
33.8 |
|
|
|
|
$ |
23.1 |
|
|
$ |
35.9 |
|
|
| Income Taxes |
|
|
|
$ |
256.9 |
|
|
|
|
$ |
164.4 |
|
|
$ |
193.1 |
|
|
