Consolidated Cash Flow Statement
| for the year ended November 30 (millions) | 2006 | 2005 | 2004 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Operating activities Net income |
$ | 202.2 | $ | 214.9 | $ | 214.5 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||
| Depreciation and amortization | 86.8 | 74.6 | 72.0 | ||||||
| Stock-based compensation | 24.9 | – | – | ||||||
| Gain on sale of unconsolidated operations | (26.8 | ) | – | – | |||||
| Deferred income taxes | (26.0 | ) | 5.9 | (1.7 | ) | ||||
| Income from unconsolidated operations | (19.9 | ) | (20.6 | ) | (14.6 | ) | |||
| Changes in operating assets and liabilities: Receivables |
14.9 | 16.8 | (35.5 | ) | |||||
| Inventories | (42.3 | ) | (3.0 | ) | 33.8 | ||||
| Prepaid allowances | (3.1 | ) | 14.5 | 27.2 | |||||
| Trade accounts payable | 19.1 | 9.4 | 5.7 | ||||||
| Other assets and liabilities | 62.6 | (9.5 | ) | 31.4 | |||||
| Dividends received from unconsolidated affiliates | 18.4 | 29.2 | 9.6 | ||||||
| Net cash provided by operating activities | 310.8 | 332.2 | 342.4 | ||||||
| Investing activities Acquisitions of businesses |
(102.6 | ) | (5.5 | ) | (74.5 | ) | |||
| Capital expenditures | (84.8 | ) | (66.8 | ) | (62.7 | ) | |||
| Proceeds from redemption of joint venture | 9.2 | – | – | ||||||
| Proceeds from sale of property, plant and equipment | 6.1 | 2.3 | 2.8 | ||||||
| Net cash used in investing activities | (172.1 | ) | (70.0 | ) | (134.4 | ) | |||
| Financing activities Short-term borrowings, net |
(24.8 | ) | (34.8 | ) | (14.3 | ) | |||
| Long-term debt borrowings | 299.7 | – | 50.1 | ||||||
| Long-term debt repayments | (197.7 | ) | (32.8 | ) | (16.5 | ) | |||
| Proceeds from exercised stock options | 46.5 | 45.0 | 53.0 | ||||||
| Common stock acquired by purchase | (155.9 | ) | (185.6 | ) | (173.8 | ) | |||
| Dividends paid | (95.0 | ) | (86.2 | ) | (76.9 | ) | |||
| Net cash used in financing activities | (127.2 | ) | (294.4 | ) | (178.4 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | 7.2 | (7.8 | ) | 15.6 | |||||
| Increase /(decrease) in cash and cash equivalents | 18.7 | (40.0 | ) | 45.2 | |||||
| Cash and cash equivalents at beginning of year | 30.3 | 70.3 | 25.1 | ||||||
| Cash and cash equivalents at end of year | $ | 49.0 | $ | 30.3 | $ | 70.3 | |||