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|
(dollars in millions) |
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Year Ended December 31 |
|
2000 |
1999 |
1998 |
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Operating Activities |
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|
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Net income |
$ |
325.9 |
$ |
169.6 |
$ |
353.7 |
|
|
|
|
(39.6) |
(30.9) |
(48.3) |
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Adjustments to reconcile net income to net cash |
|
|
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|||||
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|
|
45.6 |
232.1 |
10.5 |
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|
|
|
(58.4) |
(178.3) |
(68.6) |
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Extraordinary losses on debt extinguishment |
|
— |
— |
4.3 |
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Depreciation and amortization |
|
192.5 |
160.5 |
144.8 |
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Deferred income taxes |
|
(15.8) |
54.2 |
86.4 |
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Net gains on sale of businesses |
|
(2.0) |
(6.7) |
(58.3) |
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Gain on sale of investment |
|
— |
(3.2) |
— |
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Change in assets and liabilities, net of effects of |
|
|
|||||
|
|
|
(171.4) |
(54.7) |
(53.3) |
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|
|
|
54.7 |
(0.2) |
13.2 |
|||
|
|
|
— |
— |
(40.0) |
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|
|
|
(36.0) |
(20.6) |
(74.2) |
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|
|
|
(30.0) |
(5.5) |
3.5 |
|||
|
|
|
66.4 |
(13.3) |
0.3 |
|||
|
|
|
76.5 |
54.5 |
113.3 |
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|
12.2 |
36.9 |
29.5 |
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|
|
|
(8.3) |
— |
(4.3) |
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|
|
|
(182.3) |
(151.1) |
(9.6) |
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|
|
|
|
|
|
|
|
|
|
|
230.0 |
243.3 |
402.9 |
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Investing Activities |
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|
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Purchases of property |
|
(148.1) |
(172.5) |
(189.9) |
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Proceeds from sale of property |
|
26.9 |
13.6 |
3.2 |
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Proceeds from sale of businesses |
|
4.8 |
17.6 |
100.0 |
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Sale of short-term investments |
|
— |
3.5 |
— |
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Payments made in connection with acquisitions, |
|
(246.8) |
(56.5) |
(141.9) |
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|
|
|
|
|
|
|
|
|
|
(363.2) |
(194.3) |
(228.6) |
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Financing Activities |
|
|
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Increase (decrease) in short-term debt, net |
|
501.3 |
85.4 |
(52.3) |
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Proceeds from issuance of long-term debt |
|
5.0 |
203.9 |
724.5 |
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Increase (decrease) in revolving credit facility, net |
|
— |
(239.5) |
(458.0) |
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Repayment of long-term debt and capital lease obligations |
|
(14.7) |
(18.6) |
(33.1) |
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Proceeds from issuance of convertible preferred securities, net |
|
— |
— |
144.0 |
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|
Proceeds from issuance of capital stock |
|
25.4 |
6.9 |
28.8 |
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Purchases of treasury stock |
|
(300.4) |
(0.3) |
(64.7) |
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Dividends |
|
(117.6) |
(91.6) |
(75.7) |
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Distributions on Trust preferred securities |
|
(18.4) |
(18.4) |
(16.1) |
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Other |
|
— |
— |
1.7 |
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|
|
|
|
|
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|
|
|
80.6 |
(72.2) |
199.1 |
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Discontinued Operations |
|
|
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Net cash provided (used) by discontinued operations |
|
66.6 |
37.8 |
(382.0) |
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|
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|
|
|
|
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Effect of Exchange Rate Changes on Cash |
|
(2.9) |
(1.7) |
0.4 |
||
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Net Increase (Decrease) in Cash and Cash Equivalents |
|
11.1 |
12.9 |
(8.2) |
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Cash and Cash Equivalents at Beginning of Year |
|
66.4 |
53.5 |
61.7 |
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|
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|
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Cash and Cash Equivalents at End of Year |
$ |
77.5 |
$ |
66.4 |
$ |
53.5 |
|
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 |
 |