Consolidated Statement of Cash Flows
| |
Year Ended December 31 |
|
| |
2003 |
2002 |
2001 |
|
(Thousands of dollars)
CASH PROVIDED (USED)
Operating Activities |
|
|
| Net income (loss) |
$ 36,481 |
$ 38,749 |
$ (41,666) |
Adjustments to reconcile net income (loss) to net cash
provided by operating activities: |
|
|
|
| Cumulative effect of change in accounting principle |
- |
12,702 |
- |
| Depreciation and amortization |
208,851 |
146,535 |
152,467 |
| Loss (gain) on disposals of property, plant and equipment |
4,944 |
5,904 |
(2,233) |
| Deferred income tax provision |
4,406 |
17,250 |
23,013 |
| Common stock issued in lieu of cash |
2,744 |
5,217 |
1,441 |
| Impairment and restructuring charges |
55,967 |
(13,564) |
41,832 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(27,543) |
(43,679) |
44,803 |
| Inventories |
33,229 |
(50,611) |
51,247 |
| Other assets |
(30,229) |
(3,198) |
(16,897) |
| Accounts payable and accrued expenses |
(83,982) |
80,761 |
(72,483) |
| Foreign currency translation (gain) loss |
(2,234) |
10,037 |
(3,886) |
|
| Net Cash Provided by Operating Activities |
202,634 |
206,103 |
177,638 |
Investing Activities |
|
|
| Purchases of property, plant and equipment–net |
(116,276) |
(85,277) |
(90,501) |
| Proceeds from disposals of property, plant and equipment |
32,321 |
12,616 |
6,357 |
| Proceeds from disposals of equity investments |
146,335 |
- |
- |
| Acquisitions |
(725,120) |
(6,751) |
(12,957) |
|
| Net Cash Used by Investing Activities |
(662,740) |
(79,412) |
(97,101) |
Financing Activities |
|
|
| Cash dividends paid to shareholders |
(42,078) |
(31,713) |
(40,166) |
| Purchases of treasury shares |
- |
- |
(2,931) |
| Accounts receivable securitization financing borrowings |
127,000 |
- |
- |
| Accounts receivable securitization financing payments |
(127,000) |
- |
- |
| Proceeds from issuance of common stock |
54,985 |
- |
- |
| Common stock issued to finance acquisition |
180,010(1) |
- |
- |
| Proceeds from issuance of long-term debt |
629,800 |
- |
80,766 |
| Payments on long-term debt |
(379,790) |
(37,296) |
(2,176) |
| Short-term debt activity–net |
(41,082) |
(11,498) |
(90,980) |
|
| Net Cash Provided (Used) by Financing Activities |
401,845 |
(80,507) |
(55,487) |
| Effect of exchange rate changes on cash |
4,837 |
2,474 |
(2,585) |
|
| (Decrease) Increase In Cash and Cash Equivalents |
(53,424) |
48,658 |
22,465 |
| Cash and cash equivalents at beginning of year |
82,050 |
33,392 |
10,927 |
|
| Cash and Cash Equivalents at End of Year |
$ 28,626 |
$ 82,050 |
$ 33,392 |
|
See accompanying Notes to Consolidated Financial Statements on pages 38 through 57.
(1) Excluding $140 million of common stock (9,395,973 shares) issued to Ingersoll-Rand Company, in conjunction with the acquisition.
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2003 Annual Report in Print Friendly Format (600K - PDF format)
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