Consolidated Statement of Shareholders’ Equity
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Common Stock
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|
|
|
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Total |
Stated Capital |
Other
Paid-In
Capital |
Earnings
Invested
in the
Business |
Accumulated Other Comprehensive Loss |
Treasury Stock |
|
| (Thousands of dollars, except share data) |
|
|
|
|
|
|
| Year Ended December 31, 2001 |
|
|
|
|
|
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| Balance at January 1, 2001 |
$1,004,682 |
$ 53,064 |
$ 256,873 |
$ 839,242 |
$ (84,913) |
$ (59,584) |
| Net loss |
(41,666) |
|
|
(41,666) |
|
|
Foreign currency translation adjustments
(net of income tax of $963) |
(15,914) |
|
|
|
(15,914) |
|
Minimum pension liability adjustment
(net of income tax of $61,892) |
(122,520) |
|
|
|
(122,520) |
|
Change in fair value of derivative financial
instruments net of reclassifications |
(1,191)
|
|
|
|
(1,191) |
|
| Total comprehensive loss |
(181,291) |
|
|
|
|
|
| Dividends–$0.67 per share |
(40,166) |
|
|
(40,166) |
|
|
| Purchase of 206,300 shares for treasury |
(2,931) |
|
|
|
|
(2,931) |
| Issuance of 97,225 shares from treasury(1) |
1,441 |
|
(450) |
|
|
1,891 |
|
| Balance at December 31, 2001 |
$ 781,735 |
$ 53,064 |
$ 256,423 |
$ 757,410 |
$ (224,538) |
$ (60,624) |
|
| Year Ended December 31, 2002 |
|
|
|
|
|
|
| Net income |
38,749 |
|
|
38,749 |
|
|
Foreign currency translation adjustments
(net of income tax of $2,843) |
14,050 |
|
|
|
14,050 |
|
Minimum pension liability adjustment
(net of income tax of $147,303) |
(254,318) |
|
|
|
(254,318) |
|
Change in fair value of derivative financial
instruments net of reclassifications |
(871)
|
|
|
|
(871) |
|
| Total comprehensive loss |
(202,390) |
|
|
|
|
|
| Dividends – $0.52 per share |
(31,713) |
|
|
(31,713) |
|
|
| Issuance of 3,186,470 shares from treasury(1) |
57,747 |
|
(2,138) |
|
|
59,885 |
| Issuance of 369,290 shares from authorized(1) |
3,707 |
|
3,707 |
|
|
|
|
| Balance at December 31, 2002 |
$ 609,086 |
$ 53,064 |
$ 257,992 |
$ 764,446 |
$ (465,677) |
$ (739) |
|
| Year Ended December 31, 2003 |
|
|
|
|
|
|
| Net income |
36,481 |
|
|
36,481 |
|
|
Foreign currency translation adjustments
(net of income tax of $1,638) |
75,062 |
|
|
|
75,062 |
|
Minimum pension liability adjustment
(net of income tax of $19,164) |
31,813 |
|
|
|
31,813 |
|
Change in fair value of derivative
financial instruments net of
reclassifications |
420
|
|
|
|
420
|
|
| Total comprehensive income |
143,776 |
|
|
|
|
|
| Dividends – $0.52 per share |
(42,078) |
|
|
(42,078) |
|
|
| Tax benefit from exercise of stock options |
1,104 |
|
1,104 |
|
|
|
| Issuance of 29,473 shares from treasury(1) |
301 |
|
(262) |
|
|
563 |
| Issuance of 25,624,198 shares from authorized(1)(2) |
377,438 |
|
377,438 |
|
|
|
|
| Balance at December 31, 2003 |
$ 1,089,627 |
$ 53,064 |
$ 636,272 |
$ 758,849 |
$ (358,382) |
$ (176) |
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(1) Share activity was in conjunction with employee benefit and stock option plans. See accompanying Notes to Consolidated Financial Statements on pages 38 through 57.
(2) Share activity includes the issuance of 22,045,973 shares in connection with the Torrington acquisition and an additional public equity offering of 3,500,000 shares in
October 2003.
Financial Summary • Letter to Shareholders • Soaring with Opportunities • Driving New Opportunities
Beyond Boundaries • Boundless Innovation • Boundless Drive to Excel • Corporate Profile
Financial Information • Directors • Officers and Executives • Shareholder Information
2003 Annual Report in Print Friendly Format (600K - PDF format)
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