|
Nine Months Ended
September 30 |
|
|
|
|
|
|
1997 |
|
|
1996 |
|
|
|
|
|
| Operating Activities: |
|
|
|
|
|
| Net income |
|
|
$239.0 |
|
|
$37.7 |
|
|
|
|
|
|
|
Adjustments for items not affecting cash from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
|
173.7 |
|
|
208.6 |
| Estimated (gain) loss on
exiting businesses |
|
|
(135.0) |
|
|
15.0 |
| Deferred income taxes |
|
|
46.3 |
|
|
7.7 |
| Other - net |
|
|
17.3 |
|
|
10.0 |
|
|
|
|
|
|
|
| Working capital (excluding financing and investing
activities): |
|
|
|
|
|
|
| Receivables - operating |
|
|
3.8 |
|
|
(13.2) |
| Receivables - sold |
|
|
- |
|
|
60.0 |
| Inventories |
|
|
115.3 |
|
|
8.9 |
| Accounts payable |
|
|
(9.3) |
|
|
12.5 |
| Employment costs and other |
|
|
(10.7) |
|
|
(80.9) |
|
|
|
|
|
| Cash Provided from Operating Activities |
|
|
440.4 |
|
|
266.3 |
|
|
|
|
|
| Investing Activities: |
|
|
|
|
|
|
| Capital expenditures |
|
|
(189.3) |
|
|
(205.8) |
| Cash proceeds from asset
sales and other |
|
|
160.9 |
|
|
6.0 |
|
|
|
|
|
| Cash Used for Investing Activities |
|
|
(28.4) |
|
|
(199.8) |
|
|
|
|
|
| Financing Activities: |
|
|
|
|
|
|
| Pension expense |
|
|
117.0 |
|
|
141.7 |
| Pension funding |
|
|
(390.0) |
|
|
(155.0) |
| Long-term debt and capital
lease borrowings |
|
|
1.5 |
|
|
2.4 |
| Long-term debt and capital
lease payments |
|
|
(53.3) |
|
|
(77.4) |
| Cash dividends paid |
|
|
(30.3) |
|
|
(30.3) |
| Other payments |
|
|
(28.7) |
|
|
(21.6) |
|
|
|
|
|
| Cash Used for Financing Activities |
|
|
(383.8) |
|
|
(140.2) |
|
|
|
|
|
| Net Increase (Decrease) in Cash and Cash
Equivalents |
|
|
28.2 |
|
|
(73.7) |
| Cash and Cash Equivalents |
- Beginning of Period |
|
|
136.6 |
|
|
180.0 |
|
|
|
|
|
|
- End of Period |
|
|
$164.8 |
|
|
$106.3 |
|
|
|
|
|
| Supplemental Cash Payment Information: |
|
|
|
|
|
|
| Interest, net of amount
capitalized |
|
|
$42.8 |
|
|
$41.2 |
| Income taxes |
|
|
$7.1 |
|
|
$3.3 |
