Consolidated Statements of Cash Flows
Our complete financial results and consolidated financial statements include the notes referred to below, appear in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission for the year ended December 31, 2006. Download a copy of our Form-10-K.
Our complete financial results and consolidated financial statements include the notes referred to below, appear in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission for the year ended December 31, 2006. Download a copy of our Form-10-K.
| Twelve months ended December 31, (in millions) | 2006 | 2005 | 2004 |
| Cash flows from operating activities | |||
| Net income | $ 130.5 | $ 79.3 | $ 1.7 |
| Adjustments to reconcile net income to cash provided by operating activities: |
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| Depreciation and amortization | 56.8 | 56.2 | 55.7 |
| Stock-based compensation (Notes 2 and 12) | 26.6 | 3.3 | — |
| Deferred income taxes | 7.1 | (13.8) | 0.8 |
| Purchased in process research and development | — | 1.2 | 93.3 |
| Special charges (gains), net | 19.3 | (0.8) | 19.6 |
| Other | 5.4 | 15.0 | 6.7 |
| Changes in operating assests and liabilities: | |||
| Accounts and other receivables | 2.5 | (12.6) | 7.1 |
| Accounts receivable securitzation | 0.9 | (2.6) | 2.5 |
| Inventories | (12.8) | (12.9) | (7.1) |
| Accounts payable and accrued liabilities | (3.9) | 25.1 | 13.0 |
| Prepaid expenses | (1.2) | 0.3 | (7.2) |
| Other | (0.4) | (0.9) | (5.5) |
| Net cash provided by operating activities | 230.8 | 136.8 | 180.6 |
| Cash flows from investing activities | |||
| Capital expenditures | (57.4) | (48.5) | (42.5) |
| Investments in intangible assets | (2.0) | (2.5) | (11.0) |
| Investments in unconsolidated affliates | (1.8) | (1.5) | (1.0) |
| Proceeds from sale of assets (Note 4) | 22.2 | 24.6 | 15.1 |
| Acquisitions | — | — | (137.7) |
| Other | 3.3 | 0.7 | — |
| Net cash used in investing activities | (35.7) | (27.2) | (177.1) |
| Cash flows from financing activities | |||
| Proceeds from issuance of long-term debt | 54.8 | 337.3 | 285.7 |
| Payments on long-term debt | (140.7) | (278.2) | (278.6) |
| Purchases of treasury stock | (145.9) | (53.5) | (59.1) |
| Proceeds from stock plans | 33.5 | 26.2 | 30.5 |
| Excess tax benefit from stock plans (Notes 2 and 12) | 5.2 | — | — |
| Other | (0.5) | (2.8) | 1.0 |
| Net cash (used in) provided by financing activities | (193.6) | 29.0 | (20.5) |
| Effect of currency exchange rate changes on cash and cash equivalents | 2.7 | (8.9) | 4.8 |
| Net increase (decrease) in cash and cash equivalents | 4.2 | 129.7 | (12.2) |
| Cash and cash equivalents at beginning of year | 178.6 | 48.9 | 61.1 |
| Cash and cash equivalents at end of year | $ 182.8 | $ 178.6 | $ 48.9 |
| Supplemental disclosures: | |||
| Cash paid during the year for: | |||
| Interest | $ 10.5 | $ 12.3 | $ 12.9 |
| Income taxes | $ 14.3 | $ 37.2 | $ 11.4 |
| Non-cash transactions: | |||
Investment received in exchange for assests |
$ 6.4 | — | — |
