Nine Months Ended
February 28,
_________________
2003 2002
____ ____
(in millions)
Cash provided (used) by operations:
Net income $ 227.8 $ 454.9
Income charges (credits) not
affecting cash:
Cumulative effect of accounting change 266.1 5.0
Depreciation 176.5 164.0
Deferred income taxes (1.0) (3.9)
Amortization and other 9.4 26.2
Income tax benefit from exercise of stock
options 2.6 11.3
Net increase in other working capital
components (252.6) (153.4)
________ ________
Cash provided by operations 428.8 504.1
________ ________
Cash provided (used) by investing activities:
Additions to property, plant and
equipment (138.6) (173.2)
Disposals of property, plant and
equipment 9.6 11.8
Increase in other assets (40.3) (37.3)
Increase (decrease) in other liabilities 1.1 (0.3)
________ ________
Cash used by investing activities (168.2) (199.0)
________ ________
Cash provided (used) by financing activities:
Proceeds from long-term debt issuance 90.2 328.0
Reductions in long-term debt
including current portion (54.4) (78.9)
Decrease in notes payable (208.6) (377.5)
Proceeds from exercise of stock options 15.4 32.5
and other stock issuances
Repurchase of stock (125.7) (56.8)
Dividends on common stock (100.8) (96.6)
________ ________
Cash used by financing activities (383.9) (249.3)
________ ________
Effect of exchange rate changes on cash (9.0) (10.2)
Net (decrease) increase in cash and equivalents (132.3) 45.6
Cash and equivalents, May 31, 2002 and 2001 575.5 304.0
________ ________
Cash and equivalents, February 28, 2003
and 2002 $ 443.2 $ 349.6
======== ========
|