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Consolidated Statements of Cash Flows
Fiscal Year Ended
December 30, January 1, December 26,
2000 2000 1998
In millions (52 weeks) (53 weeks) (52 weeks)
Cash flows from operating activities:
Net earnings $ 746.0 $ 635.1 $ 384.5
Adjustments required to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 296.6 277.9 249.7
Merger, restructuring and other nonrecurring charges —— 188.6
Deferred income taxes and other noncash items 43.8 124.8 80.6
Change in operating assets and liabilities, providing/(requiring) cash,
net of effects from acquisitions:
Accounts receivable, net (86.7) (48.9) (197.9)
Inventories (98.1) (255.0) (315.0)
Other current assets 7.0 (16.7) (18.5)
Other assets (50.1) (97.9) 7.2
Accounts payable (133.6) 166.8 52.6
Accrued expenses 59.6 (37.7) (134.5)
Other long-term liabilities (4.3) (22.1) (4.9)
Net cash provided by operating activities 780.2 726.3 292.4
Cash flows from investing activities:
Additions to property and equipment (695.3) (722.7) (502.3)
Proceeds from sale-leaseback transactions 299.3 229.2 —
Acquisitions, net of cash (263.3) (101.1) (133.6)
Proceeds from sale or disposal of assets 18.8 28.2 50.5
Net cash used in investing activities (640.5) (566.4) (585.4)
Cash flows from financing activities:
Additions to (reductions in) short-term borrowings 138.7 (324.5) 304.6
Proceeds from exercise of stock options 97.8 20.4 121.1
(Reductions in) additions to long-term debt (0.9) 298.1 (41.9)
Dividends paid (104.8) (104.7) (102.5)
Purchase of treasury shares (163.2) ——
Net cash (used in) provided by financing activities (32.4) (110.7) 281.3
Net increase (decrease) in cash and cash equivalents 107.3 49.2 (11.7)
Cash and cash equivalents at beginning of year 230.0 180.8 192.5
Cash and cash equivalents at end of year $ 337.3 $ 230.0 $ 180.8
See accompanying notes to consolidated financial statements.
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2000 Annual Report