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48
Twelve Months Ended
December 31,
(in millions)
2004
2003 2002
Cash fl ows from operating activities:
Net income
$ 234.7
$ 164.9 $ 178.0
Adjustments to reconcile net income to net cash provided
by operating activities of continuing operations:
Gain on sale of investment in Intersections Inc.
(36.8)
– –
Loss from discontinued operations
2.6
15.8 13.7
Depreciation and amortization
81.1
94.1 79.7
Restructuring and impairment charges
2.4
30.6 –
Income tax benefi t from stock plans
5.9
4.3 6.6
Deferred income taxes
25.3
15.8 17.9
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net
(17.2)
17.8 27.5
Current liabilities, excluding debt
7.6
(15.4) (31.7)
Other current assets
7.9
(3.9) 12.0
Other long-term liabilities, excluding debt
2.7
(3.4) (10.8)
Other assets
(7.0)
(27.7) (43.3)
Other
(0.2)
0.8 –
Cash provided by operating activities
309.0
293.7 249.6
Investing activities:
Additions to property and equipment
(16.5)
(14.2) (12.5)
Additions to other assets, net
(31.0)
(38.5) (42.9)
Acquisitions, net of cash acquired
(17.4)
(40.7) (321.2)
Investments in unconsolidated companies
–
– (0.1)
–
–
Proceeds from sale of investments and businesses
59.4
– 41.0
Deferred payments on prior year acquisitions
(1.4)
(5.4) (4.9)
Other
0.4
– –
Cash used by investing activities
(6.5)
(98.8) (340.6)
Financing activities:
Net short-term payments
(145.5)
(16.0) (25.8)
Additions to long-term debt
0.6
113.4 249.5
Payments on long-term debt
(15.6)
(202.6) (75.0)
Treasury stock purchases
(138.0)
(94.9) (79.8)
Dividends paid
(15.0)
(11.3) (11.4)
Proceeds from exercise of stock options
28.1
19.5 34.2
Other
(3.6)
(3.4) 0.9
Cash (used) provided by fi nancing activities
(
289.0)
(195.3) 92.6
Effect of foreign currency exchange rates on cash
(1.2)
8.3 (2.8)
Cash provided (used) by discontinued operations
1.7
0.8 (2.4)
Increase (decrease) in cash and cash equivalents
14.0
8.7 (3.6)
Cash and cash equivalents, beginning of year
38.1
29.4 33.0
Cash and cash equivalents, end of year
$ 52.1
$
38.1 $
29.4
See Notes to Consolidated Financial Statements.
C O N S O L I D A T E D S T A T E M E N T S O F C A S H F L O W S