Management’s Discussion and Analysis

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Other Operating Income, Net

Other operating income, net, is a component of each operating segment’s previously discussed operating profit.

   
Years Ended December 31,
  
% change
(In millions)   2003 2002 2001   2003 2002
Gains on sale of operating assets, net $ 6.4 - -   NM -
Foreign currency transaction gains, net   3.2 2.0 4.0   60 (50)
Share in earnings of equity affiliates   0.3 1.2 3.4   (75) (65)
Royalty income   1.7 1.3 1.3   31 -
Other   4.0 0.7 3.9   200+ (82)
Total $ 15.6 5.2 12.6   200 (59)

The increase in other operating income in 2003 is primarily attributable to $6.4 million in net gains on the sale of operating assets, including a $5.5 million gain on the sale of operating assets of Brink’s and $2.2 million in gains from the sale of residual assets of the former coal operations partially offset by losses on sales of other property and equipment.

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