Consolidated Financial Statements

Consolidated Balance Sheets

       
  December 31,
(In millions, except per share amounts)   2004 2003
ASSETS  
Current assets:
Cash and cash equivalents $ 169.0 128.7
Accounts receivable, (net of estimated uncollectible amounts: 2004 - $26.7; 2003 - $27.6)   749.5 580.3
Prepaid expenses and other current assets   58.1 59.8
Deferred income taxes   116.0 91.7
Total current assets   1,092.6 860.5
Property and equipment, net   914.0 873.2
Goodwill, net   259.6 244.1
Investments held by Voluntary Employees’ Beneficiary Association trust   - 105.2
Deferred income taxes   234.7 282.7
Other   177.3 182.9
Total assets $ 2,678.2 2,548.6
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current liabilities:
Short-term borrowings $ 27.5 35.8
Current maturities of long-term debt   35.1 17.2
Accounts payable   357.0 286.9
Accrued liabilities   612.5 504.2
Total current liabilities   1,032.1 844.1
Long-term debt   181.6 221.5
Accrued pension costs   117.0 86.6
Postretirement benefits other than pensions   331.2 504.2
Deferred revenue   139.5 130.7
Deferred income taxes   26.0 26.5
Other   176.8 239.4
Total liabilities   2,004.2 2,053.0
Commitments and contingent liabilities (notes 4, 6, 13, 14, 15, 18 and 23)
Shareholders’ equity:
Common stock, par value $1 per share:
Shares authorized: 100.0
Shares issued and outstanding: 2004 - 56.7; 2003 - 54.3   56.7 54.3
Capital in excess of par value   457.4 383.0
Retained earnings   352.9 237.2
Employee benefits trust, at market value:
Shares not allocated to employees: 2004 – 1.1; 2003 – 0.6   (44.9) (14.0)
Accumulated other comprehensive income (loss):
Minimum pension liabilities   (129.9) (122.1)
Foreign currency translation   (18.2) (45.6)
Unrealized gains on cash flow hedges   - 0.1
Unrealized gains on marketable securities   - 2.7
Accumulated other comprehensive loss   (148.1) (164.9)
Total shareholders’ equity   674.0 495.6
Total liabilities and shareholders’ equity $ 2,678.2 2,548.6

See accompanying notes to consolidated financial statements.