2005 Financial Review

CONSOLIDATED BALANCE SHEETS

       
  December 31,
(In millions, except per share amounts)   2005 2004
ASSETS      
Current assets:      
Cash and cash equivalents $ 96.2 169.0
Accounts receivable, (net of estimated uncollectible amounts: 2005 - $11.3; 2004 - $26.7)   419.1 749.5
Prepaid expenses and other current assets   36.0 58.1
Deferred income taxes   174.0 116.0
Assets held for sale   976.5 -
Total current assets   1,701.8 1,092.6
Property and equipment, net   867.4 914.0
Goodwill   103.8 259.6
Deferred income taxes   196.9 234.7
Other   167.0 191.8
Total assets $ 3,036.9 2,692.7
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Current liabilities:      
Short-term borrowings $ 25.5 27.5
Current maturities of long-term debt   35.5 35.1
Accounts payable   118.8 357.0
Accrued liabilities   454.6 612.5
Liabilities held for sale   491.4 -
Total current liabilities   1,125.8 1,032.1
Long-term debt   251.9 181.6
Accrued pension costs   170.0 117.0
Postretirement benefits other than pensions   304.8 331.2
Deferred revenue   150.7 139.5
Deferred income taxes   18.8 26.0
Other   177.4 176.8
Total liabilities   2,199.4 2,004.2
Commitments and contingent liabilities (notes 4, 5, 12, 14, 17 and 22)      
Shareholders’ equity:      
Common stock, par value $1 per share:      
Shares authorized: 100.0      
Shares issued and outstanding: 2005 – 58.7; 2004 - 56.7   58.7 56.7
Capital in excess of par value   530.6 457.4
Retained earnings   488.0 352.9
Employee benefits trust, at market value:      
Shares not allocated to employees: 2005 – 1.2; 2004 – 1.1   (55.2) (44.9)
Accumulated other comprehensive income (loss):      
Minimum pension liabilities   (151.6) (129.9)
Foreign currency translation   (33.7) (3.7)
Unrealized gains on marketable securities   0.7 -
Accumulated other comprehensive loss   (184.6) (133.6)
Total shareholders’ equity   837.5 688.5
Total liabilities and shareholders’ equity $ 3,036.9 2,692.7

See accompanying notes to consolidated financial statements.