Consolidated Balance Sheets

At December 31

(Dollars in millions)

2004

2003

Assets

Cash and cash equivalents

$229.2

$93.7

Receivables (net of allowances of $13.3 million and $11.3 million)

Note 5

1,288.8

1,195.3

Inventories

Note 6

509.2

452.0

Income tax receivables

Note 4

14.2

31.9

Prepaid expenses

61.5

58.9

Other current assets

87.9

83.8

Total current assets

2,190.8

1,915.6

Property, plant and equipment, net

Note 8

1,159.7

1,052.2

Investments and other non-current assets

Note 7

294.3

253.1

Goodwill assets, net

Note 9

1,552.0

1,531.4

Intangible assets, net

Note 9

157.3

178.9

Total assets

$5,354.1

$4,931.2

Liabilities

Short-term debt

Note 12

$313.8

$149.4

Accounts payable

798.9

720.5

Accrued expenses

Note 10, 11

346.0

327.3

Other current liabilities

163.9

123.3

Income taxes

Note 4

176.7

115.4

Total current liabilities

1,799.3

1,435.9

Long-term debt

Note 12

667.1

846.2

Pension liability

Note 18

73.6

64.5

Other non-current liabilities

118.9

141.7

Minority interests in subsidiaries

58.8

40.9

Total non-current liabilities and minority interests

918.4

1,093.3

Shareholders’ equity

Note 13

Common stock (shares outstanding 102.8 million)

102.8

Additional paid-in capital

1,952.5

1,949.2

Retained earnings and accumulated other comprehensive income (loss)

887.5

522.7

Treasury stock (10.8 million and 7.9 million shares)

(306.4)

(172.7)

Total shareholders’ equity

2,636.4

2,402.0

Total liabilities and shareholders’ equity

$5,354.1

$4,931.2

See Notes to Consolidated Financial Statements.