CONSOLIDATED BALANCE SHEETS (thousands of dollars) December 31, 2004 2003 2002 Assets Current assets: Cash and cash equivalents ...................................................... $ 45,932 $ 302,813 $ 164,012 Accounts receivable, less allowance ........................................ 724,385 544,070 493,935 Inventories: Finished goods .................................................................... 651,095 552,657 534,984 Work in process and raw materials ...................................... 121,757 85,580 89,666 772,852 638,237 624,650 Deferred income taxes ............................................................ 88,985 86,616 116,228 Other current assets ................................................................ 149,774 143,408 107,168 Total current assets.............................................................. 1,781,928 1,715,144 1,505,993 Goodwill .................................................................................... 900,444 563,531 552,207 Intangible assets.......................................................................... 307,900 187,202 186,039 Deferred pension assets .............................................................. 430,238 420,133 414,589 Other assets ................................................................................ 133,281 146,348 108,884 Property, plant and equipment: Land ........................................................................................ 70,231 58,514 62,069 Buildings ................................................................................ 462,964 425,712 436,214 Machinery and equipment ...................................................... 1,185,420 1,091,215 1,034,286 Construction in progress.......................................................... 33,013 36,353 44,936 1,751,628 1,611,794 1,577,505 Less allowances for depreciation.............................................. 1,031,268 961,544 912,905 720,360 650,250 664,600 Total Assets ................................................................................ $ 4,274,151 $ 3,682,608 $ 3,432,312 Liabilities and Shareholders’ Equity Current liabilities: Short-term borrowings ............................................................ $ 238,815 Accounts payable .................................................................... 650,977 $ 587,935 $ 522,339 Compensation and taxes withheld .......................................... 195,739 168,758 146,987 Accrued taxes .......................................................................... 95,558 89,081 101,178 Current portion of long-term debt .......................................... 11,214 10,596 15,001 Other accruals ........................................................................ 327,834 297,800 297,991 Total current liabilities ........................................................ 1,520,137 1,154,170 1,083,496 Long-term debt .......................................................................... 488,239 502,992 506,682 Postretirement benefits other than pensions ................................ 221,975 216,853 213,749 Other long-term liabilities .......................................................... 392,849 349,736 286,495 Minority interest ........................................................................ 3,705 Shareholders’ equity: Common stock - $1.00 par value: 140,777,115,  143,406,707 and 148,910,487 shares outstanding at December 31, 2004, December 31, 2003 and  December 31, 2002, respectively.......................................... 216,396 212,409 209,836 Preferred stock - convertible, participating, no par value: 171,819, 284,657 and 41,806 shares outstanding at  December 31, 2004, December 31, 2003 and  December 31, 2002, respectively.......................................... 171,819 284,657 41,806 Unearned ESOP compensation ................................................ (171,819) (284,657) (41,806) Other capital .......................................................................... 474,594 347,779 265,635 Retained earnings .................................................................... 2,695,193 2,398,854 2,157,485 Treasury stock, at cost ............................................................ (1,529,355) (1,270,917) (1,029,894) Cumulative other comprehensive loss...................................... (209,582) (229,268) (261,172) Total shareholders’ equity................................................ 1,647,246 1,458,857 1,341,890 Total Liabilities and Shareholders’ Equity .................................. $ 4,274,151 $ 3,682,608 $ 3,432,312 See notes to consolidated financial statements. 42