Carnival Cruises 2009 Annual Report Download - page 8

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CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended November 30,
2009 2008 2007
OPERATING ACTIVITIES
Net income ......................................................... $1,790 $ 2,330 $ 2,408
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization ........................................ 1,309 1,249 1,101
Share-based compensation ........................................... 50 50 64
Other ............................................................ 37 (37) 26
Changes in operating assets and liabilities, excluding businesses acquired and sold
Receivables ....................................................... 81 (70) (119)
Inventories ....................................................... 10 (8) (57)
Prepaid expenses and other .......................................... 7 (18) (56)
Accounts payable .................................................. 74 (66) 109
Accrued and other liabilities ......................................... 29 37 163
Customer deposits ................................................. (45) (76) 430
Net cash provided by operating activities ............................. 3,342 3,391 4,069
INVESTING ACTIVITIES
Additions to property and equipment ..................................... (3,380) (3,353) (3,312)
Purchases of short-term investments ..................................... (4) (4) (2,098)
Sales of short-term investments ......................................... 2 11 2,078
Acquisition of business, net of cash acquired and sales of businesses ........... (33) (339)
Other, net .......................................................... 31 91 (75)
Net cash used in investing activities ................................. (3,384) (3,255) (3,746)
FINANCING ACTIVITIES
Principal repayments of revolver ........................................ (1,749) (3,314) (135)
Proceeds from revolver ............................................... 1,166 3,186 1,086
Proceeds from issuance of other long-term debt ............................ 2,299 2,243 2,654
Principal repayments of other long-term debt .............................. (1,273) (1,211) (1,656)
(Repayments of) proceeds from short-term borrowings, net ................... (288) 138 (1,281)
Dividends paid ...................................................... (314) (1,261) (990)
Purchases of treasury stock ............................................ (188) (98) (326)
Sales of treasury stock ................................................ 196 15
Proceeds from settlement of foreign currency swaps ........................ 113
Other, net .......................................................... (55) (13) 44
Net cash used in financing activities ................................. (93) (315) (604)
Effect of exchange rate changes on cash and cash equivalents ................. 23 (114) 61
Net decrease in cash and cash equivalents ............................. (112) (293) (220)
Cash and cash equivalents at beginning of year ............................. 650 943 1,163
Cash and cash equivalents at end of year .................................. $ 538 $ 650 $ 943
The accompanying notes are an integral part of these consolidated financial statements.
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