Carnival Cruises 2012 Annual Report Download - page 74

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Table of Contents
CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended November 30,
2012 2011 2010
OPERATING ACTIVITIES
Net income $1,298 $1,912 $1,978
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 1,527 1,522 1,416
Ibero goodwill and trademark impairment charges 173 - -
Share-based compensation 39 46 43
Losses and (gains) on fuel derivatives, net 7 (1) -
Other, net 61 49 (15)
Changes in operating assets and liabilities
Receivables (15) (43) 106
Inventories (16) (54) (12)
Insurance recoverables, prepaid expenses and other 148 18 (14)
Accounts payable (24) 67 (36)
Claims reserves, accrued and other liabilities (192) (41) 81
Customer deposits (7) 291 271
Net cash provided by operating activities 2,999 3,766 3,818
INVESTING ACTIVITIES
Additions to property and equipment (2,332) (2,696) (3,579)
Insurance proceeds for the ship 508 - -
Other, net 52 50 78
Net cash used in investing activities (1,772) (2,646) (3,501)
FINANCING ACTIVITIES
(Repayments of) proceeds from short-term borrowings, net (224) (450) 626
Principal repayments of revolvers - (13) (350)
Proceeds from revolvers - 8 94
Principal repayments of other long-term debt (1,052) (1,237) (1,842)
Proceeds from issuance of other long-term debt 946 1,696 1,280
Dividends paid (779) (671) (237)
Purchases of treasury stock (90) (454) (524)
Sales of treasury stock - - 545
Other, net 9 28 4
Net cash used in financing activities (1,190) (1,093) (404)
Effect of exchange rate changes on cash and cash equivalents (22) (6) (22)
Net increase (decrease) in cash and cash equivalents 15 21 (109)
Cash and cash equivalents at beginning of year 450 429 538
Cash and cash equivalents at end of year $465 $450 $ 429
The accompanying notes are an integral part of these consolidated financial statements.
F-4