Emerson 2004 Annual Report Download - page 37

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35
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows
EMERSON ELECTRIC CO. AND SUBSIDIARIES
Years ended September 30
(Dollars in millions)
2002 2003 2004
Operating Activities
Net earnings $ 122) 1,089) 1,257)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Cumulative effect of change in accounting principle 938) —) —)
Depreciation and amortization 541) 534) 557)
Changes in operating working capital 432) 266) 322)
Pension funding (169) (308) (167)
Gains on divestitures and other (46) 150) 247)
Net cash provided by operating activities 1,818) 1,731) 2,216)
Investing activities
Capital expenditures (384) (337) (400)
Purchases of businesses, net of cash and equivalents acquired (754) (6) (414)
Divestitures of businesses and other, net 257) 39) 97)
Net cash used in investing activities (881) (304) (717)
Financing activities
Net decrease in short-term borrowings (975) (1,232) (106)
Proceeds from long-term debt 751) 746) 29)
Principal payments on long-term debt (38) (17) (16)
Net (purchases) issuances of treasury stock (20) 11) (121)
Dividends paid (652) (661) (675)
Net cash used in financing activities (934) (1,153) (889)
Effect of exchange rate changes on cash and equivalents 22) 41) 40)
Increase in cash and equivalents 25) 315) 650)
Beginning cash and equivalents 356) 381) 696)
Ending cash and equivalents $ 381) 696) 1,346)
Changes in operating working capital
Receivables $ 155) 8) (134)
Inventories 265) 161) (8)
Other current assets 12) 12) 202)
Accounts payable 101) 57) 123)
Accrued expenses (72) 24) 114)
Income taxes (29) 4) 25)
$ 432) 266) 322)