Emerson 2006 Annual Report Download - page 41

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38 | 39
Consolidated Statements of Cash Flows
                                  
Years ended September 30 | Dollars in millions
See accompanying Notes to Consolidated Financial Statements.
2004  2005  2006

Net earnings $1,257 1,422 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 557 562 
Changes in operating working capital 322 110 
Pension funding (167) (124) 
Other 247 217 
Net cash provided by operating activities 2,216 2,187 

Capital expenditures (400) (518) 
Purchases of businesses, net of cash and equivalents acquired (414) (366) 
Other 126 (12) 
Net cash used in investing activities (688) (896) 

Net increase (decrease) in short-term borrowings (106) 320 
Proceeds from long-term debt 29 251 
Principal payments on long-term debt (16) (625) 
Dividends paid (675) (694) 
Purchases of treasury stock (149) (668) 
Other (1) 15 
Net cash used in financing activities (918) (1,401) 
Effect of exchange rate changes on cash and equivalents 40 (3) 
 650 (113) 
Beginning cash and equivalents 696 1,346 
 $1,346 1,233 

Receivables $ (134) (261) 
Inventories (8) 8 
Other current assets 202 (44) 
Accounts payable 123 161 
Accrued expenses 114 77 
Income taxes 25 169 
$ 322 110 