Emerson 2008 Annual Report Download - page 40

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A Powerful Force for Innovation [ 33 ]
CONSOLIDATED STATEMENTS OF CASH FLOWS

Years ended September 30 | Dollars in millions
See accompanying Notes to Consolidated Financial Statements.
2006  2007  2008

Net earnings $ 1,845 2,136 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 607 656 
Changes in operating working capital (152) 137 
Pension funding (124) (136) 
Other 336 223 
Net cash provided by operating activities 2,512 3,016 

Capital expenditures (601) (681) 
Purchases of businesses, net of cash and equivalents acquired (752) (295) 
Other 137 106 
Net cash used in investing activities (1,216) (870) 

Net increase (decrease) in short-term borrowings 89 (800) 
Proceeds from long-term debt 6 496 
Principal payments on long-term debt (266) (5) 
Dividends paid (730) (837) 
Purchases of treasury stock (862) (853) 
Other 32 5 
Net cash used in financing activities (1,731) (1,994) 
Effect of exchange rate changes on cash and equivalents 12 46
 (423) 198 
Beginning cash and equivalents 1,233 810 
 $ 810 1,008 

Receivables $ (246) (349) 
Inventories (274) 96 
Other current assets 36 36 
Accounts payable 324 104 
Accrued expenses 71 200 
Income taxes (63) 50 
$ (152) 137 