Emerson 2009 Annual Report Download - page 29

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Annual Report 27
CONSOLIDATED STATEMENTS OF CASH FLOWS

Years ended September 30 | Dollars in millions
2007  2008  2009

Net earnings $ 2,136 2,412

Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 656 707

Changes in operating working capital 137 (22) 
Pension funding (136) (135) 
Other 223 331 
Net cash provided by operating activities 3,016 3,293 

Capital expenditures (681) (714) 
Purchases of businesses, net of cash and equivalents acquired (295) (561) 
Other 106 203 
Net cash used in investing activities (870) (1,072) 

Net increase (decrease) in short-term borrowings (800) 521

Proceeds from long-term debt 496 400 
Principal payments on long-term debt (5) (261) 
Dividends paid (837) (940) 
Purchases of treasury stock (853) (1,120) 
Other 5 (54) 
Net cash used in financing activities (1,994) (1,454) 
Effect of exchange rate changes on cash and equivalents 46 2 
 198 769 
Beginning cash and equivalents 810 1,008 
  $ 1,008 1,777 

Receivables $ (349) (293) 
Inventories 96 (90) 
Other current assets 36 19 
Accounts payable 104 199 
Accrued expenses 200 154 
Income taxes 50 (11) 
$ 137 (22) 
See accompanying Notes to Consolidated Financial Statements.