Emerson 2013 Annual Report Download - page 37

Download and view the complete annual report

Please find page 37 of the 2013 Emerson annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 64

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

Emerson > 2013 Annual Report 35
EMERSON ELECTRIC CO. & SUBSIDIARIES
Years ended September 30 | Dollars in millions
2011 2012 2013
Operating activities
Net earnings $ 2,530 2,024 2,066
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 867 823 819
Changes in operating working capital (301) (340) 42
Pension funding (142) (163) (160)
Goodwill impairment, net of tax 19 528 496
Other 260 181 386
Net cash provided by operating activities 3,233 3,053 3,649
Investing activities
Capital expenditures (647) (665) (678)
Purchases of businesses, net of cash and equivalents acquired (232) (187) (19)
Divestitures of businesses 103 125 3
Other (72) (79) (95)
Net cash used in investing activities (848) (806) (789)
Financing activities
Net increase in short-term borrowings 185 348 374
Proceeds from long-term debt 1 4 496
Principal payments on long-term debt (57) (262) (521)
Dividends paid (1,039) (1,171) (1,181)
Purchases of treasury stock (935) (797) (1,110)
Other (42) (21) 9
Net cash used in financing activities (1,887) (1,899) (1,933)
Effect of exchange rate changes on cash and equivalents (38) (33) (19)
Increase in cash and equivalents 460 315 908
Beginning cash and equivalents 1,592 2,052 2,367
Ending cash and equivalents $ 2,052 2,367 3,275
Changes in operating working capital
Receivables $ (475) (536) (84)
Inventories 12 (49) 83
Other current assets 41 19 (32)
Accounts payable 194 143 14
Accrued expenses (54) 91 64
Income taxes (19) (8) (3)
Total changes in operating working capital $ (301) (340) 42
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying Notes to Consolidated Financial Statements.