Emerson 2014 Annual Report Download - page 37

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2014 Emerson > 33
EMERSON ELECTRIC CO. & SUBSIDIARIES
Years ended September 30 | Dollars in millions
2012 2013 2014
Operating activities
Net earnings $ 2,024 2,066 2,184
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 823 819 831
Changes in operating working capital (340) 42 114
Pension funding (163) (160) (130)
Goodwill impairment, net of tax 528 496 508
Other, net 181 386 185
Net cash provided by operating activities 3,053 3,649 3,692
Investing activities
Capital expenditures (665) (678) (767)
Purchases of businesses, net of cash and equivalents acquired (187) (19) (610)
Divestitures of businesses 125 3 363
Other, net (79) (95) (145)
Net cash used in investing activities (806) (789) (1,159)
Financing activities
Net increase in short-term borrowings 348 45 180
Proceeds from short-term borrowings greater than three months – 1,530 2,952
Payments of short-term borrowings greater than three months – (1,201) (2,510)
Proceeds from long-term debt 4 496 1
Payments of long-term debt (262) (521) (329)
Dividends paid (1,171) (1,181) (1,210)
Purchases of common stock (797) (1,110) (1,048)
Purchase of noncontrolling interests (14) (10) (574)
Other, net (7) 19 (21)
Net cash used in financing activities (1,899) (1,933) (2,559)
Effect of exchange rate changes on cash and equivalents (33) (19) (100)
Increase (decrease) in cash and equivalents 315 908 (126)
Beginning cash and equivalents 2,052 2,367 3,275
Ending cash and equivalents $ 2,367 3,275 3,149
Changes in operating working capital
Receivables $ (536) (84) (263)
Inventories (49) 83 (132)
Other current assets 19 (32) 59
Accounts payable 143 14 294
Accrued expenses 91 64 121
Income taxes (8) (3) 35
Total changes in operating working capital $ (340) 42 114
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying Notes to Consolidated Financial Statements.