Proctor and Gamble 2000 Annual Report Download - page 31

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The Procter & Gamble Company and Subsidiaries
29CONSOLIDATED STATEMENTS OF CASH FLOWS
Amounts in millions Years ended June 30
2000 1999 1998
Cash and Cash Equivalents, Beginning of Year $ 2,294 $ 1,549 $ 2,350
Operating Activities
Net earnings 3,542 3,763 3,780
Depreciation and amortization 2,191 2,148 1,598
Deferred income taxes 463 (60) (101)
Change in accounts receivable 64 (207) 42
Change in inventories (176) (96) (229)
Change in accounts payable, accrued and other liabilities (883) 792 (3)
Change in other operating assets and liabilities (404) (926) (65)
Other (122) 130 (137)
Total Operating Activities 4,675 5,544 4,885
Investing Activities
Capital expenditures (3,018) (2,828) (2,559)
Proceeds from asset sales 419 434 555
Acquisitions (2,967) (137) (3,269)
Change in investment securities 221 356 63
Total Investing Activities (5,345) (2,175) (5,210)
Financing Activities
Dividends to shareholders (1,796) (1,626) (1,462)
Change in short-term debt 243 689 1,315
Additions to long-term debt 4,196 986 1,970
Reductions of long-term debt (1,409) (334) (432)
Proceeds from stock options 336 212 158
Treasury purchases (1,766) (2,533) (1,929)
Total Financing Activities (196) (2,606) (380)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (13) (18) (96)
Change in Cash and Cash Equivalents (879) 745 (801)
Cash and Cash Equivalents, End of Year $ 1,415 $ 2,294 $ 1,549
Supplemental Disclosure
Cash payments for:
Interest, net of amount capitalized $ 700 $ 640 $ 536
Income taxes 1,712 1,743 1,873
Liabilities assumed in acquisitions 236 38 808
See accompanying Notes to Consolidated Financial Statements.