Proctor and Gamble 2014 Annual Report Download - page 53

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The Procter & Gamble Company 51
See accompanying Notes to Consolidated Financial Statements.
Consolidated Statements of Cash Flows
Amounts in millions; Years ended June 30 2014 2013 2012
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR $ 5,947 $ 4,436 $ 2,768
OPERATING ACTIVITIES
Net earnings 11,785 11,402 10,904
Depreciation and amortization 3,141 2,982 3,204
Share-based compensation expense 360 346 377
Deferred income taxes (44) (307) (65)
Gain on sale and purchase of businesses (154) (916) (2,106)
Goodwill and indefinite-lived intangible asset impairment charges —308 1,576
Change in accounts receivable 87 (415) (427)
Change in inventories 8(225) 77
Change in accounts payable, accrued and other liabilities 11,253 (22)
Change in other operating assets and liabilities (1,557) 68 (444)
Other 331 377 210
TOTAL OPERATING ACTIVITIES 13,958 14,873 13,284
INVESTING ACTIVITIES
Capital expenditures (3,848) (4,008) (3,964)
Proceeds from asset sales 570 584 2,893
Acquisitions, net of cash acquired (24) (1,145) (134)
Purchases of available-for-sale investment securities (568) (1,605) —
Proceeds from sales of available-for-sale investment securities 24 ——
Change in other investments (261) (121) 112
TOTAL INVESTING ACTIVITIES (4,107) (6,295) (1,093)
FINANCING ACTIVITIES
Dividends to shareholders (6,911) (6,519) (6,139)
Change in short-term debt 3,304 3,406 (3,412)
Additions to long-term debt 4,334 2,331 3,985
Reductions of long-term debt (4,095) (3,752) (2,549)
Treasury stock purchases (6,005) (5,986) (4,024)
Impact of stock options and other 2,094 3,449 1,729
TOTAL FINANCING ACTIVITIES (7,279) (7,071) (10,410)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 39 4 (113)
CHANGE IN CASH AND CASH EQUIVALENTS 2,611 1,511 1,668
CASH AND CASH EQUIVALENTS, END OF YEAR $ 8,558 $ 5,947 $ 4,436
SUPPLEMENTAL DISCLOSURE
Cash payments for:
Interest $ 686 $ 683 $ 740
Income taxes 3,320 3,780 4,348
Assets acquired through non-cash capital leases are immaterial for all periods.