Proctor and Gamble 2015 Annual Report Download - page 51

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49 The Procter & Gamble Company
See accompanying Notes to Consolidated Financial Statements.
Consolidated Statements of Cash Flows
Amounts in millions Years ended une 0 2015 2014 201
CASH AND CASH EUIVALENTS, BEGINNING OF YEAR ,55 $ 5,947 $ 4,436
OPERATING ACTIVITIES
Net earnings ,144 11,785 11,402
Depreciation and amortization ,14 3,141 2,982
Share-based compensation expense  360 346
Deferred income taxes 0(44)(307)
Gain on sale and purchase of businesses (154)(916)
enezuela deconsolidation charge 2,02 
Goodwill and indefinite-lived intangible asset impairment charges 2,14  308
Change in accounts receivable 49 87 (415)
Change in inventories 1 8(225)
Change in accounts payable, accrued and other liabilities 92 1 1,253
Change in other operating assets and liabilities 9(1,557) 68
Other 4 331 377
TOTAL OPERATING ACTIVITIES 14,0 13,958 14,873
INVESTING ACTIVITIES
Capital expenditures ,(3,848)(4,008)
Proceeds from asset sales 4,49 570 584
Cash related to deconsolidated enezuela operations 90
Acquisitions, net of cash acquired 1(24)(1,145)
Purchases of short-term investments ,4(568)(1,605)
Proceeds from sales of short-term investments 1,20 24 
Change in other investments 1(261)(121)
TOTAL INVESTING ACTIVITIES 2,91(4,107)(6,295)
FINANCING ACTIVITIES
Dividends to shareholders ,2(6,911)(6,519)
Change in short-term debt 2,503,304 3,406
Additions to long-term debt 2,1 4,334 2,331
Reductions of long-term debt ,512(4,095)(3,752)
Treasury stock purchases 4,04(6,005)(5,986)
Impact of stock options and other 2,2 2,094 3,449
TOTAL FINANCING ACTIVITIES 1,019(7,279)(7,071)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EUIVALENTS 41139 4
CHANGE IN CASH AND CASH EUIVALENTS 1,12,611 1,511
CASH AND CASH EUIVALENTS, END OF YEAR ,45 $ 8,558 $ 5,947
SUPPLEMENTAL DISCLOSURE
Cash payments for:
Interest  $ 686 $ 683
Income taxes 4,55 3,320 3,780
Assets acquired through non-cash capital leases are immaterial for all periods.