Carnival Cruises 2007 Annual Report Download - page 10

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CONSOLIDATED STATEMENTS OF CASH FLOWS
CARNIVAL CORPORATION & PLC | 7
Years Ended November 30,
(in millions) 2007 2006 2005
Operating Activities
Net income ...................................................................... $ 2,408 $ 2,279 $ 2,253
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization ...................................................... 1,101 988 902
Share-based compensation ........................................................ 64 68 12
Non-cruise investment write-down ................................................. 10 22
Accretion of original issue discount ................................................. 10 9 20
Other ......................................................................... 16 3
Changes in operating assets and liabilities, excluding businesses acquired and sold
Receivables .................................................................... (119) 118 (71)
Inventories ..................................................................... (57) (5) (15)
Prepaid expenses and other ....................................................... (56) 6 (136)
Accounts payable ............................................................... 109 (53) 53
Accrued and other liabilities ....................................................... 163 (11) 155
Customer deposits .............................................................. 430 224 212
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,069 3,633 3,410
Investing Activities
Additions to property and equipment .................................................. (3,312) (2,480) (1,977)
Purchases of short-term investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,098) (18) (935)
Sales of short-term investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,078 6 943
Acquisition of business, net of cash acquired and sales of businesses . . . . . . . . . . . . . . . . . . . . . . . (339)
Other, net ....................................................................... (75) 49 (1)
Net cash used in investing activities ............................................... (3,746) (2,443) (1,970)
Financing Activities
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,654 2,241 1,152
Principal repayments of long-term debt ................................................ (1,656) (2,537) (1,096)
Dividends paid .................................................................... (990) (803) (566)
(Repayments of) proceeds from short-term borrowings, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (330) 661 (58)
Purchases of treasury stock ......................................................... (326) (841) (386)
Proceeds from exercise of stock options ............................................... 51 66 63
Other, net ....................................................................... (7) 1 (1)
Net cash used in financing activities ............................................... (604) (1,212) (892)
Effect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 7 (13)
Net (decrease) increase in cash and cash equivalents ................................. (220) (15) 535
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,163 1,178 643
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 943 $ 1,163 $ 1,178
The accompanying notes are an integral part of these consolidated financial statements.