Carnival Cruises 2008 Annual Report Download - page 62

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F-3
CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended November 30,
2008 2007 2006
OPERATING ACTIVITIES
Net income $2,330 $2,408 $2,279
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation and amortization 1,249 1,101 988
Share-based compensation 50 64 68
Other (37) 26 19
Changes in operating assets and liabilities, excluding
businesses acquired and sold
Receivables (70) (119) 118
Inventories (8) (57) (5)
Prepaid expenses and other (18) (56) 6
Accounts payable (66) 109 (53)
Accrued and other liabilities 37 163 (11)
Customer deposits (76) 430 224
Net cash provided by operating activities 3,391 4,069 3,633
INVESTING ACTIVITIES
Additions to property and equipment (3,353) (3,312) (2,480)
Purchases of short-term investments (4) (2,098) (18)
Sales of short-term investments 11 2,078 6
Acquisition of business, net of cash acquired and sales
of businesses (339)
Other, net 91 (75) 49
Net cash used in investing activities (3,255) (3,746) (2,443)
FINANCING ACTIVITIES
Principal repayments of Facility (4,237) (135) (324)
Proceeds from Facility 4,109 1,086 326
Proceeds from issuance of other long-term debt 2,243 2,654 2,241
Principal repayments of other long-term debt (1,211) (1,656) (2,537)
Proceeds from (repayments of) short-term borrowings, net 138 (1,281) 659
Dividends paid (1,261) (990) (803)
Purchases of treasury stock, net (83) (326) (841)
Other, net (13) 44 67
Net cash used in financing activities (315) (604) (1,212)
Effect of exchange rate changes on cash and cash
equivalents (114) 61 7
Net decrease in cash and cash equivalents (293) (220) (15)
Cash and cash equivalents at beginning of year 943 1,163 1,178
Cash and cash equivalents at end of year $ 650 $ 943 $1,163
The accompanying notes are an integral part of these consolidated financial statements.