Carnival Cruises 2011 Annual Report Download - page 8

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CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended November 30,
2011 2010 2009
OPERATING ACTIVITIES
Net income ......................................................... $1,912 $ 1,978 $ 1,790
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization ........................................ 1,522 1,416 1,309
Share-based compensation ........................................... 46 43 50
Other ............................................................ 48 (15) 37
Changes in operating assets and liabilities
Receivables ....................................................... (43) 106 81
Inventories ....................................................... (54) (12) 10
Prepaid expenses and other .......................................... 18 (14) 7
Accounts payable .................................................. 67 (36) 74
Accrued and other liabilities ......................................... (41) 81 29
Customer deposits ................................................. 291 271 (45)
Net cash provided by operating activities ............................. 3,766 3,818 3,342
INVESTING ACTIVITIES
Additions to property and equipment ..................................... (2,696) (3,579) (3,380)
Other, net .......................................................... 50 78 (4)
Net cash used in investing activities ................................. (2,646) (3,501) (3,384)
FINANCING ACTIVITIES
(Repayments of) proceeds from short-term borrowings, net ................... (450) 626 (288)
Principal repayments of revolvers ....................................... (13) (350) (1,749)
Proceeds from revolvers ............................................... 8 94 1,166
Principal repayments of other long-term debt .............................. (1,237) (1,842) (1,273)
Proceeds from issuance of other long-term debt ............................ 1,696 1,280 2,299
Dividends paid ...................................................... (671) (237) (314)
Purchases of treasury stock ............................................ (454) (524) (188)
Sales of treasury stock ................................................ - 545 196
Proceeds from settlement of foreign currency swaps ........................ - - 113
Other, net .......................................................... 28 4 (55)
Net cash used in financing activities ................................. (1,093) (404) (93)
Effect of exchange rate changes on cash and cash equivalents ................. (6) (22) 23
Net increase (decrease) in cash and cash equivalents .................... 21 (109) (112)
Cash and cash equivalents at beginning of year ............................. 429 538 650
Cash and cash equivalents at end of year .................................. $ 450 $ 429 $ 538
The accompanying notes are an integral part of these consolidated financial statements.
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