Emerson 2005 Annual Report Download - page 45

Download and view the complete annual report

Please find page 45 of the 2005 Emerson annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 70

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70

E M E R S O N 2 0 0 5 3 3
Consolidated Statements of Cash Flows
EMERSON ELECTRIC CO. AND SUBSIDIARIES
Years ended September 30
(Dollars in millions)
2003 2004 2005
Operating Activities
Net earnings $ 1,089 1,257 1,422
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 534 557 562
Changes in operating working capital 266 322 110
Pension funding (308) (167) (124)
Other 150 247 217
Net cash provided by operating activities 1,731 2,216 2,187
Investing activities
Capital expenditures (337) (400) (518)
Purchases of businesses, net of cash and equivalents acquired (6) (414) (366)
Other 39 97 (44)
Net cash used in investing activities (304) (717) (928)
Financing activities
Net increase (decrease) in short-term borrowings (1,232) (106) 320
Proceeds from long-term debt 746 29 251
Principal payments on long-term debt (17) (16) (625)
Net issuances (purchases) of treasury stock 11 (121) (621)
Dividends paid (661) (675) (694)
Net cash used in financing activities (1,153) (889) (1,369)
Effect of exchange rate changes on cash and equivalents 41 40 (3)
Increase (decrease) in cash and equivalents 315 650 (113)
Beginning cash and equivalents 381 696 1,346
Ending cash and equivalents $ 696 1,346 1,233
Changes in operating working capital
Receivables $ 8 (134) (261)
Inventories 161 (8) 8
Other current assets 12 202 (44)
Accounts payable 57 123 161
Accrued expenses 24 114 77
Income taxes 4 25 169
$ 266 322 110
See accompanying Notes to Consolidated Financial Statements.