Emerson 2010 Annual Report Download - page 37

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2010 Annual Report
35
CONSOLIDATED STATEMENTS OF CASH FLOWS
EMERSON ELECTRIC CO. & SUBSIDIARIES
Years ended September 30 | Dollars in millions
2008 2009 2010
Operating activities
Net earnings $ 2,486 1,771 2,217
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 707 727 816
Changes in operating working capital (22) 620 309
Pension funding (135) (303) (247)
Other 257 271 197
Net cash provided by operating activities 3,293 3,086 3,292
Investing activities
Capital expenditures (714) (531) (524)
Purchases of businesses, net of cash and equivalents acquired (561) (776) (2,843)
Divestitures of businesses 201 4 846
Other 2 (6) 4
Net cash used in investing activities (1,072) (1,309) (2,517)
Financing activities
Net increase (decrease) in short-term borrowings 521 (684) 398
Proceeds from long-term debt 400 1,246 598
Principal payments on long-term debt (261) (678) (680)
Dividends paid (940) (998) (1,009)
Purchases of treasury stock (1,120) (718) (100)
Other (54) (116) 67
Net cash used in financing activities (1,454) (1,948) (726)
Effect of exchange rate changes on cash and equivalents 2 (46) (17)
Increase (decrease) in cash and equivalents 769 (217) 32
Beginning cash and equivalents 1,008 1,777 1,560
Ending cash and equivalents $ 1,777 1,560 1,592
Changes in operating working capital
Receivables $ (293) 1,011 (341)
Inventories (90) 580 (160)
Other current assets 19 42 (69)
Accounts payable 199 (709) 498
Accrued expenses 154 (94) 298
Income taxes (11) (210) 83
Total changes in operating working capital $ (22) 620 309
See accompanying Notes to Consolidated Financial Statements.