Emerson 2011 Annual Report Download - page 31

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Annual Report | 29
CONSOLIDATED STATEMENTS OF CASH FLOWS
EMERSON ELECTRIC CO. & SUBSIDIARIES
Years ended September 30 | Dollars in millions
2009 2010 2011
Operating activities
Net earnings $ 1,771 2,217 2,530
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 727 816 867
Changes in operating working capital 620 309 (301)
Pension funding (303) (247) (142)
Other 271 197 279
Net cash provided by operating activities 3,086 3,292 3,233
Investing activities
Capital expenditures (531) (524) (647)
Purchases of businesses, net of cash and equivalents acquired (776) (2,843) (232)
Divestitures of businesses 4 846 103
Other (6) 4 (72)
Net cash used in investing activities (1,309) (2,517) (848)
Financing activities
Net increase (decrease) in short-term borrowings (684) 398 185
Proceeds from long-term debt 1,246 598 1
Principal payments on long-term debt (678) (680) (57)
Dividends paid (998) (1,009) (1,039)
Purchases of treasury stock (718) (100) (935)
Other (116) 67 (42)
Net cash used in financing activities (1,948) (726) (1,887)
Effect of exchange rate changes on cash and equivalents (46) (17) (38)
Increase (decrease) in cash and equivalents (217) 32 460
Beginning cash and equivalents 1,777 1,560 1,592
Ending cash and equivalents $ 1,560 1,592 2,052
Changes in operating working capital
Receivables $ 1,011 (341) (475)
Inventories 580 (160) 12
Other current assets 42 (69) 41
Accounts payable (709) 498 194
Accrued expenses (94) 298 (54)
Income taxes (210) 83 (19)
Total changes in operating working capital $ 620 309 (301)
See accompanying Notes to Consolidated Financial Statements.