Emerson 2012 Annual Report Download - page 37

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2012 Annual Report | 35
EMERSON ELECTRIC CO. & SUBSIDIARIES
Years ended September 30 | Dollars in millions
2010 2011 2012
Operating activities
Net earnings $ 2,217 2,530 2,024
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 816 867 823
Changes in operating working capital 309 (301) (340)
Pension funding (247) (142) (163)
Goodwill impairment, net of tax – 19 528
Other 197 260 181
Net cash provided by operating activities 3,292 3,233 3,053
Investing activities
Capital expenditures (524) (647) (665)
Purchases of businesses, net of cash and equivalents acquired (2,843) (232) (187)
Divestitures of businesses 846 103 125
Other 4 (72) (79)
Net cash used in investing activities (2,517) (848) (806)
Financing activities
Net increase in short-term borrowings 398 185 348
Proceeds from long-term debt 598 1 4
Principal payments on long-term debt (680) (57) (262)
Dividends paid (1,009) (1,039) (1,171)
Purchases of treasury stock (100) (935) (797)
Other 67 (42) (21)
Net cash used in financing activities (726) (1,887) (1,899)
Effect of exchange rate changes on cash and equivalents (17) (38) (33)
Increase in cash and equivalents 32 460 315
Beginning cash and equivalents 1,560 1,592 2,052
Ending cash and equivalents $ 1,592 2,052 2,367
Changes in operating working capital
Receivables $ (341) (475) (536)
Inventories (160) 12 (49)
Other current assets (69) 41 19
Accounts payable 498 194 143
Accrued expenses 298 (54) 91
Income taxes 83 (19) (8)
Total changes in operating working capital $ 309 (301) (340)
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying Notes to Consolidated Financial Statements.