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2015 Annual Report | 35
EMERSON ELECTRIC CO. & SUBSIDIARIES
Years ended September 30 | Dollars in millions
2013 2014 2015
Operating activities
Net earnings $ 2,066 2,184 2,733
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 819 831 815
Changes in operating working capital 42 114 (142)
Pension funding (160) (130) (53)
Gains on divestitures of businesses, after tax — — (611)
Income taxes paid on divestiture gains — — (424)
Goodwill impairment, after tax 496 508 —
Other, net 386 185 211
Net cash provided by operating activities 3,649 3,692 2,529
Investing activities
Capital expenditures (678) (767) (685)
Purchases of businesses, net of cash and equivalents acquired (19) (610) (324)
Divestitures of businesses 3 363 1,812
Other, net (95) (145) (212)
Net cash provided (used) by investing activities (789) (1,159) 591
Financing activities
Net increase in short-term borrowings 45 180 1,116
Proceeds from short-term borrowings greater than three months 1,530 2,952 2,515
Payments of short-term borrowings greater than three months (1,201) (2,510) (3,286)
Proceeds from long-term debt 496 1 1,000
Payments of long-term debt (521) (329) (504)
Dividends paid (1,181) (1,210) (1,269)
Purchases of common stock (1,110) (1,048) (2,501)
Purchase of noncontrolling interests (10) (574) —
Other, net 19 (21) (19)
Net cash used by financing activities (1,933) (2,559) (2,948)
Effect of exchange rate changes on cash and equivalents (19) (100) (267)
Increase (Decrease) in cash and equivalents 908 (126) (95)
Beginning cash and equivalents 2,367 3,275 3,149
Ending cash and equivalents $ 3,275 3,149 3,054
Changes in operating working capital
Receivables $ (84) (263) 304
Inventories 83 (132) (16)
Other current assets (32) 59 (101)
Accounts payable 14 294 (287)
Accrued expenses 64 121 32
Income taxes (3) 35 (74)
Total changes in operating working capital $ 42 114 (142)
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying Notes to Consolidated Financial Statements.