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TheProcter&GambleCompany 59
SeeaccompanyingNotestoConsolidatedFinancialStatements.

Amountsinmillions;YearsendedJune30        2007 2006
  $ 6,693 $ 6,389

Netearnings         10,340 8,684
Depreciationandamortization         3,130 2,627
Share-basedcompensationexpense        668 585
Deferredincometaxes         253 (112)
Changeinaccountsreceivable         (729) (524)
Changeininventories         (389) 383
Changeinaccountspayable,accruedandotherliabilities      (273) 230
Changeinotheroperatingassetsandliabilities       (157) (508)
Other 
 592 10
 13,435 11,375

Capitalexpenditures         (2,945) (2,667)
Proceedsfromassetsales         281 882
Acquisitions,netofcashacquired        (492) 171
Changeininvestmentsecurities        673 884
        (2,483) (730)

Dividendstoshareholders         (4,209) (3,703)
Changeinshort-termdebt         8,981 (8,627)
Additionstolong-termdebt         4,758 22,545
Reductionsoflong-termdebt         (17,929) (5,282)
Impactofstockoptionsandother        1,499 1,319
Treasurystockpurchases         (5,578) (16,830)
 (12,478) (10,578)
 187 237
 (1,339) 304
  $ 5,354 $6,693

Cashpaymentsfor:
Interest          $ 1,330 $ 1,045
Incometaxes         4,116 2,869
Assetsacquiredthroughnon-cashcapitalleases       41 363
Gilletteacquisitionfundedbyshareissuance       — 53,371