Proctor and Gamble 2010 Annual Report Download - page 56

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54 The Procter & Gamble Company
See accompanying Notes to Consolidated Financial Statements.
Consolidated Statements of Cash Flows
Amounts in millions; Years ended June 30 2010 2009 2008
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR $ 4,781 $ 3,313 $ 5,354
OPERATING ACTIVITIES
Net earnings 12,736 13,436 12,075
Depreciation and amortization 3,108 3,082 3,166
Share-based compensation expense 453 516 555
Deferred income taxes 36 596 1,214
Gain on sale of businesses (2,670) (2,377) (284)
Change in accounts receivable (14) 415 432
Change in inventories 86 721 (1,050)
Change in accounts payable, accrued and other liabilities 2,446 (742) 297
Change in other operating assets and liabilities (305) (758) (1,270)
Other 196 30 (127)
TOTAL OPERATING ACTIVITIES 16,072 14,919 15,008
INVESTING ACTIVITIES
Capital expenditures (3,067) (3,238) (3,046)
Proceeds from asset sales 3,068 1,087 928
Acquisitions, net of cash acquired (425) (368) (381)
Change in investments (173) 166 (50)
TOTAL INVESTING ACTIVITIES (597) (2,353) (2,549)
FINANCING ACTIVITIES
Dividends to shareholders (5,458) (5,044) (4,655)
Change in short-term debt (1,798) (2,420) 2,650
Additions to long-term debt 3,830 4,926 7,088
Reductions of long-term debt (8,546) (2,587) (11,747)
Treasury stock purchases (6,004) (6,370) (10,047)
Impact of stock options and other 721 681 1,867
TOTAL FINANCING ACTIVITIES (17,255) (10,814) (14,844)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (122) (284) 344
CHANGE IN CASH AND CASH EQUIVALENTS (1,902) 1,468 (2,041)
CASH AND CASH EQUIVALENTS, END OF YEAR $ 2,879 $ 4,781 $ 3,313
SUPPLEMENTAL DISCLOSURE
Cash payments for:
Interest $ 1,184 $ 1,226 $ 1,373
Income Taxes 4,175 3,248 3,499
Assets acquired through non-cash capital leases 20 8 13
Divestiture of coffee business in exchange for shares of P&G stock — 2,466 —