Proctor and Gamble 2011 Annual Report Download - page 57

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The Procter & Gamble Company 55
See accompanying Notes to Consolidated Financial Statements.
Consolidated Statements of Cash Flows
Amounts in millions; Years ended June30  2010 2009
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR $2,879 $4,781 $3,313
OPERATING ACTIVITIES
Net earnings 11,797 12,736 13,436
Depreciation and amortization 2,838 3,108 3,082
Share-based compensation expense 414 453 516
Deferred income taxes 128 36 596
Gain on sale of businesses (203)(2,670)(2,377)
Change in accounts receivable (426)(14)415
Change in inventories (501)86 721
Change in accounts payable, accrued and other liabilities 358 2,446 (742)
Change in other operating assets and liabilities (1,190) (305)(758)
Other 16 196 30
TOTAL OPERATING ACTIVITIES 13,231 16,072 14,919
INVESTING ACTIVITIES
Capital expenditures (3,306) (3,067)(3,238)
Proceeds from asset sales 225 3,068 1,087
Acquisitions, net of cash acquired (474)(425)(368)
Change in investments 73 (173)166
TOTAL INVESTING ACTIVITIES (3,482) (597)(2,353)
FINANCING ACTIVITIES
Dividends to shareholders (5,767) (5,458)(5,044)
Change in short-term debt 151 (1,798)(2,420)
Additions to long-term debt 1,536 3,830 4,926
Reductions of long-term debt (206)(8,546)(2,587)
Treasury stock purchases (7,039) (6,004)(6,370)
Impact of stock options and other 1,302 721 681
TOTAL FINANCING ACTIVITIES (10,023)(17,255) (10,814)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 163 (122)(284)
CHANGE IN CASH AND CASH EQUIVALENTS (111)(1,902)1,468
CASH AND CASH EQUIVALENTS, END OF YEAR $2,768 $2,879$4,781
SUPPLEMENTAL DISCLOSURE
Cash payments for:
Interest $806 $1,184$1,226
Income taxes 2,992 4,175 3,248
Assets acquired through non-cash capital leases 13 20 8
Divestiture of coffee business in exchange for shares of P&G stock ——2,466