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CONSOLIDATED CASH FLOWS
July 3, 2010
(53 Weeks) June 27, 2009 June 28, 2008
Year Ended
(In thousands)
Cash flows from operating activities:
Net earnings ...................................................... $1,179,983 $1,055,948 $1,106,151
Adjustments to reconcile net earnings to cash provided by operating activities:
Share-based compensation expense .................................... 66,358 56,030 80,650
Depreciation and amortization . . . ...................................... 389,976 382,339 372,529
Deferred income taxes.............................................. (121,865) (294,162) 643,480
Provision for losses on receivables ..................................... 34,931 74,638 32,184
Other non-cash items .............................................. 2,550 (3,586) (2,747)
Additional investment in certain assets and liabilities, net of effect of businesses
acquired:
(Increase) decrease in receivables ...................................... (166,426) 188,748 (128,017)
(Increase) decrease in inventories ...................................... (106,172) 177,590 (110,925)
(Increase) decrease in prepaid expenses and other current assets ................ (6,271) (678) 59,896
Increase (decrease) in accounts payable .................................. 154,811 (198,284) 28,671
Increase (decrease) in accrued expenses ................................. 58,002 (120,314) (22,721)
(Decrease) increase in accrued income taxes . . . ........................... (296,475) 325,482 (509,783)
(Increase) decrease in other assets ..................................... (31,514) (15,701) 11,926
(Decrease) increase in other long-term liabilities and prepaid pension cost, net . . ..... (271,692) (48,380) 13,459
Excess tax benefits from share-based compensation arrangements............... (768) (2,921) (4,404)
Net cash provided by operating activities ................................... 885,428 1,576,749 1,570,349
Cash flows from investing activities:
Additions to plant and equipment . . ...................................... (594,604) (464,561) (515,963)
Proceeds from sales of plant and equipment ................................ 21,710 25,244 13,320
Acquisition of businesses, net of cash acquired . . . ........................... (29,293) (218,075) (55,259)
Purchases of short-term investments ..................................... (85,071) — —
Maturities of short-term investments ..................................... 61,568 — —
(Increase) decrease in restricted cash ..................................... (30,630) (1,271) 2,342
Net cash used for investing activities ..................................... (656,320) (658,663) (555,560)
Cash flows from financing activities:
Bank and commercial paper borrowings (repayments), net ...................... — — (550,726)
Other debt borrowings ............................................... 7,091 506,611 757,972
Other debt repayments ............................................... (10,695) (10,173) (7,628)
Debt issuance costs ................................................. (7) (3,693) (4,192)
Common stock reissued from treasury for share-based compensation awards ......... 94,750 111,780 128,238
Treasury stock purchases ............................................. (179,174) (438,843) (529,179)
Dividends paid ..................................................... (579,763) (548,246) (497,467)
Excess tax benefits from share-based compensation arrangements ................ 768 2,921 4,404
Net cash used for financing activities ..................................... (667,030) (379,643) (698,578)
Effect of exchange rates on cash.......................................... 4,714 334 (643)
Net (decrease) increase in cash and cash equivalents. ........................... (433,208) 538,777 315,568
Cash and cash equivalents at beginning of period . . . ........................... 1,018,651 479,874 164,306
Cash and cash equivalents at end of period .................................. $ 585,443 $1,018,651 $ 479,874
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest ........................................................ $ 127,411 $ 108,608 $ 98,330
Income taxes . . . ................................................. 1,141,963 735,772 530,169
See Notes to Consolidated Financial Statements
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