HE PROCTER & GAMBLE COMPANY

Consolidated Statements of Cash Flow

Amounts in millions; Years ended	2014	2013	2012
CASH AND CASH EQUIVALENTS. BEGINNING OF YEAR	$ 5,947	$ 4,436	$ 2,768
OPERATING ACTIVITIES	2014	2013	2012
Net earnings	11,785	11,402	10,904
Depreciation and amortization	3,141	2,982	3,204
Share-based compensation expense	360	346	377
Deferred income taxes	(44)	(307)	(65)
Gain on sale and purchase of businesses	(154)	(916)	(2,106)
Goodwill and indefinite-lived intangible asset impairment charges		308	1,576
Change in accounts receivable	87	(415)	(427)
Change in inventories	8	(225)	77
Change in accounts payable, accrued and other liabilities	1	1,253	(22)
Change in other operating assets and liabilities	(1,557)	68	(444)
Other	331	377	210
TOTAL OPERATING ACTIVITIES	13,958	14,873	13,284
INVESTING ACTIVITIES	2014	2013	2012
Capital expenditures	(3,848)	(4,008)	(3,964)
Proceeds from asset sales	570	584	2,893
Acquisitions, net of cash acquired	(24)	(1,145)	(134)
Purchases of available-for-sale investment securities	(568)	(1,605)
Proceeds from sales of available-for-sale investment securities	24
Change in other investments	(261)	(121)	112
TOTAL INVESTING ACTIVITIES	(4,107)	(6,295)	(1,093)
FINANCING ACTIVITIES	2014	2013	2012
Dividends to shareholders	(6,911)	(6,519)	(6,139)
Change in short-term debt	3,304	3,406	(3,412)
Additions to long-term debt	4,334	2,331	3,985
Reductions of long-term debt	(4,095)	(3,752)	(2,549)
Treasury stock purchases	(6,005)	(5,986)	(4,024)
Impact of stock options	2,094	3,449	1,729
TOTAL FINANCING ACTIVITIES	(7,279)	(7,071)	(10,410)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	39	4	(113)
CHANGE IN CASH AND CASH EQUIVALENTS	2,611	1,511	1,668
CASH AND CASH EQUIVALENTS, END OF YEAR	$8,558	$5,947	$4,436
SUPPLEMENTAL DISCLOSURE Cash payments for:	2014	2013	2012
Interest	$686	$683	$740
Income taxes	3,320	3,780	4,348

4.2 It is likely that the gross fixed assets of Procter and Gamble probably grew during 2014.

		AGREE
		DISAGRE