Fiscal Year Ended October 26, October 27,  October 28,  (in thousands) 2014 2013  2012 Operating Activities Net earnings  $ 606,026 $ 530,076  $ 504,961 Adjustments to reconcile to net cash provided by operating activities: Depreciation  120,692 115,371  110,519 Amortization of intangibles  9,352 9,479  8,975 Equity in earnings of affiliates, net of dividends  5,246 13,507  (1,583) Provision for deferred income taxes  9,800 1,067  4,668 Gain on property/equipment sales and plant facilities  (1,667) (2,127)  (170) Non-cash investment activities  (1,387) (2,705)  (3,514) Stock-based compensation expense  14,393 17,596  16,710 Excess tax benefit from stock-based compensation  (24,700) (23,406)  (8,847) Other – 963  – Changes in operating assets and liabilities, net of acquisitions: Increase in accounts receivable  (20,486) (44,459)  (45,931) (Increase) decrease in inventories  (21,645) 31,699  (64,698) Decrease (increase) in prepaid expenses and other current assets  11,592 (9,792)  7,194 (Decrease) increase in pension and post-retirement benefits  (32,644) 11,283  (10,019) Increase (decrease) in accounts payable and accrued expenses  72,307 (10,747)  (484) Net Cash Provided by Operating Activities  746,879 637,805  517,781 Investing Activities Net sale of trading securities  – 77,558  – Acquisitions of businesses/intangibles  (466,204) (665,415)  (168) Purchases of property/equipment  (159,138) (106,762)  (132,303) Proceeds from sales of property/equipment  10,285 10,164  4,564 (Increase) decrease in investments, equity in affiliates, and other assets  (1,718) (6,619)  21,143 Net Cash Used in Investing Activities  (616,775) (691,074)  (106,764) Financing Activities Proceeds from short-term debt  115,000 25,000  – Principal payments on short-term debt  (115,000) (25,000)  – Dividends paid on common stock  (203,156) (174,320)  (152,204) Share repurchase  (58,937) (70,819)  (61,366) Proceeds from exercise of stock options  10,523 30,212  14,700 Excess tax benefit from stock-based compensation 24,700 23,406  8,847 Distribution to noncontrolling interest  (2,500) (4,000)  (3,500) Proceeds from noncontrolling interest  – –  774 Net Cash Used in Financing Activities  (229,370) (195,521)  (192,749) Effect of Exchange Rate Changes on Cash  (574) 416  990 (Decrease) Increase in Cash and Cash Equivalents  (99,840) (248,374)  219,258 Cash and cash equivalents at beginning of year  434,014 682,388  463,130 Cash and Cash Equivalents at End of Year  $ 334,174 $ 434,014  $ 682,388 See Notes to Consolidated Financial Statements. 37 Consolidated Statements of Cash Flows