Kraft 2004 Annual Report Download - page 52

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KRAFT FOODS INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS of CASH FLOWS
for the years ended December 31,
(in millions of dollars)
2004 2003 2002
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net earnings ............................................ $2,665 $ 3,476 $ 3,394
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization .............................. 879 813 716
Deferred income tax provision .............................. 41 244 278
Losses (gains) on sales of businesses ........................ 3 (31) (80)
Integration costs and a loss on sale of a food factory, net of cash paid (1) (26) 91
Impairment loss on assets of discontinued operations held for sale . . . 107
Asset impairment and exit costs, net of cash paid ................ 493 6 128
Cash effects of changes, net of the effects from acquired and divested
companies:
Receivables, net ...................................... 23 (45) 116
Inventories .......................................... (65) 197 (220)
Accounts payable ..................................... 152 (116) (116)
Income taxes ........................................ (251) (125) 277
Amounts due to Altria Group, Inc. and affiliates ................ 74 169 (244)
Other working capital items .............................. 90 (167) (330)
Change in pension assets and postretirement liabilities, net ......... (436) (419) (217)
Other ................................................ 234 143 (73)
Net cash provided by operating activities .................... 4,008 4,119 3,720
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
Capital expenditures ...................................... (1,006) (1,085) (1,184)
Purchases of businesses, net of acquired cash ................... (137) (98) (122)
Proceeds from sales of businesses ............................ 18 96 219
Other ................................................. 69 38 35
Net cash used in investing activities .......................... (1,056) (1,049) (1,052)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
Net (repayment) issuance of short-term borrowings ................ (635) 819 (1,036)
Long-term debt proceeds ................................... 832 1,577 3,325
Long-term debt repaid ..................................... (842) (491) (609)
Repayment of notes payable to Altria Group, Inc. and affiliates ........ (2,757) (3,850)
(Decrease) increase in amounts due to Altria Group, Inc. and affiliates . . (585) (525) 660
Repurchase of Class A common stock ......................... (688) (372) (170)
Dividends paid .......................................... (1,280) (1,089) (936)
Other ................................................. (20) 52
Net cash used in financing activities ......................... (3,218) (2,786) (2,616)
Effect of exchange rate changes on cash and cash equivalents ......... 34 15 1
Cash and cash equivalents:
(Decrease) increase ..................................... (232) 299 53
Balance at beginning of year ............................... 514 215 162
Balance at end of year ................................... $ 282 $ 514 $ 215
Cash paid:
Interest .............................................. $ 633 $ 642 $ 825
Income taxes .......................................... $1,610 $ 1,726 $ 1,368
See notes to consolidated financial statements.
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