Kraft 2005 Annual Report Download - page 56

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MERRILL CORPORATION ABLIJDE// 7-MAR-06 14:42 DISK126:[06CHI5.06CHI1135]DT1135A.;7
mrll.fmt Free: 55D*/0D Foot: 0D/ 0D VJ RSeq: 1 Clr: 0
DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;51
KRAFT FOODS-FSC CERTIFIED-10K/AR Proj: P1102CHI06 Job: 06CHI1135 File: DT1135A.;7
Merrill Corporation/Chicago (312) 786-6300 Page Dim: 8.250X 10.750Copy Dim: 38. X 54.3
KRAFT FOODS INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS of CASH FLOWS
for the years ended December 31,
(in millions of dollars)
2005 2004 2003
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net earnings ............................................ $2,632 $ 2,665 $ 3,476
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization .............................. 879 879 813
Deferred income tax (benefit) provision ....................... (408) 41 244
(Gains) losses on sales of businesses, net ..................... (108) 3 (31)
Integration costs, net of cash paid ........................... (1) (1) (26)
Loss on sale of discontinued operations ...................... 32
Impairment loss on discontinued operations .................... 107
Asset impairment and exit costs, net of cash paid ................ 315 493 6
Cash effects of changes, net of the effects from acquired and
divested companies:
Receivables, net ...................................... 65 23 (45)
Inventories .......................................... (42) (65) 197
Accounts payable ..................................... 74 152 (116)
Income taxes ........................................ (33) (251) (125)
Amounts due to Altria Group, Inc. and affiliates ................ 273 74 169
Other working capital items .............................. (432) 90 (167)
Change in pension assets and postretirement liabilities, net ......... (10) (436) (419)
Other ................................................ 228 234 143
Net cash provided by operating activities .................... 3,464 4,008 4,119
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
Capital expenditures ...................................... (1,171) (1,006) (1,085)
Purchases of businesses, net of acquired cash ................... (137) (98)
Proceeds from sales of businesses ............................ 1,668 18 96
Other ................................................. 28 69 38
Net cash provided by (used in) investing activities ............... 525 (1,056) (1,049)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
Net (repayment) issuance of short-term borrowings ................ $(1,005) $ (635) $ 819
Long-term debt proceeds ................................... 69 832 1,577
Long-term debt repaid ..................................... (775) (842) (491)
Repayment of notes payable to Altria Group, Inc. and affiliates ........ (2,757)
Increase (decrease) in amounts due to Altria Group, Inc. and affiliates . . 107 (585) (525)
Repurchase of Class A common stock ......................... (1,175) (688) (372)
Dividends paid .......................................... (1,437) (1,280) (1,089)
Other ................................................. 265 (20) 52
Net cash used in financing activities ......................... (3,951) (3,218) (2,786)
Effect of exchange rate changes on cash and cash equivalents ......... (4) 34 15
Cash and cash equivalents:
Increase (decrease) ..................................... 34 (232) 299
Balance at beginning of year ............................... 282 514 215
Balance at end of year ................................... $ 316 $ 282 $ 514
Cash paid:
Interest .............................................. $ 679 $ 633 $ 642
Income taxes .......................................... $1,957 $ 1,610 $ 1,726
See notes to consolidated financial statements.
55
6 C Cs: 17130