Kraft 2006 Annual Report Download - page 63

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KRAFT FOODS INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS of CASH FLOWS
for the years ended December 31,
(in millions of dollars)
2006
2005
2004
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net earnings $ 3,060 $ 2,632 $ 2,665
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization 891 879 879
Deferred income tax (benefit) provision (168) (408) 41
Gain on redemption of United Biscuits investment (251)
(Gains) losses on sales of businesses, net (117) (108) 3
Integration costs, net of cash paid (1) (1)
Loss on sale of discontinued operations 32
Impairment loss on discontinued operations 107
Asset impairment and exit costs, net of cash paid 793 315 493
Cash effects of changes, net of the effects from acquired and divested companies:
Receivables, net (200) 65 23
Inventories (149) (42) (65)
Accounts payable 256 74 152
Income taxes (105) (33) (251)
Amounts due to Altria Group, Inc. and affiliates (133) 273 74
Other working capital items (197) (432) 90
Change in pension assets and postretirement liabilities, net (128) (10) (436)
Other 168 228 234
Net cash provided by operating activities 3,720 3,464 4,008
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
Capital expenditures (1,169) (1,171) (1,006)
Purchases of businesses, net of acquired cash (137)
Proceeds from sales of businesses 946 1,668 18
Other 107 28 69
Net cash (used in) provided by investing activities (116) 525 (1,056)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
Net issuance (repayment) of short-term borrowings 343 (1,005) (635)
Long-term debt proceeds 69 69 832
Long-term debt repaid (1,324) (775) (842)
Increase (decrease) in amounts due to Altria Group, Inc. and affiliates 62 107 (585)
Repurchase of Class A common stock (1,254) (1,175) (688)
Dividends paid (1,562) (1,437) (1,280)
Other (54) 265 (20)
Net cash used in financing activities (3,720) (3,951) (3,218)
Effect of exchange rate changes on cash and cash equivalents 39 (4) 34
Cash and cash equivalents:
(Decrease) increase (77) 34 (232)
Balance at beginning of year 316 282 514
Balance at end of year $ 239 $ 316 $ 282
Cash paid:
Interest $ 628 $ 679 $ 633
Income taxes $ 1,560 $ 1,957 $ 1,610
See notes to consolidated financial statements.
58
Source: KRAFT FOODS INC, 10-K, March 01, 2007