Kraft 2007 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)
2007 2006 2005
CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES
Net earnings $ 2,590 $ 3,060 $ 2,632
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization 886 891 879
Deferred income tax benefit (436) (168) (408)
Gain on redemption of United Biscuits investment - (251) -
Gains on divestitures, net (15) (117) (108)
Loss on sale of discontinued operations - - 32
Asset impairment and exit costs, net of cash paid 209 793 315
Change in assets and liabilities, excluding the effects of
acquisitions and divestitures:
Receivables, net (268) (200) 65
Inventories (191) (149) (42)
Accounts payable 241 256 74
Income taxes 124 (105) (33)
Amounts due to Altria Group, Inc. and affiliates (93) (133) 273
Other working capital items (116) (197) (432)
Change in pension assets and postretirement liabilities, net 81 (128) (10)
Other 559 168 227
Net cash provided by operating activities 3,571 3,720 3,464
CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES
Capital expenditures (1,241) (1,169) (1,171)
Acquisitions, net of cash received (7,437) - -
Proceeds from divestitures 216 946 1,668
Other 46 107 28
Net cash (used in) / provided by investing activities (8,416) (116) 525
CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES
Net issuance / (repayment) of short-term borrowings 5,649 343 (1,005)
Long-term debt proceeds 6,495 69 69
Long-term debt repaid (1,472) (1,324) (775)
(Decrease) / increase in amounts due to Altria Group, Inc.
and affiliates (149) 62 107
Repurchase of Common Stock (3,708) (1,254) (1,175)
Dividends paid (1,638) (1,562) (1,437)
Other (56) (54) 265
Net cash provided by / (used in) financing activities 5,121 (3,720) (3,951)
Effect of exchange rate changes on cash and cash equivalents 52 39 (4)
Cash and cash equivalents:
Increase / (Decrease) 328 (77) 34
Balance at beginning of period 239 316 282
Balance at end of period $ 567 $ 239 $ 316
Cash paid:
Interest $ 628 $ 628 $ 679
Income taxes $ 1,366 $ 1,560 $ 1,957
See notes to consolidated financial statements.
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