Kraft 2009 Annual Report Download - page 61
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Kraft Foods Inc. and Subsidiaries
Consolidated Statements of Cash Flows
for the years ended December 31,
(in millions of dollars)
2009 2008 2007
CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES
Net earnings $ 3,028 $ 2,893 $ 2,724
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization 931 986 886
Stock-based compensation expense 164 178 136
Deferred income tax provision / (benefit) 38 (208) (389)
(Gains) / losses on divestitures, net 6 92 (14)
Gain on discontinued operations (Note 2) - (926) -
Asset impairment and exit costs, net of cash paid 17 731 209
Other non-cash expense, net 269 87 115
Change in assets and liabilities, excluding the effects of
acquisitions and divestitures:
Receivables, net (17) (39) (268)
Inventories, net 299 (151) (404)
Accounts payable 126 29 241
Amounts due to Altria Group, Inc. and affiliates - - (93)
Other current assets 351 (535) 161
Other current liabilities 111 985 186
Change in pension and postretirement assets and liabilities, net (239) 19 81
Net cash provided by operating activities 5,084 4,141 3,571
CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES
Capital expenditures (1,330) (1,367) (1,241)
Acquisitions, net of cash received - (99) (7,437)
Proceeds from divestitures, net of disbursements 41 97 216
Other 50 49 46
Net cash used in investing activities (1,239) (1,320) (8,416)
CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES
Net (repayment) / issuance of short-term borrowings (446) (5,912) 5,649
Long-term debt proceeds 3 7,018 6,495
Long-term debt repaid (968) (795) (1,472)
Decrease in amounts due to Altria Group, Inc. and affiliates - - (149)
Repurchase of Common Stock - (777) (3,708)
Dividends paid (1,712) (1,663) (1,638)
Other (10) 72 (56)
Net cash (used in) / provided by financing activities (3,133) (2,057) 5,121
Effect of exchange rate changes on cash and cash equivalents 145 (87) 52
Cash and cash equivalents:
Increase 857 677 328
Balance at beginning of period 1,244 567 239
Balance at end of period $ 2,101 $ 1,244 $ 567
Cash paid:
Interest $ 1,262 $ 968 $ 628
Income taxes $ 1,025 $ 964 $ 1,366
See notes to consolidated financial statements.
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Source: KRAFT FOODS INC, 10-K, February 25, 2010 Powered by Morningstar® Document Research℠