Kraft 2014 Annual Report Download - page 43

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Kraft Foods Group, Inc.
Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
See accompanying notes to the consolidated financial statements.
38
For the Years Ended
December 27,
2014
December 28,
2013
December 29,
2012
CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES
Net earnings $ 1,043 $ 2,715 $ 1,642
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization 385 393 428
Stock-based compensation expense 95 65 54
Deferred income tax provision (361) 708 470
Asset impairments — 28 28
Market-based impacts to postemployment benefit plans 1,341 (1,561 ) 223
Other non-cash expense, net 67 138 159
Change in assets and liabilities:
Receivables, net (22 ) 35 220
Inventories (53 ) 235 21
Accounts payable 45 45 (241 )
Other current assets (41 ) (9 ) (61 )
Other current liabilities (164) (217 ) 205
Change in pension and postretirement assets and liabilities, net (315) (532 ) (113 )
Net cash provided by operating activities 2,020 2,043 3,035
CASH (USED IN) / PROVIDED BY INVESTING ACTIVITIES
Capital expenditures (535) (557 ) (440 )
Proceeds from sale of property, plant and equipment 2 131 18
Other investing activities (2 ) — —
Net cash used in investing activities (535) (426 ) (422 )
CASH (USED IN) / PROVIDED BY FINANCING ACTIVITIES
Dividends paid (1,266 ) (1,207 ) —
Repurchase of common stock under share repurchase program (740) — —
Proceeds from stock option exercises 115 96 14
Long-term debt proceeds — — 5,963
Net transfers to MondelƝz International — — (7,210 )
Other financing activities 25 (60 ) (125 )
Net cash used in financing activities (1,866 ) (1,171 ) (1,358 )
Effect of exchange rate changes on cash and cash equivalents (12 ) (15 ) —
Cash and cash equivalents:
(Decrease) / increase (393) 431 1,255
Balance at beginning of period 1,686 1,255 —
Balance at end of period $1,293 $1,686 $1,255
Cash paid:
Interest $ 487 $ 481 $ 152
Income taxes $745 $799 $236