Mondelez 2013 Annual Report Download - page 73

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Table of Contents
Mondelēz International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the Years Ended December 31
(in millions of U.S. dollars)
See notes to consolidated financial statements.
66
2013
2012
2011
CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES
Net earnings
$
3,935
$
3,094
$
3,574
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization
1,077
1,345
1,485
Stock-based compensation expense
128
162
181
Deferred income tax (benefit) / provision
(64
)
369
(351
)
Net gain on acquisition and divestitures
(30
)
(107
)
–
Asset impairments
97
126
–
Benefit from indemnification resolution
(385
)
–
–
Loss on extinguishment of debt
608
–
–
Other non-cash items, net
(19
)
44
82
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net
492
(599
)
(115
)
Inventories, net
(116
)
(129
)
(556
)
Accounts payable
793
505
300
Other current assets
(42
)
217
(374
)
Other current liabilities
62
(1,160
)
648
Change in pension and postretirement assets and liabilities, net
(126
)
56
(354
)
Net cash provided by operating activities
6,410
3,923
4,520
CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES
Capital expenditures
(1,622
)
(1,610
)
(1,771
)
Acquisitions, net of cash received
(119
)
–
–
Proceeds from divestitures, net of disbursements
60
200
–
Cash received from / (transferred to) Kraft Foods Group
related to the Spin-Off
55
(410
)
–
Proceeds from sale of property, plant and equipment and other
143
133
43
Net cash used in investing activities
(1,483
)
(1,687
)
(1,728
)
CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days
1,329
1,579
1,125
Repayments of commercial paper, maturities greater than 90 days
(607
)
(1,581
)
(1,228
)
Net issuance / (repayments) of other short-term borrowings, net
655
95
(462
)
Long-term debt proceeds
3,248
6,775
36
Long-term debt repaid
(7,559
)
(4,495
)
(1,114
)
Repurchase of Common Stock
(2,900
)
–
–
Dividends paid
(943
)
(2,058
)
(2,043
)
Other
132
(111
)
511
Net cash (used in) / provided by financing activities
(6,645
)
204
(3,175
)
Effect of exchange rate changes on cash and cash equivalents
(93
)
61
(124
)
Cash and cash equivalents:
Increase / (decrease)
(1,811
)
2,501
(507
)
Balance at beginning of period
4,475
1,974
2,481
Balance at end of period
$
2,664
$
4,475
$
1,974
Cash paid:
Interest
$
1,124
$
2,406
$
2,031
Income taxes
$
760
$
1,057
$
932