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51
DR PEPPER SNAPPLE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2012, 2011 and 2010
(in millions)
For the
Year Ended
December 31,
2012 2011 2010
Operating activities:
Net income $ 629 $ 606 $ 528
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense 203 198 185
Amortization expense 37 34 43
Amortization of deferred revenue (65)(65)(37)
Employee stock-based compensation expense 35 34 29
Deferred income taxes 91 (498) 37
Loss on early extinguishment of debt —— 100
Other, net (18)24 7
Changes in assets and liabilities:
Trade accounts receivable 36 (55) 8
Other accounts receivable 1(18)(10)
Inventories 17 29 19
Other current and non-current assets (21)(21)(20)
Other current and non-current liabilities (29)1(27)
Trade accounts payable 10 (30) 37
Income taxes payable (468)521 22
Current and non-current deferred revenue —— 1,614
Net cash provided by operating activities 458 760 2,535
Investing activities:
Purchase of property, plant and equipment (193)(215)(246)
Purchase of intangible assets (7)(3) —
Investments in unconsolidated subsidiaries —(2)(1)
Proceeds from disposals of property, plant and equipment 73 18
Other, net —— 4
Net cash used in investing activities (193)(217)(225)
Financing activities:
Proceeds from senior unsecured notes and senior unsecured credit facility 500 1,000 —
Repayment of senior unsecured notes and senior unsecured credit facility (450)(400)(978)
Repurchase of shares of common stock (400)(522)(1,113)
Dividends paid (284)(251)(194)
Proceeds from stock options exercised 22 20 6
Excess tax benefit on stock-based compensation 16 10 3
Deferred financing charges paid (4)(6)(1)
Other, net (3)(3)(3)
Net cash used in financing activities (603)(152)(2,280)
Cash and cash equivalents — net change from:
Operating, investing and financing activities (338)391 30
Effect of exchange rate changes on cash and cash equivalents 3(5) 5
Cash and cash equivalents at beginning of year 701 315 280
Cash and cash equivalents at end of year $ 366 $ 701 $ 315
See Note 17 for supplemental cash flow disclosures.
The accompanying notes are an integral part of these consolidated financial statements.