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39
Shelf Registration Statement
On February 7, 2013, our Board authorized us to issue up to $1,500 million of securities from time to time. Subsequently, we
filed a "well-known seasoned issuer" shelf registration statement with the Securities and Exchange Commission, effective May
23, 2013, which registers an indeterminable amount of securities for future sales. As of December 31, 2014, we had not issued
any securities under this shelf registration statement.
Letters of Credit Facilities
We currently have letters of credit facilities available in addition to the portion of the Revolver reserved for issuance of letters
of credit. Under these incremental letters of credit facilities, $140 million is available for the issuance of letters of credit, $63
million of which was utilized as of December 31, 2014 and $77 million of which remains available for use.
Liquidity
Based on our current and anticipated level of operations, we believe that our operating cash flows will be sufficient to meet
our anticipated obligations for the next twelve months. To the extent that our operating cash flows are not sufficient to meet our
liquidity needs, we may utilize cash on hand or amounts available under our financing arrangements, if necessary.
The following table summarizes our cash activity for the years ended December 31, 2014, 2013 and 2012 (in millions):
For the Year Ended
December 31,
2014 2013 2012
Net cash provided by operating activities $ 1,022 $ 866 $ 482
Net cash used in investing activities (185)(195)(217)
Net cash used in financing activities (747)(880)(603)
NET CASH PROVIDED BY OPERATING ACTIVITIES
Net cash provided by operating activities increased $156 million for the year ended December 31, 2014, as compared to the
year ended December 31, 2013, primarily due to the increase in net income and the favorable working capital comparisons to the
prior year.
Net cash provided by operating activities increased $384 million for the year ended December 31, 2013, as compared to the
year ended December 31, 2012, primarily due to the favorable comparison of the 2012 tax payments of $531 million resulting
from the licensing agreements with PepsiCo and Coca-Cola, partially offset by unfavorable working capital comparisons to the
prior year.
NET CASH USED IN INVESTING ACTIVITIES
Cash used in investing activities for the year ended December 31, 2014, consisted primarily of purchases of property, plant
and equipment of $170 million and $19 million paid in connection with the acquisition of Davis. Purchases of property, plant and
equipment have decreased over the prior period in line with our focus on reducing our purchases, net of proceeds from disposal
of property, plant and equipment, in an amount below 3.00% of our current year net sales.
Cash used in investing activities for the year ended December 31, 2013, consisted primarily of purchases of property, plant
and equipment of $179 million and cash paid to liquidate the liabilities assumed and expenses incurred in connection with the
acquisition of DP/7UP West of $10 million. Purchases of property, plant and equipment have decreased over the prior period in
line with our focus on reducing our purchases, net of proceeds from disposal of property, plant and equipment, in an amount
slightly below 3.00% of our net sales in 2013.