Snapple 2014 Annual Report Download - page 44

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Cash and Cash Equivalents
As a result of the above items, cash and cash equivalents increased $84 million since December 31, 2013 to $237 million as
of December 31, 2014 primarily driven by higher operating cash flows, lower capital expenditures and lower scheduled debt
payments, partially offset by increased returns to our shareholders.
Our cash balances are used to fund working capital requirements, scheduled debt and interest payments, income tax obligations,
repurchases of our common stock, dividend payments and capital expenditures. Cash generated by our foreign operations is
generally repatriated to the U.S. annually except when required to fund working capital requirements in those jurisdictions. Foreign
cash balances were $51 million and $65 million as of December 31, 2014 and 2013, respectively. We accrue tax costs for repatriation,
as applicable, as cash is generated in those foreign jurisdictions.
Acquisitions
We have made acquisitions to strengthen our route to market in the U.S. and support efforts to build and enhance our leading
brands. On October 31, 2014, we acquired certain assets of Davis in exchange for $19 million in cash and a $2 million holdback
liability to satisfy any working capital adjustments and applicable indemnification claims, pursuant to the terms of the purchase
agreement. On February 25, 2013, we acquired certain assets of DP/7UP West in exchange for $23 million consisting of the
issuance by us of 313,105 shares of common stock to DP/7UP West and the assumption of certain liabilities of DP/7UP West to
consummate the transaction.
During the first quarter of 2013, we also reacquired the distribution rights for Snapple and several other NCB brands in parts
of Asia-Pacific from
We may continue to make future acquisitions, such as acquisitions of regional bottling companies, distributors and/or
distribution rights to further extend our geographic coverage. Any acquisitions may require additional funding for future capital
expenditures and possibly restructuring expenses.
Dividends
Our Board declared aggregate dividends aggregating of $1.64, $1.52 and $1.36 per share on outstanding common stock during
the years ended December 31, 2014, 2013 and 2012, respectively.
Our fourth quarter 2014 dividend was paid on January 7, 2015, to shareholders of record on December 15, 2014.
Common Stock Repurchases
As previously disclosed, our Board has authorized us to purchase an aggregate amount of up to $3,000 million of our outstanding
common stock. We repurchased and retired 6.8 million shares of common stock valued at approximately $400 million, 8.7 million
shares of common stock valued at approximately $400 million and 9.5 million shares of common stock valued at approximately
$400 million for the years ended December 31, 2014, 2013 and 2012, respectively. Refer to Part II, Item 5 "Market for Registrant's
Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" of this Annual Report on Form 10-K
for additional information regarding these repurchases.