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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.
59
2014
2013
2012
CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES
Net earnings
$
2,201
$
3,935
$
3,094
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization
1,059
1,077
1,345
Stock-based compensation expense
141
128
162
Deferred income tax (benefit) / provision
(186
)
(64
)
369
Gains on acquisition and divestitures, net –
(
30
)
(107
)
Asset impairments
240
97
126
Benefit from indemnification resolution –
(
385
)
–
Loss on early extinguishment of debt
493
608
–
Unrealized gain on planned coffee business divestiture currency
hedge
(628
)
–
–
Other non
-
cash items, net
(184
)
(19
)
44
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net
184
492
(599
)
Inventories, net
(188
)
(116
)
(129
)
Accounts payable
387
793
505
Other current assets
(86
)
(42
)
217
Other current liabilities
135
62
(1,160
)
Change in pension and postretirement assets and liabilities, net
(6
)
(126
)
56
Net cash provided by operating activities
3,562
6,410
3,923
CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES
Capital expenditures
(1,642
)
(1,622
)
(1,610
)
Acquisition, net of cash received
(7
)
(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
7
143
133
Net cash used in investing activities
(1,642
)
(1,483
)
(1,687
)
CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days
2,082
1,329
1,579
Repayments of commercial paper, maturities greater than 90 days
(2,713
)
(607
)
(1,581
)
Net issuances of other short-term borrowings, net
398
613
95
Long-term debt proceeds
3,032
3,248
6,775
Long-term debt repaid
(3,017
)
(7,559
)
(4,495
)
Repurchase of Common Stock
(1,700
)
(2,900
)
–
Dividends paid
(964
)
(943
)
(2,058
)
Other
194
132
(111
)
Net cash (used in) / provided by financing activities
(2,688
)
(6,687
)
204
Effect of exchange rate changes on cash and cash equivalents
(223
)
(93
)
61
Cash and cash equivalents:
Increase / (decrease)
(991
)
(1,853
)
2,501
Balance at beginning of period
2,622
4,475
1,974
Balance at end of period
$
1,631
$
2,622
$
4,475
Cash paid:
Interest
$
827
$
1,150
$
2,406
Income taxes
$
1,238
$
760
$
1,057