Snapple 2009 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2009 Snapple annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

2009 2008
For the Year Ended
December 31,
Issuances of related party debt ................................... $ — $ 1,615
Payments on related party debt ................................... — (4,664)
Net change in related party debt .................................. $ — $ (3,049)
The increase of $2,140 million in cash used in financing activities for the year ended December 31, 2008,
compared with the year ended December 31, 2007, was driven by the change in Cadbury’s investment as part of our
separation from Cadbury and payments of third party long-term debt. This increase was partially offset by the
issuances of third party long-term debt.
Cash and Cash Equivalents
Cash and cash equivalents were $280 million as of December 31, 2009, an increase of $66 million from
$214 million as of December 31, 2008. The increase was primarily due to our overall improvement in our operating
activities during 2009.
Our cash is used to fund working capital requirements, scheduled debt and interest payments, capital
expenditures, income tax obligations and, in future years, will be used for dividend payments and repurchases
of our common stock. Cash available in our foreign operations may not be immediately available for these purposes.
Foreign cash balances constitute approximately 32% of our total cash position as of December 31, 2009.
Dividends
On November 20, 2009, the Company’s Board declared our first dividend of $0.15 per share on outstanding
common stock, payable January 8, 2010 to shareholders of record at the close of business on December 21, 2009.
On February 3, 2010, the Company’s Board declared a dividend of $0.15 per share on the common stock of the
Company, payable on April 9, 2010 to the stockholders of record at the close of business on March 22, 2010.
Common Stock Repurchases
On November 20, 2009, the Board authorized the repurchase of up to $200 million of the Company’s
outstanding common stock over the next three years. Subsequent to the Board’s authorization, we did not
repurchase any of our common stock during the remainder of 2009. Subsequent to December 31, 2009, the Board
authorized the repurchase of an additional $800 million of the Company’s outstanding common stock, for a total of
$1 billion authorized.
47