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54
DR PEPPER SNAPPLE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2011, 2010 and 2009
(In millions)
Operating activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense
Amortization expense
Amortization of deferred revenue
Employee stock-based compensation expense
Deferred income taxes
Loss on early extinguishment of debt
Other, net
Changes in assets and liabilities:
Trade accounts receivable
Other accounts receivable
Inventories
Other current and non-current assets
Trade accounts payable
Income taxes payable
Current and non-current deferred revenue
Other current and non-current liabilities
Net cash provided by operating activities
Investing activities:
Purchase of property, plant and equipment
Purchase of intangible assets
Investments in unconsolidated subsidiaries
Proceeds from disposals of property, plant and equipment
Proceeds from disposals of intangible assets
Other, net
Net cash used in investing activities
Financing activities:
Proceeds from senior unsecured notes and senior unsecured credit facility
Repayment of senior unsecured notes and senior unsecured credit facility
Repurchase of shares of common stock
Dividends paid
Proceeds from stock options exercised
Excess tax benefit on stock-based compensation
Other, net
Net cash used in financing activities
Cash and cash equivalents — net change from:
Operating, investing and financing activities
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
For the Year Ended December 31,
2011
$ 606
198
34
(65)
34
(498)
—
24
(55)
(18)
29
(21)
(30)
521
—
1
760
(215)
(3)
(2)
3
—
—
(217)
1,000
(400)
(522)
(251)
20
10
(9)
(152)
391
(5)
315
$ 701
2010
$ 528
185
43
(37)
29
37
100
7
8
(10)
19
(20)
37
22
1,614
(27)
2,535
(246)
—
(1)
18
—
4
(225)
—
(978)
(1,113)
(194)
6
3
(4)
(2,280)
30
5
280
$ 315
2009
$ 555
167
57
—
19
103
—
(14)
(24)
29
3
(58)
4
(2)
—
26
865
(317)
(8)
—
5
69
—
(251)
1,255
(1,805)
—
—
1
—
(5)
(554)
60
6
214
$ 280
See Note 17 for supplemental cash flow disclosures.
The accompanying notes are an integral part of these consolidated financial statements.