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53
DR PEPPER SNAPPLE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2013, 2012 and 2011
(In millions)
For the
Year Ended
December 31,
2013 2012 2011
Operating activities:
Net income $ 624 $ 629 $ 606
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense 196 203 198
Amortization expense 38 37 34
Amortization of deferred revenue (65)(65)(65)
Employee stock-based compensation expense 37 35 34
Deferred income taxes 138 91 (498)
Other, net 35 (18) 24
Changes in assets and liabilities, net of effects of acquisition:
Trade accounts receivable (13)36 (55)
Other accounts receivable (9)1(18)
Inventories (3)17 29
Other current and non-current assets 456 (21)(21)
Other current and non-current liabilities (556)(7) 3
Trade accounts payable (6)12 (9)
Income taxes payable (6)(468) 521
Net cash provided by operating activities 866 482 783
Investing activities:
Acquisition of business (10)— —
Purchase of property, plant and equipment (179)(217)(238)
Purchase of intangible assets (5)(7)(3)
Investments in unconsolidated subsidiaries ——(2)
Proceeds from disposals of property, plant and equipment 17 3
Other, net (2)— —
Net cash used in investing activities (195)(217)(240)
Financing activities:
Proceeds from senior unsecured notes —500 1,000
Repayment of senior unsecured notes (250)(450)(400)
Net issuance of commercial paper 65 — —
Repurchase of shares of common stock (400)(400)(522)
Dividends paid (302)(284)(251)
Tax withholdings related to net share settlements of certain stock awards (13)— —
Proceeds from stock options exercised 15 22 20
Excess tax benefit on stock-based compensation 616 10
Deferred financing charges paid —(4)(6)
Other, net (1)(3)(3)
Net cash used in financing activities (880)(603)(152)
Cash and cash equivalents — net change from:
Operating, investing and financing activities (209)(338) 391
Effect of exchange rate changes on cash and cash equivalents (4)3(5)
Cash and cash equivalents at beginning of year 366 701 315
Cash and cash equivalents at end of year $ 153 $ 366 $ 701
See Note 19 for supplemental cash flow disclosures.
The accompanying notes are an integral part of these consolidated financial statements.