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Consolidated Statement of Cash Flows
(in millions)
[Consolidated Statement of Income]
[Consolidated Balance Sheet]
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 26, 1998, December 27, 1997 and December 28, 1996
1998
.
1997
1996
Operating Activities
.
Income from continuing operations
$
1,993
.
$
1,491
.
$
942
Adjustments to reconcile income from continuing operations
.
to net cash provided by operating activities
.
Depreciation and amortization
1,234
.
1,106
1,073
Noncash portion of 1998 tax benefit
(259
)
-
-
Noncash portion of unusual impairment and other items
254
.
233
366
Deferred income taxes
150
.
51
160
Other noncash charges and credits, net
237
.
342
505
Changes in operating working capital, excluding effects of
acquisitions and dispositions
.
Accounts and notes receivable
(104
)
(53
)
(67
)
Inventories
29
.
79
(97
)
Prepaid expenses and other current assets
(12
)
(56
)
84
Accounts payable and other current liabilities
(195
)
84
297
Income taxes payable
(116
)
142
(71
)
Net change in operating working capital
(398
)
196
146
Net Cash Provided by Operating Activities
3,211
.
3,419
3,192
Investing Activities
.
Capital spending
(1,405
)
(1,506
)
(1,630
)
Acquisitions and investments in unconsolidated affiliates
(4,537
)
(119
)
(75
)
Sales of businesses
17
.
221
43
Sales of property, plant and equipment
134
.
80
9
Short-term investments, by original maturity
.
More than three months - purchases
(525
)
(92
)
(115
)
More than three months - maturities
584
.
177
192
Three months or less, net
839
.
(735
)
736
Other, net
(126
)
(96
)
(214
)
Net Cash Used for Investing Activities
(5,019
)
(2,070
)
(1,054
)
Financing Activities
.
Proceeds from issuances of long-term debt
990
.
-
1,772
Payments of long-term debt
(2,277
)
(1,875
)
(1,432
)
Short-term borrowings, by original maturity
.
More than three months - proceeds
2,713
.
146
740
More than three months - payments
(417
)
(177
)
(1,873
)
Three months or less, net
1,753
.
(1,269
)
89
Cash dividends paid
(757
)
(736
)
(675
)
Share repurchases
(2,230
)
(2,459
)
(1,651
)
Proceeds from exercises of stock options
415
.
403
323
Other, net
-
.
5
(9
)
Net Cash Provided by (Used for) Financing Activities
190
.
(5,962
)
(2,716
)
Net Cash Provided by Discontinued Operations
-
.
6,236
605
Effect of Exchange Rate Changes on Cash and Cash Equivalents
1
.
(2
)
(5
)
Net (Decrease) Increase in Cash and Cash Equivalents
(1,617
)
1,621
22
Cash and Cash Equivalents - Beginning of Year
1,928
.
307
285
Cash and Cash Equivalents - End of Year
$
311
.
$
1,928
.
$
307
Supplemental Cash Flow Information
.
Interest paid
$
367
.
$
462
.
$
538
Income taxes paid
$
521
.
$
696
.
$
611
Schedule of Noncash Investing and Financing Activities
.
Fair value of assets acquired
$
5,359
.
$
160
.
$
81
Cash paid and stock issued
(4,537
)
(134
)
(76
)
Liabilities assumed
$
822
.
$
26
.
$
5
See accompanying Notes to Consolidated Financial Statements.