 Mondelez International CAGNY Conference February 17, 2015 Exhibit 99.2 |
 Irene Rosenfeld Chairman and CEO |
 3 Forward-looking statements This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “expect,” “would,” “plan,” “likely,” “estimate,” “believe,” “hope,” “anticipate,” “look to,” “drive,” “positioned,” “target,” “commitment,” “objective,” “outlook” and similar expressions are intended to identify our forward-looking statements, including, but not limited to, statements about: our future performance, including our future revenue growth, operating income growth, earnings per share, margins, interest expense, taxes and cash flow; category growth; growth in emerging markets; focusing our portfolio; consumer demand and consumption; cost- reduction actions; productivity and productivity savings and improvement; supply chain and overhead costs; our transformation agenda; innovation; our investments and the results of those investments; our operating model; currency and the effect of foreign exchange translation on our results of operations; the costs of, cost savings generated by, timing of expenditures under and completion of our restructuring program; the cash proceeds and ownership interest to be received in and timeframe for completing the coffee transactions; acquisitions; achievement of our strategic objectives; capital expenditures; share repurchases; dividends; shareholder value and returns to shareholders; and our Outlook, including 2015 Organic Net Revenue growth, Adjusted Operating Income margin, Adjusted EPS and Free Cash Flow. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in our forward-looking statements. Such factors include, but are not limited to, risks from operating globally and in emerging markets, changes in currency exchange rates, continued volatility of commodity and other input costs, pricing actions, weakness in economic conditions, weakness in consumer spending, unanticipated disruptions to our business, competition, the restructuring program and our other transformation initiatives not yielding the anticipated benefits, changes in the assumptions on which the restructuring program is based, failing to successfully complete the coffee transactions or other acquisitions on the anticipated time frames and tax law changes. Please also see our risk factors, as they may be amended from time to time, set forth in our filings with the SEC, including our most recently filed Annual Report on Form 10-K. Mondelez International disclaims and does not undertake any obligation to update or revise any forward-looking statement in this presentation, except as required by applicable law or regulation. |
 Well-positioned to deliver strong shareholder returns Leveraging our unique assets Delivering on cost-reduction initiatives Generating strong cash flow 4 |
 A global snacks powerhouse … 5 Snacks 75% Beverages 16% $34B in net revenues in 2014 Cheese & Grocery 9% Biscuits #1 Chocolate #1 Gum #2 Candy #1 Global Market Share Ranking |
 … with leading brands in each snacks category… 6 |
 7 Emerging markets Organic Net Revenue +7% in 2014 Significant white space opportunities $34B in net revenues in 2014 Emerging Markets 38% Developed Markets 62% … and an advantaged global footprint |
 Why we like snacks $1.2 trillion global snacking market 1 Well-aligned with consumer trends High margin Expandable consumption Grows with GDP in emerging markets 8 1. Source: Euromonitor |
 Global snack category growth well-above other food categories Category 2011 2012 2013 2014 Biscuits 7.3% 7.4% 5.5% 5.1% Chocolate 5.9% 6.0% 5.3% 3.7% Gum 2.0% 0.1% 0.7% 0.4% Candy 6.4% 6.2% 4.5% 2.9% Total Snacks 6.1% 5.9% 4.7% 3.9% Powdered Beverages 9.7% 11.5% 10.6% 13.1% Coffee 12.3% 7.2% (1.9)% 0.5% 6.8% 6.1% 3.8% 3.6% 9 Total Global Category Growth 1 1. Total Global Category Growth includes biscuits, chocolate, gum, candy, coffee, powdered beverages and cream cheese categories in key markets. Global Category Growth based on available Nielsen Global Data through December 2014 for measured channels in key markets where the company competes. The company has adjusted the 2014 Global Category Growth calculation to reflect current rather than average 2013 currency rates for the hyperinflationary markets of Venezuela and Argentina in order to better represent underlying category growth for the Total Portfolio. Absent the adjustment in the calculation, 2014 Global Category Growth would have been 4.7% for Total Snacks and 4.3% for the Total Portfolio. |
 Long-term strategies and targets unchanged Organic Net Revenue Growth: At or Above Category Growth Adjusted Operating Income Growth: High Single Digit Adjusted EPS Growth: Double Digit Long-Term Targets 10 Focus portfolio on snacks Reduce supply chain and overhead costs Invest in advantaged brands, innovation platforms and routes to market |
 In 2014, delivered strong earnings growth, margin expansion and cash flow 11 1. See GAAP to Non-GAAP reconciliation at the end of this presentation. 2. Constant currency. Organic Net Revenue Growth 1 +2.4% Adjusted OI Margin 1 12.9% +80 bps Adjusted EPS Growth 1,2 +23.4% 2013-2014 Free Cash Flow excluding items 1 +30% vs. target Return of Capital to Shareholders $2.9 billion |
 Long-term strategy drives 2015 transformation agenda focus our portfolio Complete coffee JV transactions Integrate bolt-on acquisitions Improve revenue mix reduce costs Deliver strong net productivity Move Power Brands to advantaged assets Drive down overheads via ZBB invest for growth Invest in Power Brands, innovation platforms and RTM Leverage operating model to drive speed and scale 12 |
 Creating the world’s leading pure-play coffee company 13 focus our portfolio $3.4B in 2013 Net Revenue Jacobs Douwe Egberts $3.8B in 2014 Net Revenue ~$7B Net Revenue 1. As provided by D.E Master Blenders 1753 1 |
 84% of revenue from snacks after JV formed Optimizes capital allocation to core snacks JV structure enables MDLZ to participate in future coffee growth €4B expected cash proceeds 14 focus our portfolio Snacks Beverages Cheese & Grocery 75% 16% 9% 84% 6% 10% Based on 2014 Revenue Reported Excluding Coffee |
 Kinh Do strengthens portfolio in Vietnam Advantaged Portfolio: Biscuits and mooncakes leader Local Scale: ~$175MM in sales Growing Market: 90MM people, 50%+ under 30 years old Distribution Platform: Network covers 130,000 outlets 15 focus our portfolio |
 Capture rapid growth of “free-from,” better-for-you snacks with Enjoy Life U.S. allergen-free segment growing 30%+ 1 ~$40MM in revenue with good expansion potential To be operated on a stand-alone basis 16 focus our portfolio 1. Based on AC Nielsen data |
 Strategic decisions to improve revenue mix in 2015 17 focus our portfolio ~1 pp headwind to Organic Net Revenue growth in 2015 Discontinue low-margin, customer- specific product lines Exit low-margin products from spin-off Ongoing SKU simplification |
 Power Brands and innovation platforms driving growth 18 Grow ~2x company rate Carry significantly higher margins ~80% of A&C support Accounts for nearly all incremental A&C spending in 2015 Power Brands 62% Other Brands 38% Power Brands $34B in net revenues in 2014 Invest for Growth |
 Driving growth by expanding innovation platforms Created new biscuit occasion Sold in 54 countries Organic Net Revenue CAGR +35% since 2011 19 Drove category expansion and growth of core tablets Sold in 54 countries Offered under multiple brands $200MM Platform $650MM Platform ~13% of net revenues from innovation Invest for Growth |
 Expanding Marvellous Creations platform globally 20 2014 2015 & beyond 2013 2012 $40MM Revenue $500MM Platform by 2018 Invest for Growth |
 Investing in routes to market, especially traditional trade 21 MDLZ Coverage of Traditional Trade Outlets 2015E Increase ’15E vs. ’13 % Outlets Covered ’15E Increase ’15E vs. ’13 347,000 +37,000 36% +3 pp 1,250,000 +233,000 16% +2 pp 507,000 +24,000 23% +1 pp Invest for Growth |
 Leverage operating model to drive focus, scale and speed Consistent region-based, category-led operating model – Improves ability to accelerate growth platforms and best practices – Simplifies and standardizes processes to drive speed/reduce costs Chief Growth Officer at center of new operating model 22 Invest for Growth |
 Long-term strategies and targets unchanged Organic Net Revenue Growth: At or Above Category Growth Adjusted Operating Income Growth: High Single Digit Adjusted EPS Growth: Double Digit Long-Term Targets 23 Focus portfolio on snacks Reduce supply chain and overhead costs Invest in advantaged brands, innovation platforms and routes to market |
 Daniel Myers EVP Integrated Supply Chain |
 Priorities Three Year Financial Goals $3B Gross Productivity Cost Savings (~$1B/per year; ~4.5% of COGS) $1.5B Net Productivity Cost Savings (~$0.5B/per year; ~2.3% of COGS) $1B Cash Flow • Step change leadership talent & capabilities • Transform global manufacturing platforms • Redesign the supply chain network • Drive productivity programs to fuel growth • Improve cash management 25 Supply Chain Reinvention on track reduce costs |
 Acquisitions drove supply chain complexity Significant number of SKUs, formats and formulas Fragmented supplier base Sub-scale plants with low efficiency assets 1990 2000 2010 26 reduce costs |
 27 Upgraded talent in 45% of critical roles Changed 75% of senior leadership team Step changed leadership talent & capabilities reduce costs |
 Global platform transformation process 28 reduce costs |
 30%+ cost savings 2x output of current North American assets 20%+ cost savings Flexibility to produce wide range of package sizes 20%+ cost savings Significantly reduced manufacturing time Lines of the Future driving savings Development process results in reduced engineering, installation and start-up costs Drives conversion cost savings through increased throughput, less waste and lower headcount per line 29 reduce costs |
 New Brownfield & Greenfield Sites 11 5 Power Brands on Advantaged Assets ~15% ~25% ~70% by ’18 Advantaged Lines Installed 40+ 35 Net Revenue per Plant ~$200MM ~$230MM > $300MM by ’18 2012 2013 – 2015E 2016E – 2018E 30 Redesigning supply chain to deliver world-class efficiency reduce costs |
 Support growth volume in the Americas Repatriate co-man volume 2 LOF on-line Q4’14; 2 additional lines in Q1’15 31 Salinas, Mexico biscuit facility now on-stream reduce costs |
 North America (includes Salinas) 1 greenfield 12 lines Europe 1 3 brownfields 15 lines EEMEA 2 brownfields 1 greenfield 4 lines Latin America 1 brownfield 5 lines Asia Pacific 2 brownfields 1 greenfield 7 lines 1. Excludes Coffee and Cheese & Grocery 32 Invested $1.5B in network transformation since 2012 reduce costs |
 33 Changing our network around the world reduce costs Curitiba, Brazil |
 34 Changing our network around the world reduce costs Manama, Bahrain |
 35 Changing our network around the world reduce costs Sri City, India |
 36 Changing our network around the world reduce costs East Suzhou, China |
 37 Changing our network around the world reduce costs Opava, Czech Republic |
 38 Changing our network around the world reduce costs Skarbimierz, Poland |
 39 Changing our network around the world reduce costs Ladkrabang, Thailand |
 40 Changing our network around the world reduce costs Bournville, UK |
 Integrated Lean Six Sigma Procurement Transformation Simplicity 41 Stepping up productivity delivery reduce costs |
 42 Integrated Lean Six Sigma 2014 Key Achievements 43 sites $300MM+ productivity 75% reduction in safety incidents 12,000+ colleagues trained Key Future Objectives Expand to 50 more sites $750MM+ productivity by 2018 Integrated Lean Six Sigma delivers best-in-class reliability and efficiency reduce costs |
 43 Procurement Transformation 2014 Key Achievements Spend towers in place 4%+ gross productivity delivered Key Future Objectives Target 5% gross productivity – Leverage scale – Drive sustainable savings Procurement transformation driving savings reduce costs |
 44 Simplicity 2014 Key Achievements Streamlining EU Biscuits – On-track for 60% reduction in complexity by 2016 Key Future Objectives Apply learnings to EU Chocolate – Creates high-scale platform – Target 10%+ total cost reduction Applying simplicity initiatives across categories reduce costs |
 45 1.1% 1.8% 2.5% 2.8% 2.8%+ Net Productivity as Percentage of COGS Delivering world-class productivity levels reduce costs 2011 2012 2013 2014 2015E-2018E |
 46 Receivables Inventory Payables Target $1 billion in incremental cash over three years Focusing on cash management to fund future investments in capital and growth reduce costs • Payment terms rationalization • Frequency extension • Supply chain financing • Raw and pack • Finished goods • Infrastructure • Processes & technology • Terms compliance • Sales phasing • Term negotiations |
 47 Cash Conversion Cycle (in days) Generated ~$600MM incremental cash in 2014 – Reduced CCC 23 days in 2 years Further working capital opportunity Based on balances as of year-end On track to generate $1B incremental cash reduce costs 33 20 10 2012 2013 2014 |
 Successfully executing on SCR initiative 48 Upgraded talent and core leadership Delivered 2.8% net productivity in 2014 Targeting 2.8%+ net productivity with strong project pipeline Productivity Generated incremental $600 million of cash in 2014 Further working capital opportunity Cash Management Manufacturing Platforms Qualified biscuit, chocolate and gum Lines of the Future Installing lines to drive conversion cost savings Network Redesign Opened Salinas, Mexico greenfield facility in Q4’14 Greenfield and brownfield sites under construction reduce costs Talent & Capabilities |
 Brian Gladden EVP and Chief Financial Officer |
 Overheads as % of Net Revenue 2013 2016E Significantly reducing overhead costs Identify and capture sustainable cost reductions with zero-based approach (ZBB) Three key initiatives: – Indirect Costs – People Costs & Org Model – Shared Services Savings driving margin improvement and fueling growth investments reduce costs 50 |
 Early success with ZBB approach to indirect costs 51 1. Information Systems 2. Travel 3. Facilities 4. Contractors & Consultants 5. Perquisites 6. Company Vehicles 7. Events & Sponsorships 8. Recruitment & Development 9. Legal Services 10. Financial Services 11. Outsourced Business Support 12. Sales Support 13. Marketing Support ~50% of overhead savings opportunity Benchmarking best-in-class spending levels / policies All categories over benchmark spending levels New policies introduced during 2014 Bottoms-up budgets locked for 2015 Executive ownership for each cost package reduce costs |
 Adopted new policies for indirect spending Opportunity Target Savings Select Drivers Travel ~45% Reduce travel consumption by ~35% Implement industry standard travel policies Globally negotiate provider contracts Information Systems ~35% Reduce application portfolio by ~50% Rationalize and virtualize IT infrastructure Consolidate voice, data service & application vendors Contractors & Consultants ~25% Centralize pre-approval to curb consumption of services Eliminate/minimize temporary services Lever global scale for recurring third-party providers 52 reduce costs |
 Streamlining how we work 53 Organization Shared Services Eliminate redundancies by adopting region-based, category-led model – Key driver +300bps OI margin in Europe – Implemented in NA in 2014 Greater centralization of certain functions (e.g., Procurement) Simplify and standardize processes Focus on scalable, transactional processes in Finance, HR, Receivables and Payables Leverage outsourced partner and captive models ~50% of overhead savings opportunity reduce costs |
 2014-2018 Restructuring Program enables $1.5B of expected incremental savings $3.5B total P&L cost $2B capex included in total short-term target of ~5% of revenue Costs Benefits Drives margin expansion Provides fuel for growth Indirect Costs Supply Chain People Costs & Org Model $1.5B ~25% ~25% ~50% 2018 Exit Run-Rate 54 reduce costs – $2.5B cash – $1B non-cash |
 Targeting 15%-16% Adjusted OI margin in 2016 55 Beyond 2016, opportunity to drive continued margin expansion and fund growth Adjusted Operating Income Margin 1. See GAAP to Non-GAAP reconciliation at the end of this presentation. reduce costs 12.1% 1 12.9% 1 ~14% 15%-16% 2013 2014 2015E 2016E |
 2015 Outlook – Income Statement 56 Target Organic Net Revenue Growth 2%+ Estimated FX Impact on Net Revenue Growth 1 ~(11)pp Adjusted Operating Income Margin ~14% Interest Expense ~$825MM Effective Tax Rate High Teens Adjusted Earnings Per Share Growth (constant FX) Double-Digit % Estimated FX Impact on EPS 1 ~$(0.30) 1. Based on January 30, 2015 spot rates. |
 Strong cash flow generation 57 ($ in billions) Net Cash Provided by Operating Activities excluding items and Restructuring Program 1 $4.1 $4.3 $4.0 Capital Expenditures (including Restructuring) (1.6) (1.6) (1.8) 2012-14 and 2014-18 Restructuring Programs (0.2) (0.2) (1.0) Free Cash Flow excluding items 1 $2.3 $2.5 $1.2 FY 13 FY 14 FY 15E Free Cash Flow Includes ~$0.5B FX headwind 1. See GAAP to Non-GAAP reconciliation at the end of this presentation. |
 Disciplined capital deployment based on returns 58 Reinvest to Drive Top-Tier Growth M&A Return Capital to Shareholders Debt Reduction Focus on chocolate, biscuits, gum and candy categories Predominantly in emerging markets Brand support and route-to-market expansion Supply Chain Reinvention Overhead reductions $7.7B share repurchase authorization through 2016 ($3.1B remaining; $1B–$2B per year) Modest dividend, increasing over time; 30% minimum payout ratio Maintain investment grade rating with access to tier 2 CP Preserve balance sheet flexibility |
 Long-term strategies and targets unchanged Organic Net Revenue Growth: At or Above Category Growth Adjusted Operating Income Growth: High Single Digit Adjusted EPS Growth: Double Digit Long-Term Targets 59 Focus portfolio on snacks Reduce supply chain and overhead costs Invest in advantaged brands, innovation platforms and routes to market |
 |
 DEFINITIONS OF THE COMPANY’S NON-GAAP FINANCIAL MEASURES The company’s non-GAAP financial measures and corresponding metrics reflect how the company evaluates its operating results currently and provide improved comparability of operating results. As new events or circumstances arise, these definitions could change over time: “Organic Net Revenue” is defined as net revenues excluding the impact of acquisitions, divestitures (including businesses under sales agreements and exits of major product lines under a sale or licensing agreement), Integration Program costs, accounting calendar changes and currency rate fluctuations. “Adjusted Gross Profit” is defined as gross profit excluding the impacts of pension costs related to obligations transferred in the Spin-Off, the 2012-2014 Restructuring Program, the Integration Program and other acquisition integration costs and the operating results of divestitures (including businesses under sales agreements and exits of major product lines under a sale or licensing agreement). The company also evaluates growth in the company’s Adjusted Gross Profit on a constant currency basis. “Adjusted Operating Income” and “Adjusted Segment Operating Income” are defined as operating income (or segment operating income) excluding the impacts of Spin-Off Costs, pension costs related to the obligations transferred in the Spin-Off, the 2012-2014 Restructuring Program, the 2014-2018 Restructuring Program, the Integration Program and other acquisition integration costs, the remeasurement of net monetary assets in Venezuela, the benefit from the Cadbury acquisition-related indemnification resolution, incremental costs associated with the JDE coffee transactions, impairment charges related to goodwill and intangible assets, gains / losses from divestitures or acquisitions, acquisition-related costs and the operating results of divestitures (including businesses under sales agreements and exits of major product lines under a sale or licensing agreement). The company also evaluates growth in the company’s Adjusted Operating Income and Adjusted Segment Operating Income on a constant currency basis. “Adjusted EPS” is defined as diluted EPS attributable to Mondelez International from continuing operations excluding the impacts of Spin-Off Costs, pension costs related to the obligations transferred in the Spin-Off, the 2012-2014 Restructuring Program, the 2014-2018 Restructuring Program, the Integration Program and other acquisition integration costs, the remeasurement of net monetary assets in Venezuela, the net benefit from the Cadbury acquisition-related indemnification resolution, the loss on debt extinguishment and related expenses, the residual tax benefit impact from the resolution of the Starbucks arbitration, hedging gains / losses and incremental costs associated with the JDE coffee transactions, impairment charges related to goodwill and intangible assets, gains / losses from divestitures or acquisitions, acquisition-related costs and net earnings from divestitures (including businesses under sales agreements and exits of major product lines under a sale or licensing agreement), and including an interest expense adjustment related to the Spin-Off transaction. The company also evaluates growth in the company’s Adjusted EPS on a constant currency basis. “Free Cash Flow excluding items” is defined as Free Cash Flow (net cash provided by operating activities less capital expenditures) excluding taxes paid on the Starbucks arbitration award and cash payments associated with accrued interest and other related fees due to the company’s completion of a $1.6 billion cash tender offer on February 6, 2014 and a $3.4 billion cash tender offer on December 18, 2013 for some of its outstanding high-coupon long-term debt. |
 GAAP to Non-GAAP Reconciliation Net Revenues to Organic Net Revenues International For the Twelve Months Ended December 31, 2014 Reported (GAAP) 34,244 $ Divestitures - Acquisitions (14) Currency 1,806 Organic (Non-GAAP) 36,036 $ For the Twelve Months Ended December 31, 2013 Reported (GAAP) 35,299 $ Divestitures (70) Accounting calendar change (38) Organic (Non-GAAP) 35,191 $ % Change Reported (GAAP) (3.0)% Divestitures 0.2 pp Acquisitions - Accounting calendar change 0.1 Currency 5.1 Organic (Non-GAAP) 2.4 % (in millions of U.S. dollars) (Unaudited) Mondelez |
 GAAP to Non-GAAP Reconciliation 63 Net Revenues Operating Income Operating Income margin Net Revenues Operating Income Operating Income margin Reported (GAAP) 34,244 $ 3,242 $ 9.5% 35,299 $ 3,971 $ 11.2% Integration Program and other acquisition integration costs - (4) - 220 Spin-Off Costs - 35 - 62 2012-2014 Restructuring Program - 459 - 330 Acquisition-related costs - 2 - 2 Net Benefit from Indemnification Resolution - - - (336) Remeasurement of net monetary assets in Venezuela - 167 - 54 Gains on acquisition and divestitures, net - - - (30) Divestitures - - (70) (6) 2014-2018 Restructuring Program - 381 - - Costs associated with the JDE coffee transactions - 77 - - Intangible asset impairment - 57 - - Adjusted (Non-GAAP) 34,244 $ 4,416 $ 12.9% 35,229 $ 4,267 $ 12.1% For the Twelve Months Ended December 31, 2014 For the Twelve Months Ended December 31, 2013 Operating Income To Adjusted Operating Income (in millions of U.S. dollars) (Unaudited) |
 Diluted EPS % Growth 2013 Diluted EPS Attributable to Mondelez International (GAAP) 2.19 $ Discontinued Operations 0.90 2013 Diluted EPS Attributable to Mondelez International from Continuing Operations 1.29 Integration Program and other acquisition integration costs 0.10 Spin-Off Costs 0.02 2012-2014 Restructuring Program costs 0.14 Net benefit from indemnification resolution (0.20) Loss on debt extinguishment and related expenses 0.22 Residual tax impact associated with starbucks arbitration resolution (0.02) Remeasurement of net monetary assets in Venezuela 0.03 Gains on acquisition and divestitures, net (0.04) 2013 Adjusted EPS (Non-GAAP) 1.54 Increase in operations 0.25 Gain on sale of property in 2013 (0.03) VAT related benefits 0.04 Unrealized gains/(losses) on hedging activities (0.07) Lower interest and other expense, net 0.08 Changes in shares outstanding 0.08 Changes in income taxes 0.01 2014 Adjusted EPS (Constant Currency) (Non-GAAP) 1.90 23.4% Unfavorable foreign currency - translation (0.14) 2014 Adjusted EPS (Non-GAAP) 1.76 14.3% Spin-Off Costs (0.01) 2012-2014 Restructuring Program costs (0.21) Remeasurement of net monetary assets in Venezuela (0.09) Loss on debt extinguishment and related expenses (0.18) Intangible asset impairment charges (0.02) 2014-2018 Restructuring Program costs (0.16) Income / (costs) associated with the JDE coffee transactions 0.19 2014 Diluted EPS Attributable to Mondelez International (GAAP) 1.28 $ (41.6)% Diluted EPS to Adjusted EPS (Unaudited) For the Twelve Months Ended December 31, GAAP to Non-GAAP Reconciliation |
 GAAP to Non-GAAP Reconciliation 2013 2014 Net Cash Provided by Operating Activities (GAAP) 6,410 $ 3,562 $ Capital Expenditures (1,622) (1,642) Free Cash Flow (Non-GAAP) 4,788 $ 1,920 $ Items Cash impact of the resolution of the Starbucks arbitration (1) (2,616) 498 Cash payments for accrued interest and other related fees associated with debt tendered as of December 18, 2013 (2) 81 - Cash payments for accrued interest and other related fees associated with debt tendered as of February 6, 2014 (3) - 47 Free Cash Flow excluding items (Non-GAAP) 2,253 $ 2,465 $ (1) (2) (3) On December 18, 2013, the company completed a $3.4 billion cash tender offer for some of its outstanding high coupon long-term debt. The amount above reflects the cash payments associated with accrued interest and other related fees. On February 6, 2014, the company completed a $1.6 billion cash tender offer for some of its outstanding high coupon long-term debt. The amount above reflects the cash payments associated with accrued interest and other related fees. Net Cash Provided by Operating Activities to Free Cash Flow excluding items (in millions of U.S. dollars) (Unaudited) For the year ended December 31, During the fourth quarter of 2013, the dispute with Starbucks Coffee Company was resolved. The amount for 2013 noted above reflects the cash received from Starbucks of $2,764 million net of $148 million attorney's fees paid. The amount noted above for 2014 reflects the taxes paid associated with the net cash received and additional attorney's fees paid in 2014. |
 66 GAAP to Non-GAAP Reconciliation 2013 2014 Net Cash Provided by Operating Activities (GAAP) 6,410 $ 3,562 $ Items Cash impact of the resolution of the Starbucks arbitration (1) (2,616) 498 Cash payments for accrued interest and other related fees associated with debt tendered as of December 18, 2013 (2) 81 - Cash payments for accrued interest and other related fees associated with debt tendered as of February 6, 2014 (3) - 47 Restructuring Programs Cash payments for the 2012-2014 and 2014-2018 Restructuring Programs related to expenses 221 191 Net Cash Provided by Operating Activities excluding items and Restructuring Programs (Non-GAAP) 4,096 $ 4,298 $ (1) (2) (3) On December 18, 2013, the company completed a $3.4 billion cash tender offer for some of its outstanding high coupon long-term debt. The amount above reflects the On February 6, 2014, the company completed a $1.6 billion cash tender offer for some of its outstanding high coupon long-term debt. The amount above reflects the Net Cash Provided by Operating Activities (in millions of U.S. dollars) (Unaudited) For the year ended December 31, During the fourth quarter of 2013, the dispute with Starbucks Coffee Company was resolved. The amount for 2013 noted above reflects the cash received from Starbucks of $2,764 million net of $148 million attorney's fees paid. The taxes associated with net cash received was paid in 2014. cash payments associated with accrued interest and other related fees. cash payments associated with accrued interest and other related fees. |