Summary

Other Scenarios:

Buyer: Kraft Foods Inc. (KFT) Last Price: 33.08 Market Cap.: 50.22B
Target: Sara Lee Corp. (SLE) Last Price: 13.17 Market Cap.: 9.31B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Consumer 927
Consumer Products and Services 356
Food, Beverage and Agriculture 132
Beverages 37
Food 59
Personal Care and Cleaning Products   21
Anti-Perspirant   0
Fragrances   3
Hair Care   1
Household Cleaning Products   2
Skin Care   2
Soap/Body Wash   0

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 45)
  • Oscar Mayer
  • Louis Rich
  • Ever Fresh
  • California Pizza Kitchen*
Target (Total: 28)
  • Sara Lee
  • Best's Kosher
  • Hillshire Farm
  • Ball Park
Buyer
  • Maxwell House
  • Jacobs
  • Gevalia
  • Kool-Aid
Target
  • Douwe Egberts
  • Moccona
  • Café Pilão
  • Café de Ponto

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 29)
  • Marten Transport, Ltd (MRTN)
  • Time Warner Inc. (TWX)
  • Alcoa Inc. (AA)
  • Yum! Brands, Inc. (YUM)
Target (Total: 10)
  • ConAgra Foods, Inc. (CAG)
  • Polo Ralph Lauren Corporation (RL)
  • Publicis Groupe S.A. (ADR) (PUBGY)
  • Weight Watchers International, Inc. (WTW)
Buyer (Total: 2)
  • Wal-Mart Stores, Inc. (WMT)
  • Lifetime Brands, Inc. (LCUT)
Target (Total: 2)
  • Wal-Mart Stores, Inc. (WMT)
  • Helen of Troy Limited (HELE)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 103,000 44,000
Revenue Per Employee 435,211.8 319,694.1
Total Revenue 11,176.0 3,507.0
Total Expenses 9,666.0 4,036.0
Other Revenue 0.0 0.0
Cost of Revenue 7,132.0 2,157.0
SG&A Expense 2,353.0 975.0
Research & Development 0.0 0.0
Other Operating Expense 74.0 0.0
Operating Income 1,510.0 -529.0
Unusual Income 103.0 881.0
LT Debt to Capital 40.91 45.43
Fwd P/E 17.65 13.32
Fwd P/Rev 1.16 0.67
Book Value 27,950.0 2,811.0
Curr Portion of LTD/Cap Lease 725.0 568.0

Individual Company Summary

Focused

Buyer

Focused (): Consumer > Consumer Products and Services > Food, Beverage and Agriculture > Food

Target

Focused (): Consumer > Consumer Products and Services > Food, Beverage and Agriculture > Food

Business Description

Buyer

Kraft Foods Inc. (Kraft) through its subsidiaries, is engaged in the manufacture and sale of packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products. Kraft operates in two commercial units: Kraft North America and Kraft International. Kraft North America operates in the United States and Canada, and manages its operations principally by product category, while Kraft International Commercial manages its operations by geographic region. Kraft has operations in 70 countries and sells its products in more than 150 countries. On November 30, 2007, the Company acquired the global biscuit business of Groupe Danone S.A. During the year ended December 31, 2007, Altria Group, Inc. spun off its remaining interest (89%) in Kraft to Altria?s stockholders. In August 2008, the Company announced the closing of the merger of its Post cereals business into Ralcorp Holdings, Inc.

Target

Sara Lee Corp. (Sara Lee) is a global manufacturer and marketer of brand-name products for consumers worldwide focused primarily on the meats, baking, beverage and household products categories. The Company?s operations are organized around six business segments: North American Retail Meats, North American Retail Bakery, Foodservice, International Beverage, International Bakery, and Household and Body Care. Sara Lee?s major brands include Ambi Pur, Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Kiwi, Sanex, Senseo and Sara Lee. The Company?s significant customers include mass retailers and supermarket chains in both the United States and Europe. In September 2008, Richelieu Foods, Inc. announced that it acquired the sauces and dressings business from the Company?s Foodservice segment.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 33.67 38.28
Operating Margin % 11.45 1.21
Quick Ratio 0.5 0.72
Current Ratio 0.99 1.16
Coverage Ratio -0.22 0.38
Total Assets 70,845.0 10,830.0
Return on Equity % 9.02 -1.46
Return on Assets % 3.56 -0.38
Cash+ ST Inv. Per Share 0.46 1.82
Total Debt 22,290.0 3,188.0
Total Debt to Equity % 79.75 113.41
Total Debt to Tangible Equity % n/a n/a
Debt to Asset % 31.46 29.44

Product Summary

Sector Buyer Target
Consumer
Consumer Products and Services
Food, Beverage and Agriculture
Includes agricultural inputs like livestock and crops, as well as processed food and beverage products. Tobacco growers and cigarette manufacturers are also included.
Personal Care and Cleaning Products
Companies engaged in the manufacturing of personal care products, such as cosmetics, fragrances, skin lotion, shampoo and other toiletries; and household cleaning products, such as window/surface cleaner, and table polish.
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Consumer
Consumer Products and Services
Food, Beverage and Agriculture
Beverages
Non-Alcoholic Beverages
Coffee/Tea/Cocoa
Coffee, Tea and Cocoa Manufacturing.

Buyer Products:

  • Maxwell House
  • Jacobs
  • Gevalia

Target Products:

  • Douwe Egberts
  • Moccona
  • Café Pilão
  • Café de Ponto
  • Maison du Café
  • Marcilla
  • Merrild
  • Oickwick
  • Café Prima
Juice/Soft Drink
Companies which manufacture soda, energy drinks, and fruit juice.

Buyer Products:

  • Kool-Aid
  • Country Time
  • Capri Sun*
  • Tang
  • Crystal Light
  
Food
Animal (Meat) Products
Beef, Pork, and Other Meats
Companies which manufacture beef or pork into meat products ready for consumption, or as ingredients for further processing.

Buyer Products:

  • Oscar Mayer
  • Louis Rich

Target Products:

  • Sara Lee
  • Best's Kosher
  • Hillshire Farm
  • Ball Park
  • Jimmy Dean
  • State Fair
Canned/Processed Fruit/Vegetable
Canned fruits and vegetables. Also includes fruits and vegetables that are preserved in other forms (e.g. glass jars).

Buyer Products:

  • Ever Fresh
  
Convenience Foods/Meals  
Chilled Foods
Frozen/Refrigerated Food, including chilled/frozen entrees, pizzas, as well as frozen fruit/vegetables.

Buyer Products:

  • California Pizza Kitchen*
  • Boca
  • DiGiorno
  • Tombstone
  • Taco Bell*
  
Dry/Shelf-Stable Meals  
Dairy/Dairy Alternative Products  
Dairy Alternative Products
Food products which look and taste like dairy products, but which use soy, rice or other non-dairy foods as main ingredients, instead of milk.

Buyer Products:

  • Jell-O
  
Dairy Products
Includes fresh milk and milk-based products, e.g. yogurt, evaporated/condensed milk, ice cream, butter, cheese, dairy spreads, etc.

Buyer Products:

  • Cracker Barrel
  • Hoffman's
  • Cheez Whiz
  • Velveeta
  • Athenos
  • Knudsen
  • Kraft
  • Philadelphia
  • Breakstone's
  • DiGiorno
  • Back to Nature
  • Cool Whip
  
Grain-Based Food Products
Bread and Cereal Products
Bread and Tortilla products, including bread, buns, rolls, and tortillas. Also includes breakfast cereals and croutons.

Target Products:

  • Healthy Choice
  • Sara Lee
  • Bimbo
  
Flour, Pasta and Rice
Includes flour, flour mixes, and dough manufacturing for retailers and other manufacturers. Also includes dry pasta (spaghetti, linguine, and macaroni), noodles, rice (jasmine, long grain, quick-cook rice), etc.

Buyer Products:

  • Back to Nature
  • Shake 'n Bake
  • Jell-O
  • It's Pasta Anytime
  • Minute
  • Oscar Mayer
  
Soups/Sauces/Condiments  
Sauces/Dressings/Oils
Sauces and dressing, such as vinegar and mayonnaise.

Buyer Products:

  • Miracle Whip
  • Grey Poupon
  • Kraft
  
Spices/Extracts
Manufacturers of spice, seasonings and other food flavoring enhancers.

Buyer Products:

  • Claussen
  
Sweets/Snacks
Cakes
Cakes and pastries.

Target Products:

  • Sara Lee
  
Confectionery
Chocolate and non-chocolate based confectionery manufacturing.

Buyer Products:

  • Sonho De Valsa
  • Sugus
  • Milka
  • Jet-Puffed
  • Toblerone
  
Cookies and Crackers
Cookie and Cracker Manufacturing.

Buyer Products:

  • LU
  • Britannia
  • Nabisco
  
Snack Foods
Manufacturers of Potato Chips, Peanuts, Trail Mix, and Cheese Snacks.

Buyer Products:

  • Balance
  • Kraft
  • Planters
  • Nabisco
  
Personal Care and Cleaning Products  
Anti-Perspirant
Anti-Perspirant and/or deodorant.

Target Products:

  • Sanex
  
Fragrances
Companies engaged in the manufacturing of fragrances, such as perfume and cologne.

Target Products:

  • She
  
Hair Care
Companies engaged in the manufacturing of hair care products, such as shampoo, conditioner, hair dye, hair spray, styling gel, and mousse. Also includes hair accessories, such as pins, clips, and curlers.

Target Products:

  • Sanex
  • Brylcreem
  
Household Cleaning Products
Chemical-based household cleaning products, such as detergent and surface cleaner. Also includes automotive cleaning products.

Target Products:

  • Kiwi
  • Good Knight
  • Ambi Pur
  • Biotex
  
Skin Care
Companies engaged in the manufacturing of skin care products, such as suntan lotion, skin lotion, sanitizer, shaving cream, and moisturizer. Also includes manufacturers of non-electrical shaving equipment.

Target Products:

  • Zwitsal
  • Sanex
  
Soap/Body Wash
Soap, Body Wash, and Shower Gel.

Target Products:

  • Badedas
  • Sanex
  • Duschdas
  • Radox
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Unilever N.V. (ADR) n/a 77,721.952 13.45 13.10 1.34 1.24 n/a
Cadbury plc (ADR) n/a 13,503.274 22.70 17.64 1.41 0.97 n/a
The Hain Celestial Group, Inc. n/a 1,051.008 25.50 17.37 0.99 0.90 18.87
Green Mountain Coffee Roasters Inc. n/a 881.011 46.91 49.84 1.92 1.93 36.66
Farmer Brothers Co. n/a 391.910 n/a n/a 1.47 n/a 1.57
Coffee Holding Co., Inc. n/a 11.091 n/a n/a 0.16 n/a 1.21
Buyer
  The Coca-Cola Company n/a 121,515.450 20.99 17.35 3.86 3.74 11.85
PepsiCo, Inc. n/a 108,020.949 18.49 19.01 2.58 2.52 11.06
Unilever N.V. (ADR) n/a 77,721.952 13.45 13.10 1.34 1.24 n/a
Groupe Danone SA (ADR) n/a 30,917.011 16.70 16.29 1.76 1.33 13.41
Cadbury plc (ADR) n/a 13,503.274 22.70 17.64 1.41 0.97 n/a
Coca-Cola Enterprises Inc. n/a 7,761.378 n/a 11.72 0.36 0.36 n/a
Dr Pepper Snapple Group Inc. n/a 6,380.195 12.89 12.87 1.10 1.10 n/a
Hansen Natural Corporation n/a 2,951.180 17.37 16.03 2.99 2.55 6.81
Ralcorp Holdings, Inc. n/a 1,723.346 12.41 19.02 0.67 0.64 n/a
The Hain Celestial Group, Inc. n/a 1,051.008 25.50 17.37 0.99 0.90 18.87
Target
  Unilever N.V. (ADR) n/a 77,721.952 13.45 13.10 1.34 1.24 n/a
Cadbury plc (ADR) n/a 13,503.274 22.70 17.64 1.41 0.97 n/a
Flowers Foods, Inc. n/a 2,795.064 26.96 24.33 1.29 1.15 4.73
The Hain Celestial Group, Inc. n/a 1,051.008 25.50 17.37 0.99 0.90 18.87
Green Mountain Coffee Roasters Inc. n/a 881.011 46.91 49.84 1.92 1.93 36.66
Farmer Brothers Co. n/a 391.910 n/a n/a 1.47 n/a 1.57
Ennis, Inc. n/a 352.704 8.22 n/a 0.56 n/a 2.97
Coffee Holding Co., Inc. n/a 11.091 n/a n/a 0.16 n/a 1.21
Interstate Bakeries Corp. n/a 1.582 n/a n/a 0.00 n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Publicis Groupe S.A. (ADR) n/a 5,169.991 7.48 8.96 0.74 0.76 n/a
QAD Inc. n/a 183.160 39.80 77.88 0.66 n/a 4.81
Buyer
  Marten Transport, Ltd 10.00% 365.439 30.07 26.23 0.62 0.58 1.51
Time Warner Inc. n/a 43,423.801 11.80 11.57 0.92 0.93 n/a
Alcoa Inc. n/a 15,649.721 7.69 7.72 0.53 0.53 1.36
Yum! Brands, Inc. n/a 14,432.040 14.74 16.59 1.33 1.31 n/a
Starbucks Corporation n/a 9,979.996 21.30 18.89 0.97 0.99 4.58
WPP Group plc (ADR) n/a 9,330.486 10.61 10.30 0.79 0.39 n/a
Coca-Cola Enterprises Inc. n/a 7,761.378 n/a 11.72 0.36 0.36 n/a
Publicis Groupe S.A. (ADR) n/a 5,169.991 7.48 8.96 0.74 0.76 n/a
NRG Energy, Inc. n/a 5,139.745 10.32 9.16 0.89 0.96 2.21
National Instruments Corp n/a 2,121.679 19.36 21.20 2.68 2.51 3.88
Central European Media Enterprises Ltd. n/a 1,993.410 14.58 13.74 1.98 2.14 n/a
Silgan Holdings Inc. n/a 1,860.030 15.25 13.51 0.62 0.61 10.12
Havas (ADR) n/a 1,263.583 19.53 n/a 0.61 n/a n/a
Target
  ConAgra Foods, Inc. n/a 8,870.131 7.41 13.28 0.74 0.69 18.76
Polo Ralph Lauren Corporation n/a 5,783.907 13.56 14.89 1.17 1.20 4.98
Publicis Groupe S.A. (ADR) n/a 5,169.991 7.48 8.96 0.74 0.76 n/a
Weight Watchers International, Inc. n/a 2,783.705 14.40 12.61 1.83 1.75 n/a
Huntsman Corporation n/a 2,489.934 n/a 23.70 0.24 0.24 1.49
Jarden Corporation n/a 1,508.671 26.15 7.36 0.28 0.29 n/a
Patni Computer Systems Limited (ADR) n/a 518.006 5.44 6.68 0.74 0.74 0.95
QAD Inc. n/a 183.160 39.80 77.88 0.66 n/a 4.81
XATA Corporation n/a 32.423 n/a n/a 0.76 n/a n/a
Horizon Group Properties, Inc. n/a 6.440 n/a n/a 0.50 n/a 0.56

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Wal-Mart Stores, Inc. 15.00% 234,976.379 17.50 16.81 0.59 0.56 4.66
Buyer
  Wal-Mart Stores, Inc. 15.00% 234,976.379 17.50 16.81 0.59 0.56 4.66
Lifetime Brands, Inc. n/a 113.326 37.52 13.77 0.23 0.24 1.50
Target
  Wal-Mart Stores, Inc. 10.50% 234,976.379 17.50 16.81 0.59 0.56 4.66
Helen of Troy Limited n/a 597.018 10.48 10.90 0.91 0.93 3.56

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Time Warner Inc. n/a 43,423.801 11.80 11.57 0.92 0.93 n/a
Altria Group, Inc. n/a 41,791.922 5.09 12.02 2.20 2.59 51.59
Yum! Brands, Inc. n/a 14,432.040 14.74 16.59 1.33 1.31 n/a
Starbucks Corporation n/a 9,979.996 21.30 18.89 0.97 0.99 4.58
Coca-Cola Enterprises Inc. n/a 7,761.378 n/a 11.72 0.36 0.36 n/a
Wesco Financial Corporation n/a 2,591.611 25.63 n/a 3.73 n/a 1.24
California Pizza Kitchen, Inc. n/a 289.720 20.87 17.54 0.43 0.44 1.68
Senomyx Inc. n/a 130.305 n/a -5.52 6.19 6.80 2.71
Lifetime Brands, Inc. n/a 113.326 37.52 13.77 0.23 0.24 1.50
Waterfront Media, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Koninklijke Philips Electronics NV (ADR) n/a 25,681.435 6.20 8.75 0.61 0.61 2.12
ConAgra Foods, Inc. n/a 8,870.131 7.41 13.28 0.74 0.69 18.76
Polo Ralph Lauren Corporation n/a 5,783.907 13.56 14.89 1.17 1.20 4.98
Weight Watchers International, Inc. n/a 2,783.705 14.40 12.61 1.83 1.75 n/a
Jarden Corporation n/a 1,508.671 26.15 7.36 0.28 0.29 n/a
Helen of Troy Limited n/a 597.018 10.48 10.90 0.91 0.93 3.56
Delta Galil Industries (ADR) n/a 76.800 17.56 n/a 0.12 n/a 0.90
Six Flags, Inc. n/a 58.814 n/a -0.50 0.06 0.06 n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 40,998.0 13,212.0 54,210.0
Other Revenue 0.0 0.0 0.0
Total Revenue 40,998.0 13,212.0 54,210.0
Cost of Revenue 27,194.0 8,154.0 35,348.0
SG&A Expense 8,532.0 4,039.0 12,571.0
Depreciation & Amortization 18.0 0.0 18.0
Interest Expense 0.0 100.0 100.0
Other Operating Expense 97.0 0.0 97.0
Unusual Expense (Income) 461.0 759.0 1,220.0
Total Expenses 36,302.0 13,052.0 49,354.0
Operating Income 4,696.0 160.0 4,856.0
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -1,027.0 0.0 -1,027.0
Other, Net 0.0 0.0 0.0
Income Before Taxes 3,669.0 160.0 3,829.0
Income Taxes 1,148.0 201.0 1,349.0
Income After Taxes 2,521.0 -41.0 2,480.0
Net Income - Excl. Xord. Items 2,521.0 -41.0 2,480.0
Discontinued Operations 0.0 -38.0 -38.0
Net Income - Incl. Xord. Items 2,521.0 -79.0 2,442.0
Income Avail. to Common 2,521.0 -79.0 2,442.0
Share Items
Basic Avg. Shares Outstanding 1,508.0 707.0 2,215.0
Basic EPS - Excl. Xord. Items 1.67 n/a 1.12
Basic EPS - Incl. Xord. Items 1.67 n/a 1.10
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 1,524.0 707.0 2,231.0
F.D. EPS - Excl. Xord. Items 1.65 n/a 1.11
F.D. EPS - Incl. Xord. Items 1.65 n/a 1.09
Dividends Per Common Share 1.08 0.42 1.50
Balance Sheet
Assets
Cash and Equivalents 708.0 1,284.0 1,992.0
Accounts Receivable 5,223.0 1,491.0 6,714.0
Inventory 4,846.0 1,220.0 6,066.0
Other Current Assets 897.0 472.0 1,369.0
Current Assets 11,674.0 4,467.0 16,141.0
PPE 20,507.0 5,444.0 25,951.0
Accum D&A -9,043.0 -2,925.0 -11,968.0
PPE, Net 11,464.0 2,519.0 13,983.0
Goodwill & Intangibles 44,337.0 3,244.0 47,581.0
Other Assets 0.0 0.0 0.0
Other LT Assets 3,370.0 600.0 3,970.0
Total Assets 70,845.0 10,830.0 81,675.0
Liabilities
Accounts Payable 3,541.0 1,258.0 4,799.0
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 2,799.0 1,702.0 4,501.0
ST Debt 2,217.0 280.0 2,497.0
Curr Port of LTD & Cap Lease Oblg 725.0 568.0 1,293.0
Other (Current) Liabilities 2,548.0 33.0 2,581.0
Current Liab. 11,830.0 3,841.0 15,671.0
LT Debt 19,348.0 2,340.0 21,688.0
Total LT Debt 19,348.0 2,340.0 21,688.0
Minority Interest (BS) 0.0 19.0 19.0
Deferred Taxes 5,675.0 177.0 5,852.0
Other LT Liab. 6,042.0 1,642.0 7,684.0
Total Liabilities 42,895.0 8,019.0 50,914.0
Shareholders Equity
Common Stock 0.0 7.0 7.0
Additional Paid in Capital 23,441.0 7.0 23,448.0
Retained Earnings 12,670.0 2,760.0 15,430.0
Treasure Stock -6,987.0 0.0 -6,987.0
Other Equity -1,174.0 37.0 -1,137.0
Total Equity 27,950.0 2,811.0 30,761.0
Total Liab. & Equity 70,845.0 10,830.0 81,675.0
Shares Outstanding 1,516.0 706.4 2,222.4
Cash Flow
Operating Cash Flow
CF Net Income 2,521.0 -279.0 2,242.0
CF Depreciation 951.0 307.0 1,258.0
CF Amortization 0.0 93.0 93.0
CF Deferred Taxes -363.0 -242.0 -605.0
Other Non-Cash Items 350.0 1,061.0 1,411.0
Change in Working Capital 51.0 -269.0 -218.0
Total Cash From Operating Activities 3,510.0 671.0 4,181.0
Investing Cash Flow (not calculated)
Capital Expenditures -1,325.0 -359.0 -1,684.0
Other Investing Cash Flows -7,415.0 141.0 -7,274.0
Total Cash From Investing Activities -8,740.0 -218.0 -8,958.0
Financing Cash Flow (not calculated)
Dividends Paid -1,644.0 -223.0 -1,867.0
Purchase Or Sale of Stock -2,151.0 -289.0 -2,440.0
Purchase and Retirement of Debt 9,233.0 -387.0 8,846.0
Other Financing Cash Flow 8.0 0.0 8.0
Total Cash From Financing Activities 5,446.0 -899.0 4,547.0
Exchange Rate Effects 73.0 105.0 178.0
Net Change in Cash 289.0 -341.0 -52.0
Cash Taxes Paid 1,366.0 459.0 1,825.0
Cash Interest Paid 628.0 249.0 877.0