date:Apr 23, 2014
ow from operations less capital expenditures and dividends (F.C.F.), which averaged approximately $500 million annually during the past three years. And the company provided cash flow guidance for cash flow from operations less capital expenditures of $1 billion to $1.1 billion in 2014. As a result, Fitch estimates this will translate into approximately $400 million of F.C.F., including Project K cash cost and heightened capital expenditures at 4% to 5% of sales. F.C.F. also will be constrained