General corporate expense for the fourth quarter and year was $7.5 million and $26.7 million, respectively, compared to $3.4 million and $21.4 million for the comparable periods of fiscal 2012. An increase in the Company’s lower of cost or market inventory reserve caused a notable expense increase for the fourth quarter and fiscal year compared to fiscal 2012. The higher expense for both the fourth quarter and fiscal year also reflects an increase in employee-related expenses com- pared to fiscal 2012. 

Net earnings attributable to the Company’s noncontrolling interests were $1.1 million and $3.9 million for the 2013 fourth quarter and fiscal year, respectively, compared to $1.7 million and $4.9 million for the comparable periods of fiscal 2012. The Company’s Precept Foods business generated lower results for both the fourth quarter and full year compared to fiscal 2012. However, these declines were partially offset by continued improvement from the Company’s China operations, which were up for both the fourth quarter and fiscal year com- pared to fiscal 2012 results. 

## RELATED PARTY TRANSACTIONS 

The Company was not party to any material related party transactions during fiscal years 2014, 2013, or 2012. 

## Liquidity and Capital Resources 

Cash and cash equivalents were $334.2 million at the end of fiscal year 2014 compared to $434.0 million at the end of fiscal year 2013 and $682.4 million at the end of fiscal year 2012. 

During fiscal 2014, cash provided by operating activities was $746.9 million compared to $637.8 million in 2013 and $517.8 million in 2012. Continued higher earnings and net positive working capital changes largely generated the increase in 2014. 

Cash used in investing activities decreased to $616.8 million in fiscal year 2014 from $691.1 million in fiscal year 2013 and increased from $106.8 million in fiscal year 2012. The fourth quarter of fiscal 2014 included $424.3 million used to purchase CytoSport Holdings, Inc. and the fiscal year also included $41.9 million used to purchase the China based SKIPPY ®  peanut butter business in Weifang, China from Unilever United States Inc. The larger use of cash in fiscal 2013 included $665.4 million used to acquire the U.S. based SKIPPY ®  peanut butter business. In anticipation of that purchase in the prior year, the Company liquidated its marketable securities portfolio at the end of the first quarter of fiscal 2013, which generated $77.6 million in cash. Capital expenditures in fiscal 2014 increased to $159.1 million, from 

$106.8 million in 2013 and $132.3 million in 2012. Capital expenditures for fiscal 2015 are estimated to be approximately $180.0 million to $200.0 million. 

Cash used in financing activities was $229.4 million in fiscal 2014 compared to $195.5 million in fiscal 2013 and $192.7 million in fiscal 2012. 

The Company used $58.9 million for common stock repur- chases during fiscal 2014, compared to $70.8 million in fiscal 2013 and $61.4 million in fiscal 2012. During fiscal 2014, the Company repurchased 1.3 million shares of its common stock at an average price per share of $46.87. On January 31, 2013, the Company announced that its Board of Directors had authorized the repurchase of 10.0 million shares of its com- mon stock with no expiration date. At of the end of fiscal 2014, there were 8.2 million shares remaining for repurchase under that authorization. 

Cash dividends paid to the Company’s shareholders also continue to be an ongoing financing activity for the Company, with $203.2 million in dividends paid in fiscal 2014, compared to $174.3 million in the fiscal 2013 and $152.2 million in fiscal 2012. The dividend rate was $0.80 per share in 2014, which reflected a 17.6 percent increase over the fiscal 2013 rate. The Company has paid dividends for 345 consecutive quarters and expects to continue doing so in the future. The annual dividend rate for fiscal 2015 was increased 25.0 percent to $1.00 per share, representing the 49th consecutive annual dividend increase. 

Cash flows from operating activities continue to provide the Company with its principal source of liquidity. The Company does not anticipate a significant risk to cash flows from this source in the foreseeable future because the Company operates in a relatively stable industry and has strong brands across many product lines. 

Maximizing the value returned to shareholders through div- idend payments remains a priority for use of the Company’s strong cash position going forward. The Company remains focused on growing the business, utilizing innovation to drive organic growth, and is also well positioned to take advantage of strategic acquisition opportunities. Capital spending to enhance and expand current operations will also be a signifi- cant cash outflow in fiscal 2015. 

