Burger King 2011 Annual Report Download - page 137

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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
Successor
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
2011
(Unaudited)
Issuer Guarantor
Non-
Guarantor Eliminations Consolidated
(In millions)
Cash flows from operating activities:
Net income $ 107.0 $ 107.0 $ 88.5 $ (195.5) $ 107.0
Adjustments to reconcile net income to net cash provided by
operating activities:
Equity in earnings of subsidiary (88.5) (107.0) — 195.5 —
Depreciation and amortization 91.2 — 45.2 — 136.4
Loss on early extinguishment of debt 21.4 — — — 21.4
Amortization of deferred financing cost and debt issuance
discount 14.5 — — — 14.5
Loss on hedging activities 0.5 — — — 0.5
Loss (gain) on remeasurement of foreign denominated
transactions 0.6 — (0.2) — 0.4
(Gain) loss on refranchisings and dispositions of assets (4.1) — 3.1 (1.0)
Impairment of non-restaurant properties 2.0 — 0.3 — 2.3
Bad debt expense, net of recoveries 6.0 — 0.1 — 6.1
Share-based compensation and non-cash incentive compensation
expense 4.7 — 1.7 6.4
Deferred income taxes (36.8) — 6.4 — (30.4)
Changes in current assets and liabilities, excluding acquisitions and
dispositions:
Trade and notes receivables (9.6) — 3.6 — (6.0)
Prepaids and other current assets 96.4 — 9.1 — 105.5
Accounts and drafts payable 2.8 — 5.9 — 8.7
Accrued advertising 11.3 — 7.0 — 18.3
Other accrued liabilities 10.5 — 7.9 — 18.4
Other long-term assets and liabilities 12.3 — (9.7) (4.9) (2.3)
Net cash provided by operating activities 242.2 — 168.9 (4.9) 406.2
Cash flows from investing activities:
Payments for property and equipment (62.5) — (19.6) — (82.1)
Proceeds from refranchisings, disposition of assets and restaurant
closures 15.6 — 14.3 — 29.9
Investments in / advances to unconsolidated entities — — (4.5) — (4.5)
Return of investment on direct financing leases 13.5 — 1.1 — 14.6
Other investing activities 0.7 — — — 0.7
Net cash used for investing activities (32.7) — (8.7) — (41.4)
Cash flows from financing activities:
Proceeds from term debt 1,860.0 — — — 1,860.0
Repayments of term debt and capital leases (1,870.8) — (3.7) — (1,874.5)
Extinguishment of debt (63.0) (63.0)
Payment of deferred financing costs (23.1) — — — (23.1)
Dividend to Parent (7.6) — — — (7.6)
Capital distribution from Parent 0.7 (0.7) — — —
Intercompany Financing 43.6 — (48.5) 4.9 —
Net cash used for financing activities (60.2) (0.7) (52.2) 4.9 (108.2)
Effect of exchange rates on cash and cash equivalents 5.0 (9.8) — (4.8)
Increase (decrease) in cash and cash equivalents 154.3 (0.7) 98.2 — 251.8
Cash and cash equivalents at beginning of period 132.8 0.7 73.5 — 207.0
Cash and cash equivalents at end of period $ 287.1 $ — $ 171.7 $ — $ 458.8
136
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠