Burger King 2011 Annual Report Download - page 139

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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
Predecessor
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
July 1, 2010 to October 18, 2010
(Unaudited)
Issuer Guarantor
Non-
Guarantor Eliminations Consolidated
(In millions)
Cash flows from operating activities:
Net income $ 71.1 $ 71.1 $ 29.5 $ (100.6) $ 71.1
Adjustments to reconcile net income to net cash provided by (used for)
operating activities:
Equity in earnings of subsidiary (29.5) (71.1) — 100.6 —
Depreciation and amortization 22.4 — 8.8 — 31.2
Amortization of deferred financing cost 0.6 — — — 0.6
Impairment of non-restaurant properties 0.1 — — — 0.1
Gain on hedging activities (0.4) — — — (0.4)
(Gain) loss on remeasurement of foreign denominated transactions (43.2) — 1.7 — (41.5)
Gain on refranchisings and dispositions of assets (1.1) — (3.5) — (4.6)
Bad debt expense, net of recoveries 1.2 — 0.9 — 2.1
Share-based compensation 5.2 — 0.6 — 5.8
Deferred income taxes 5.8 — (7.2) — (1.4)
Changes in current assets and liabilities, excluding acquisitions and
dispositions:
Trade and notes receivables 29.7 — 2.3 — 32.0
Prepaids and other current assets 1.8 — (4.0) — (2.2)
Accounts and drafts payable 21.0 — (12.0) — 9.0
Accrued advertising 11.0 — (9.7) — 1.3
Other accrued liabilities 21.0 — 8.4 — 29.4
Other long-term assets and liabilities (4.3) (0.8) (3.8) (2.3) (11.2)
Net cash provided by (used for) operating activities 112.4 (0.8) 12.0 (2.3) 121.3
Cash flows from investing activities:
Payments for property and equipment (13.4) — (4.8) — (18.2)
Proceeds from refranchisings, disposition of assets and restaurant
closures 2.9 — 6.7 — 9.6
Return of investment on direct financing leases 2.3 — 0.3 — 2.6
Other investing activities 1.2 — — — 1.2
Net cash (used for) provided by investing activities (7.0) — 2.2 — (4.8)
Cash flows from financing activities:
Repayments of term debt and capital leases (23.1) — (0.4) — (23.5)
Dividends paid on common stock — (8.6) — — (8.6)
Proceeds from stock option exercises — 3.9 — — 3.9
Excess tax benefits from share-based compensation 1.1 — — — 1.1
Repurchases of common stock — (2.5) — — (2.5)
Intercompany Financing 61.5 8.7 (72.5) 2.3 —
Net cash provided by (used for) financing activities 39.5 1.5 (72.9) 2.3 (29.6)
Effect of exchange rates on cash and cash equivalents (2.9) 14.8 — 11.9
Increase (decrease) in cash and cash equivalents 142.0 0.7 (43.9) — 98.8
Cash and cash equivalents at beginning of period 70.2 — 117.4 — 187.6
Cash and cash equivalents at end of period $ 212.2 $ 0.7 $ 73.5 $ — $ 286.4
138
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠