Burger King 2011 Annual Report Download - page 140

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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
Fiscal 2010
(Unaudited)
Issuer Guarantor Non-Guarantor Eliminations Consolidated
(In millions)
Cash flows from operating activities:
Net income $ 186.8 $ 186.8 $ 43.8 $ (230.6) $ 186.8
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiary (43.8) (186.8) — 230.6 —
Depreciation and amortization 81.0 — 30.7 — 111.7
Amortization of deferred financing cost 2.1 — — — 2.1
Impairment of non-restaurant properties 2.3 — 0.6 — 2.9
Gain on hedging activities (1.6) — — — (1.6)
Loss (gain) on remeasurement of foreign denominated transactions 44.4 — (3.5) — 40.9
Gain on refranchisings and dispositions of assets (3.3) — (6.2) — (9.5)
Bad debt expense, net of recoveries (0.7) — 1.5 — 0.8
Share-based compensation 14.3 — 2.7 — 17.0
Deferred income taxes 16.0 — 0.9 — 16.9
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Trade and notes receivables (9.8) — (6.1) — (15.9)
Prepaids and other current assets 0.2 — (1.6) — (1.4)
Accounts and drafts payable (18.9) — (1.9) — (20.8)
Accrued advertising (0.5) — 6.9 — 6.4
Other accrued liabilities (20.6) — (1.7) — (22.3)
Other long-term assets and liabilities (2.2) — (0.7) (0.7) (3.6)
Net cash provided by operating activities 245.7 — 65.4 (0.7) 310.4
Cash flows from investing activities:
Payments for property and equipment (106.6) — (43.7) — (150.3)
Proceeds from refranchisings, disposition of assets and restaurant closures 12.7 — 8.8 — 21.5
Payments for acquired franchisee operations, net of cash acquired (0.1) — (13.9) — (14.0)
Return of investment on direct financing leases 7.4 — 0.8 — 8.2
Other investing activities 2.7 — (3.0) — (0.3)
Net cash used for investing activities (83.9) — (51.0) — (134.9)
Cash flows from financing activities:
Repayments of term debt and capital leases (66.1) — (1.6) — (67.7)
Borrowings under revolving credit facility 38.5 — — — 38.5
Repayments of revolving credit facility (38.5) — — — (38.5)
Capital contributions from Parent (2.7) 2.7 — —
Dividends paid on common stock — (34.2) — — (34.2)
Proceeds from stock option exercises — 4.2 — — 4.2
Excess tax benefits from share-based compensation 3.4 — 0.1 — 3.5
Repurchases of common stock — (2.7) — — (2.7)
Intercompany Financing (45.4) 32.7 12.0 0.7 —
Net cash (used for) provided by financing activities (110.8) — 13.2 0.7 (96.9)
Effect of exchange rates on cash and cash equivalents 0.1 — (12.8) — (12.7)
Increase in cash and cash equivalents 51.1 — 14.8 — 65.9
Cash and cash equivalents at beginning of period 19.1 — 102.6 — 121.7
Cash and cash equivalents at end of period $ 70.2 $ — $ 117.4 $ — $ 187.6
139
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠