Burger King 2011 Annual Report Download - page 141

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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 2009
(Unaudited)
Issuer Guarantor Non-Guarantor Eliminations Consolidated
(In millions)
Cash flows from operating activities:
Net income $ 200.1 $ 200.1 $ 37.9 $ (238.0) $ 200.1
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiary (37.9) (200.1) — 238.0 —
Depreciation and amortization 70.3 — 27.8 — 98.1
Amortization of deferred financing cost 1.9 — — — 1.9
Impairment of long-lived assets — — 0.5 — 0.5
Gain on hedging activities (1.3) — — — (1.3)
Loss on remeasurement of foreign denominated transactions 50.1 — — — 50.1
Gain on refranchisings and dispositions of assets (4.8) — (6.2) — (11.0)
Bad debt expense, net of recoveries (1.7) — 2.4 — 0.7
Share-based compensation 14.3 — 1.9 — 16.2
Deferred income taxes 15.5 — (3.4) — 12.1
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Trade and notes receivables 4.6 — (2.5) — 2.1
Prepaids and other current assets (35.4) — — — (35.4)
Accounts and drafts payable 7.4 — (4.1) — 3.3
Accrued advertising (19.7) — 12.0 — (7.7)
Other accrued liabilities (11.4) — (9.4) — (20.8)
Other long-term assets and liabilities (2.5) 0.4 3.2 0.8 1.9
Net cash provided by operating activities 249.5 0.4 60.1 0.8 310.8
Cash flows from investing activities:
Payments for property and equipment (150.9) — (53.1) — (204.0)
Proceeds from refranchisings, disposition of assets and restaurant closures 19.2 — 7.2 — 26.4
Payments for acquired franchisee operations, net of cash acquired (67.0) — (0.9) — (67.9)
Return of investment on direct financing leases 7.4 — 0.5 — 7.9
Other investing activities 0.9 — (5.3) — (4.4)
Net cash used for investing activities (190.4) — (51.6) — (242.0)
Cash flows from financing activities:
Repayments of term debt and capital leases (6.2) — (1.2) — (7.4)
Borrowings under revolving credit facility 94.3 — — — 94.3
Repayments of revolving credit facility (144.3) — — — (144.3)
Capital contributions from Parent (3.9) — 3.9 — —
Dividends paid on common stock — (34.1) — — (34.1)
Proceeds from stock option exercises — 3.0 — — 3.0
Excess tax benefits from share-based compensation 3.9 — (0.6) — 3.3
Repurchases of common stock — (20.3) — — (20.3)
Intercompany Financing (33.2) 51.0 (17.0) (0.8) —
Net cash used for financing activities (89.4) (0.4) (14.9) (0.8) (105.5)
Effect of exchange rates on cash and cash equivalents (0.1) — (7.5) — (7.6)
Decrease in cash and cash equivalents (30.4) — (13.9) — (44.3)
Cash and cash equivalents at beginning of period 49.5 — 116.5 — 166.0
Cash and cash equivalents at end of period $ 19.1 $ — $ 102.6 $ — $ 121.7
140
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠