Burger King 2012 Annual Report Download - page 137

Table of Contents
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



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   

  

Net income (loss) $117.7 $129.5 $163.2 $163.2 $143.3 $(599.2) $117.7
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiary (129.5) (163.2) (143.3) (163.2) — 599.2 —
Depreciation and amortization — — 75.6 — 38.6 — 114.2
Loss on early extinguishment of debt — 9.7 24.5 — — — 34.2
Amortization of deferred financing cost and debt issuance discount — 44.1 12.9 — — — 57.0
Equity in net loss from unconsolidated affiliates — — 2.5 — 1.6 — 4.1
(Gain) on remeasurement of foreign denominated transactions — — (6.6) — (1.6) — (8.2)
Amortization of prior service costs — — (2.5) — — — (2.5)
Realized loss on terminated caps/swaps — — 11.8 — — — 11.8
Net loss (gain) on refranchisings and dispositions of assets — — 35.3 — (8.3) — 27.0
Bad debt (recoveries) expense, net — — (1.5) — 0.7 — (0.8)
Share-based compensation — — 10.9 — 1.3 — 12.2
Deferred income taxes (1.1) (9.1) 11.0 — 8.1 — 8.9
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Trade and notes receivables — — (22.6) — 0.4 — (22.2)
Prepaids and other current assets — — (4.2) — (2.8) — (7.0)
Accounts and drafts payable — — (12.1) — (11.8) — (23.9)
Accrued advertising — — (40.8) — 8.5 — (32.3)
Other accrued liabilities 4.8 (18.4) (7.4) — (19.3) — (40.3)
Other long-term assets and liabilities — — (27.6) — 2.1 — (25.5)
Net cash provided by operating activities (8.1) (7.4) 79.1 — 160.8 — 224.4

Payments for property and equipment — — (56.9) — (13.3) — (70.2)
Proceeds from refranchisings, disposition of assets and restaurant closures — — 88.8 — 16.1 — 104.9
Payments for acquired franchisee operations, net of cash acquired — — — — (15.3) — (15.3)
Return of investment on direct financing leases — — 12.9 — 1.3 — 14.2
Other investing activities — — — — — — —
Net cash provided by (used for) investing activities — — 44.8 — (11.2) — 33.6

Proceeds from term debt — — 1,733.5 — — — 1,733.5
Repayments of term debt and capital leases — — (1,764.1) — (2.7) — (1,766.8)
Extinguishment of debt — (62.6) (50.2) — — — (112.8)
Payment of financing costs — — (16.0) — — — (16.0)
Dividends paid on common stock (14.0) — — — — — (14.0)
Proceeds from stock option exercises 1.5 — — — — — 1.5
Intercompany financing 20.5 70.0 41.1 — (131.6) — —
Net cash provided by (used for) financing activities 8.0 7.4 (55.7) — (134.3) — (174.6)
Effect of exchange rates on cash and cash equivalents — — — — 4.3 — 4.3
(Decrease) increase in cash and cash equivalents (0.1) — 68.2 — 19.6 — 87.7
Cash and cash equivalents at beginning of period 0.2 — 287.1 — 171.7 — 459.0
 $0.1 $— $355.3 $— $191.3 $— $546.7
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Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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