Dunkin' Donuts 2015 Annual Report Download - page 69

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See accompanying notes to consolidated financial statements.
-59-
DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
Fiscal year ended
December 26,
2015
December 27,
2014
December 28,
2013
Cash flows from operating activities:
Net income including noncontrolling interests $ 105,229 175,563 146,304
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 45,244 45,539 49,366
Amortization of debt issuance costs and original issue discount 5,969 3,968 4,706
Loss on debt extinguishment and refinancing transactions 20,554 13,735 5,018
Deferred income taxes (21,107) (24,639) (13,191)
Provision for bad debt 3,343 2,821 3,484
Share-based compensation expense 16,092 11,287 7,323
Net loss (income) of equity method investments 41,745 (14,846) (18,370)
Dividends received from equity method investments 6,671 7,427 7,226
Gain on sale of joint venture — — (6,320)
Gain on sale of real estate and company-operated restaurants (1,402) (7,458) (2,591)
Other, net 1,083 570 (1,291)
Change in operating assets and liabilities:
Restricted cash (65,673) — —
Accounts, notes, and other receivables, net (26,316) (27,224) (27,444)
Prepaid income taxes, net 591 (4,300) (27,847)
Other current assets (6,185) 552 1,879
Accounts payable 6,514 397 46
Other current liabilities 40,258 11,876 8,163
Liabilities of advertising funds, net (1,124) (2,785) 4,795
Deferred income 1,866 5,770 (842)
Other, net 12,214 1,070 1,385
Net cash provided by operating activities 185,566 199,323 141,799
Cash flows from investing activities:
Additions to property and equipment (30,246) (23,638) (31,099)
Proceeds from sale of real estate and company-operated restaurants 2,693 14,361 5,387
Proceeds from sale of joint venture, net — — 6,682
Other, net (7,914) (4,827) (3,876)
Net cash used in investing activities (35,467) (14,104) (22,906)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 2,500,000 — —
Repayment of long-term debt (1,837,824) (15,000) (24,157)
Payment of debt issuance and other debt-related costs (41,350) (9,213) (6,157)
Repurchases of common stock, including accelerated share repurchases (625,041) (130,171) (27,963)
Dividends paid on common stock (100,516) (96,775) (81,008)
Change in restricted cash (6,770) — —
Exercise of stock options 10,353 5,120 7,963
Excess tax benefits from share-based compensation 11,503 10,758 15,366
Other, net (7,211) 1,924 1,782
Net cash used in financing activities (96,856) (233,357) (114,174)
Effect of exchange rate changes on cash and cash equivalents (893) (715) (404)
Increase (decrease) in cash and cash equivalents 52,350 (48,853) 4,315
Cash and cash equivalents, beginning of year 208,080 256,933 252,618
Cash and cash equivalents, end of year $ 260,430 208,080 256,933
Supplemental cash flow information:
Cash paid for income taxes $ 106,924 99,410 98,483
Cash paid for interest 90,564 64,485 78,127
Noncash investing activities:
Property and equipment included in accounts payable and other
current liabilities 579 2,383 1,366
Purchase of leaseholds in exchange for capital lease obligations 475 1,094 173