Jack In The Box 2009 Annual Report Download - page 44

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Table of Contents



  

Cash flows from operating activities:
Net earnings $ 118,408 $ 119,279 $ 125,583
Loss (earnings) from discontinued operations, net 12,638 (1,070) (904)
Net earnings from continuing operations 131,046 118,209 124,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 100,830 96,943 90,700
Deferred finance cost amortization 1,461 1,462 1,443
Deferred income taxes (15,331) 6,643 (14,688)
Share-based compensation expense 9,341 10,566 12,640
Pension and postretirement expense 12,243 14,433 15,777
Losses (gains) on cash surrender value of company-owned life insurance 1,910 8,172 (7,639)
Gains on the sale of company-operated restaurants, net (78,642) (66,349) (38,091)
Gains on the acquisition of franchise-operated restaurants (958) — —
Losses on the disposition of property and equipment, net 12,666 16,412 15,898
Loss on early retirement of debt — — 1,939
Impairment charges and other 6,586 3,507 1,347
Changes in assets and liabilities, excluding acquisitions and dispositions:
Receivables 3,519 (9,172) (10,277)
Inventories 7,596 (4,452) (4,720)
Prepaid expenses and other current assets 11,496 7,026 (5,915)
Accounts payable (14,975) 4,167 13,075
Pension and postretirement contributions (26,233) (25,012) (14,795)
Other (15,231) (15,520) (7,616)
Cash flows provided by operating activities from continuing operations 147,324 167,035 173,757
Cash flows provided by operating activities from discontinued operations 1,426 5,349 4,764
Cash flows provided by operating activities 148,750 172,384 178,521
Cash flows from investing activities:
Purchases of property and equipment (153,500) (178,605) (148,508)
Proceeds from the sale of company-operated restaurants 94,927 57,117 51,256
Purchase of assets held for sale and leaseback, net (36,824) (14,003) (15,396)
Collections on notes receivable 31,539 7,942 122
Acquisition of franchise-operated restaurants (6,760) — (6,960)
Other (989) (4,857) (4,893)
Cash flows used in investing activities from continuing operations (71,607) (132,406) (124,379)
Cash flows provided by (used in) investing activities from discontinued operations 30,648 (1,964) (5,674)
Cash flows used in investing activities (40,959) (134,370) (130,053)
Cash flows from financing activities:
Borrowings on revolving credit facility 541,000 650,000 —
Repayments of borrowings on revolving credit facility (632,000) (559,000) —
Borrowings under term loan — — 475,000
Principal payments on debt (2,334) (5,722) (333,931)
Payment of debt costs — — (7,357)
Proceeds from issuance of common stock 4,574 8,642 27,809
Repurchase of common stock — (100,000) (463,402)
Excess tax benefits from share-based compensation arrangements 664 3,346 17,533
Change in book overdraft (14,577) (3,098) 17,676
Cash flows used in financing activities (102,673) (5,832) (266,672)
Net increase (decrease) in cash and cash equivalents 5,118 32,182 (218,204)
Cash and cash equivalents at beginning of period 47,884 15,702 233,906
Cash and cash equivalents at end of period $ 53,002 $ 47,884 $ 15,702
See accompanying notes to consolidated financial statements.
F-5