Pizza Hut 2002 Annual Report Download - page 47

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal years ended December 28, 2002, December 29, 2001 and December 30, 2000
(in millions) 2002 2001 2000
Cash Flows
—
Operating Activities
Net income $ 583 $ 492 $ 413
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 370 354 354
Facility actions net loss (gain) 32 1 (176)
Unusual items (income) expense
—
(6) 120
Other liabilities and deferred credits (38) (1 1) (5)
Deferred income taxes 2 1 (72) (51)
Other non-cash charges and credits, net 36 15 43
Changes in operating working capital, excluding effects of acquisitions and dispositions:
Accounts and notes receivable 32 116 (161)
Inventories 11 (8) 1 1
Prepaid expenses and other current assets 19 (3) (3)
Accounts payable and other current liabilities (37) (13) (94)
Income taxes payable 59 (33) 40
Net change in operating working capital 84 59 (207)
Net Cash Provided by Operating Activities 1,088 832 491
Cash Flows
—
Investing Activities
Capital spending (760) (636) (572)
Proceeds from refranchising of restaurants 81 1 1 1 381
Acquisition of Yorkshire Global Restaurants, Inc. (275)
——
Acquisition of restaurants from franchisees (13) (108) (24)
AmeriServe funding, net
——
(70)
Short-term investments 927 (21)
Sales of property, plant and equipment 58 57 64
Other, net 15 46 5
Net Cash Used in Investing Activities (885) (503) (237)
Cash Flows
—
Financing Activities
Proceeds from Senior Unsecured Notes 398 842
—
Revolving Credit Facility activity, by original maturity
Three months or less, net 59 (943) 82
Proceeds from long-term debt
—
1
—
Repayments of long-term debt (511) (258) (99)
Short-term borrowings-three months or less, net (15) 58 (1 1)
Repurchase shares of common stock (228) (100) (216)
Employee stock option proceeds 125 58 46
Other, net (15) (10) (9)
Net Cash Used in Financing Activities (187) (352) (207)
Effect of Exchange Rate on Cash and Cash Equivalents 4
—
(3)
Net Increase (Decrease) in Cash and Cash Equivalents 20 (23) 44
Cash and Cash Equivalents
—
Beginning of Year 110 133 89
Cash and Cash Equivalents
—
End of Year $ 130 $ 110 $ 133
See accompanying Notes to Consolidated Financial Statements.
45.
Yum! Brands Inc.