Pizza Hut 2004 Annual Report Download - page 50

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Consolidated฀Statements฀of฀Cash฀Flows
Fiscal฀years฀ended฀December฀25,฀2004,฀December฀27,฀2003฀and฀December฀28,฀2002
(in฀millions)฀ 2004฀ 2003฀ 2002
CASH฀FLOWS฀—฀OPERATING฀ACTIVITIES
Net฀income฀ $฀ 740฀ $฀ 617฀ $฀ 583
Adjustments฀to฀reconcile฀net฀income฀to฀net฀cash฀provided฀by฀operating฀activities:
฀ Cumulative฀effect฀of฀accounting฀change,฀net฀of฀tax฀ ฀ —฀ ฀ 1฀ ฀ —
฀ Depreciation฀and฀amortization฀ ฀ 448฀ ฀ 401฀ ฀ 370
฀ Facility฀actions฀ ฀ 26฀ ฀ 36฀ ฀ 32
฀ Wrench฀litigation฀(income)฀expense฀ ฀ (14)฀ ฀ 42฀ ฀ —
฀ AmeriServe฀and฀other฀charges฀(credits)฀ ฀ —฀ ฀ (3)฀ ฀ —
฀ Contributions฀to฀defined฀benefit฀pension฀plans฀ ฀ (55)฀ ฀ (132)฀ ฀ (26)
฀ Other฀liabilities฀and฀deferred฀credits฀ ฀ 21฀ ฀ 17฀ ฀ (12)
฀ Deferred฀income฀taxes฀ ฀ 142฀ ฀ (23)฀ ฀ 21
฀ Other฀non-cash฀charges฀and฀credits,฀net฀ ฀ 25฀ ฀ 32฀ ฀ 36
Changes฀in฀operating฀working฀capital,฀฀
฀ excluding฀effects฀of฀acquisitions฀and฀dispositions:
฀ Accounts฀and฀notes฀receivable฀ ฀ (39)฀ ฀ 2฀ ฀ 32
฀ Inventories฀ ฀ (7)฀ ฀ (1)฀ ฀ 11
฀ Prepaid฀expenses฀and฀other฀current฀assets฀ ฀ (5)฀ ฀ —฀ ฀ 19
฀ Accounts฀payable฀and฀other฀current฀liabilities฀ ฀ (20)฀ ฀ (32)฀ ฀ (37)
฀ Income฀taxes฀payable฀ ฀ (131)฀ ฀ 96฀ ฀ 59
฀ Net฀change฀in฀operating฀working฀capital฀ ฀ (202)฀ ฀ 65฀ ฀ 84
NET฀CASH฀PROVIDED฀BY฀OPERATING฀ACTIVITIES฀฀1,131฀ ฀1,053฀ ฀1,088
CASH฀FLOWS฀—฀INVESTING฀ACTIVITIES
Capital฀spending฀ ฀ (645)฀ ฀ (663)฀ ฀ (760)
Proceeds฀from฀refranchising฀of฀restaurants฀ ฀ 140฀ ฀ 92฀ ฀ 81
Acquisition฀of฀Yorkshire฀Global฀Restaurants,฀Inc.฀ ฀ —฀ ฀ —฀ ฀ (275)
Acquisition฀of฀restaurants฀from฀franchisees฀ ฀ (38)฀ ฀ (41)฀ ฀ (13)
Short-term฀investments฀ ฀ (36)฀ ฀ 13฀ ฀ 9
Sales฀of฀property,฀plant฀and฀equipment฀ ฀ 52฀ ฀ 46฀ ฀ 58
Other,฀net฀ ฀ 41฀ ฀ 34฀ ฀ 15
NET฀CASH฀USED฀IN฀INVESTING฀ACTIVITIES฀฀ (486)฀ ฀ (519)฀ ฀ (885)
CASH฀FLOWS฀—฀FINANCING฀ACTIVITIES
Proceeds฀from฀Senior฀Unsecured฀Notes฀ ฀ —฀ ฀ —฀ ฀ 398
Revolving฀Credit฀Facility฀activity,฀by฀original฀maturity
฀ Three฀months฀or฀less,฀net฀ ฀ 19฀ ฀ (153)฀ ฀ 59
Repayments฀of฀long-term฀debt฀ ฀ (371)฀ ฀ (17)฀ ฀ (511)
Short-term฀borrowings-three฀months฀or฀less,฀net฀ ฀ —฀ ฀ (137)฀ ฀ (15)
Repurchase฀shares฀of฀common฀stock฀ ฀ (569)฀ ฀ (278)฀ ฀ (228)
Employee฀stock฀option฀proceeds฀ ฀ 200฀ ฀ 110฀ ฀ 125
Dividends฀paid฀on฀common฀shares฀ ฀ (58)฀ ฀ —฀ ฀ —
Other,฀net฀ ฀ —฀ ฀ —฀ ฀ (15)
NET฀CASH฀USED฀IN฀FINANCING฀ACTIVITIES฀฀ (779)฀ ฀ (475)฀ ฀ (187)
EFFECT฀OF฀EXCHANGE฀RATE฀ON฀CASH฀AND฀CASH฀EQUIVALENTS฀฀ 4฀ ฀ 3฀ ฀ 4
NET฀(DECREASE)฀INCREASE฀IN฀CASH฀AND฀CASH฀EQUIVALENTS฀฀ (130)฀ ฀ 62฀ ฀ 20
CASH฀AND฀CASH฀EQUIVALENTS฀—฀BEGINNING฀OF฀YEAR฀฀ 192฀ ฀ 130฀ ฀ 110
CASH฀AND฀CASH฀EQUIVALENTS฀—฀END฀OF฀YEAR฀$฀ 62฀ $฀ 192฀ $฀ 130
See฀accompanying฀Notes฀to฀Consolidated฀Financial฀Statements.
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