Pizza Hut 2005 Annual Report Download - page 51

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Fiscal฀years฀ended฀December฀31,฀2005,฀฀
December฀25,฀2004฀and฀December฀27,฀2003฀
(in฀millions)฀ ฀ ฀ 2005฀ 2004฀ 2003
Cash฀Flows—Operating฀Activities
Net฀income฀฀ $฀ 762฀ $฀ 740฀ $฀ 617
Adjustments฀to฀reconcile฀net฀income฀to฀net฀cash฀provided฀by฀฀
฀ operating฀activities:฀ ฀
฀ ฀ Cumulative฀effect฀of฀accounting฀change,฀net฀of฀tax฀ ฀ —฀ ฀ —฀ ฀ 1
฀ ฀ Depreciation฀and฀amortization฀ ฀ 469฀ ฀ 448฀ ฀ 401
฀ ฀ Facility฀actions฀ ฀ 19฀ ฀ 26฀ ฀ 36
฀ ฀ Contributions฀to฀defined฀benefit฀pension฀plans฀ ฀ (74)฀ ฀ (55)฀ ฀ (132)
฀ ฀ Other฀liabilities฀and฀deferred฀credits฀ ฀ 34฀ ฀ 21฀ ฀ 17
฀ ฀ Deferred฀income฀taxes฀ ฀ (101)฀ ฀ 142฀ ฀ (23)
฀ ฀ Equity฀income฀from฀investments฀in฀unconsolidated฀affiliates฀ ฀ (51)฀ ฀ (54)฀ ฀ (39)
฀ ฀ Distributions฀of฀income฀received฀from฀unconsolidated฀affiliates฀ ฀ 44฀ ฀ 55฀ ฀ 46
฀ ฀ Excess฀tax฀benefits฀from฀share-based฀compensation฀ ฀ (87)฀ ฀ —฀ ฀ —
฀ ฀ Share-based฀compensation฀expense฀ ฀ 62฀ ฀ 3฀ ฀ 3
฀ ฀ Other฀non-cash฀charges฀and฀credits,฀net฀ ฀ 40฀ ฀ 62฀ ฀ 107
Changes฀in฀operating฀working฀capital,฀excluding฀effects฀of฀acquisitions฀฀
฀ and฀dispositions:
฀ ฀ Accounts฀and฀notes฀receivable฀ ฀ (1)฀ ฀ (39)฀ ฀ 2
฀ ฀ Inventories฀ ฀ (4)฀ ฀ (7)฀ ฀ (1)
฀ ฀ Prepaid฀expenses฀and฀other฀current฀assets฀ ฀ 78฀ ฀ (5)฀ ฀ —
฀ ฀ Accounts฀payable฀and฀other฀current฀liabilities฀ ฀ (6)฀ ฀ (20)฀ ฀ (32)
฀ ฀ Income฀taxes฀payable฀ ฀ 54฀ ฀ (131)฀ ฀ 96
฀ ฀ Net฀change฀in฀operating฀working฀capital฀ ฀ 121฀ ฀ (202)฀ ฀ 65
Net฀Cash฀Provided฀by฀Operating฀Activities฀฀ 1,238฀ ฀1,186฀ ฀1,099
Cash฀Flows—Investing฀Activities
Capital฀spending฀ ฀ (609)฀ ฀ (645)฀ ฀ (663)
Proceeds฀from฀refranchising฀of฀restaurants฀ ฀ 145฀ ฀ 140฀ ฀ 92
Acquisition฀of฀restaurants฀from฀franchisees฀ ฀ (2)฀ ฀ (38)฀ ฀ (41)
Short-term฀investments฀ ฀ 12฀ ฀ (36)฀ ฀ 13
Sales฀of฀property,฀plant฀and฀equipment฀ ฀ 81฀ ฀ 52฀ ฀ 46
Other,฀net฀ ฀ 28฀ ฀ (14)฀ ฀ (12)
Net฀Cash฀Used฀in฀Investing฀Activities฀฀ (345)฀ ฀ (541)฀ ฀ (565)
Cash฀Flows—Financing฀Activities
Revolving฀Credit฀Facility฀activity฀three฀months฀or฀less,฀net฀ ฀ 160฀ ฀ 19฀ ฀ (153)
Repayments฀of฀long-term฀debt฀ ฀ (14)฀ ฀ (371)฀ ฀ (17)
Short-term฀borrowings-three฀months฀or฀less,฀net฀ ฀ (34)฀ ฀ —฀฀ ฀ (137)
Repurchase฀shares฀of฀common฀stock฀ ฀(1,056)฀ ฀ (569)฀ ฀ (278)
Excess฀tax฀benefit฀from฀share-based฀compensation฀ ฀ 87฀ ฀ —฀ ฀ —
Employee฀stock฀option฀proceeds฀ ฀ 148฀ ฀ 200฀ ฀ 110
Dividends฀paid฀on฀common฀shares฀ ฀ (123)฀ ฀ (58)฀ ฀ —
Net฀Cash฀Used฀in฀Financing฀Activities฀฀ (832)฀ ฀ (779)฀ ฀ (475)
Effect฀of฀Exchange฀Rate฀on฀Cash฀and฀Cash฀Equivalents฀฀ 1฀ ฀ 4฀ ฀ 3
Net฀(Decrease)฀Increase฀in฀Cash฀and฀Cash฀Equivalents฀฀ 62฀ ฀ (130)฀ ฀ 62
Net฀Increase฀in฀Cash฀and฀Cash฀Equivalents฀of฀Mainland฀China฀for฀฀
฀ December฀2004฀฀ 34฀ ฀ —฀ ฀ —
Cash฀and฀Cash฀Equivalents—Beginning฀of฀Year฀฀ 62฀ ฀ 192฀ ฀ 130
Cash฀and฀Cash฀Equivalents—End฀of฀Year฀$฀ 158฀ $฀ 62฀ $฀ 192
See฀accompanying฀Notes฀to฀Consolidated฀Financial฀Statements.
Consolidated฀Statements฀of฀Cash฀Flows
YUM!฀Brands,฀Inc.฀and฀Subsidiaries
Yum!฀Brands,฀Inc.฀ ฀ ฀ |฀ ฀ ฀ 55.