Pizza Hut 2008 Annual Report Download - page 179

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57
Consolidated Statements of Cash Flows
YUM! Brands, Inc. and Subsidiaries
Fiscal years ended December 27, 2008, December 29, 2007 and December 30, 2006
(in millions)
2008 2007 2006
Cash Flows – Operating Activities
Net income $ 964 $ 909 $ 824
Depreciation and amortization 556 542 479
Closures and impairment expenses 43 35 59
Refranchising (gain) loss (5) (11) (24)
Contributions to defined benefit pension plans (66) (8) (43)
Gain on sale of interest in Japan unconsolidated affiliate (100)
—
—
Deferred income taxes 1 (41) (30)
Equity income from investments in unconsolidated affiliates (41) (51) (51)
Distributions of income received from unconsolidated affiliates 41 40 32
Excess tax benefit from share-based compensation (44) (74) (65)
Share-based compensation expense 59 61 65
Changes in accounts and notes receivable (6) (4) 24
Changes in inventories (8) (31) (3)
Changes in prepaid expenses and other current assets 4 (6) (33)
Changes in accounts payable and other current liabilities 18 102 (72)
Changes in income taxes payable 39 70 10
Other non-cash charges and credits, net 66 18 85
Net Cash Provided by Operating Activities 1,521 1,551 1,257
Cash Flows – Investing Activities
Capital spending (935) (726) (572)
Proceeds from refranchising of restaurants 266 117 257
Acquisition of remaining interest in unconsolidated affiliate, net of cash assumed
—
—
(178)
Proceeds from the sale of interest in Japan unconsolidated affiliate
—
128
—
Acquisition of restaurants from franchisees (35) (4) (7)
Sales of property, plant and equipment 72 56 57
Other, net (9) 13 9
Net Cash Used in Investing Activities (641) (416) (434)
Cash Flows – Financing Activities
Proceeds from issuance of long-term debt 375 1,195 300
Repayments of long-term debt (268) (24) (211)
Revolving credit facilities, three months or less, net 279 (149) (23)
Short-term borrowings by original maturity
More than three months – proceeds
—
1 236
More than three months – payments
—
(184) (54)
Three months or less, net (11) (8) 4
Repurchase shares of Common Stock (1,628) (1,410) (983)
Excess tax benefit from share-based compensation 44 74 65
Employee stock option proceeds 72 112 142
Dividends paid on Common Stock (322) (273) (144)
Other, net
—
(12) (2)
Net Cash Used in Financing Activities (1,459) (678) (670)
Effect of Exchange Rate on Cash and Cash Equivalents (11) 13 8
Net Increase (Decrease) in Cash and Cash Equivalents (590) 470 161
Change in Cash and Cash Equivalents due to Consolidation of
an entity in China 17
—
—
Cash and Cash Equivalents – Beginning of Year 789 319 158
Cash and Cash Equivalents – End of Year $ 216 $ 789 $ 319
See accompanying Notes to Consolidated Financial Statements.
Form 10-K