Pizza Hut 2009 Annual Report Download - page 153

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62
Consolidated Statements of Cash Flows
YUM! Brands, Inc. and Subsidiaries
Fiscal years ended December 26, 2009, December 27, 2008 and December 29, 2007
(in millions)
2009 2008 2007
Cash Flows – Operating Activities
N
et Income – including noncontrolling interest $ 1,083 $ 972 $ 909
Depreciation and amortization 580 556 542
Closures and impairment (income) expenses 103 43 35
Refranchising (gain) loss (26 ) (5 ) (11 )
Contributions to defined benefit pension plans (280 ) (66 ) (8 )
Gain upon consolidation of a former unconsolidated affiliate in China (68 ) —
—
Gain on sale of interest in Japan unconsolidated affiliate — (100 )
—
Deferred income taxes 72 1 (41 )
Equity income from investments in unconsolidated affiliates (36 ) (41 ) (51 )
Distributions of income received from unconsolidated affiliates 31 41 40
Excess tax benefit from share-based compensation (59 ) (44 ) (74 )
Share-based compensation expense 56 59 61
Changes in accounts and notes receivable 3 (6 ) (4 )
Changes in inventories 27 (8 ) (31 )
Changes in prepaid expenses and other current assets (7 ) 4 (6 )
Changes in accounts payable and other current liabilities (62 ) 18 102
Changes in income taxes payable (95 ) 39 70
Other non-cash charges and credits, net 82 58 18
Net Cash Provided by Operating Activities 1,404 1,521 1,551
Cash Flows – Investing Activities
Capital spending (797 ) (935 ) (726 )
Proceeds from refranchising of restaurants 194 266 117
Acquisition of restaurants from franchisees (24 ) (35 ) (4 )
Acquisitions and disposals of investments (115 ) — 128
Sales of property, plant and equipment 34 72 56
Other, net (19 ) (9 ) 13
Net Cash Used in Investing Activities (727 ) (641 ) (416 )
Cash Flows – Financing Activities
Proceeds from long-term debt 499 375 1,195
Repayments of long-term debt (528 ) (268 ) (24 )
Revolving credit facilities, three months or less, net (295 ) 279 (149 )
Short-term borrowings by original maturity
More than three months – proceeds — — 1
More than three months – payments — — (184 )
Three months or less, net (8 ) (11 ) (8 )
Repurchase shares of Common Stock — (1,628 ) (1,410 )
Excess tax benefit from share-based compensation 59 44 74
Employee stock option proceeds 113 72 112
Dividends paid on Common Stock (362 ) (322 ) (273 )
Other, net (20 ) — (12 )
Net Cash Used in Financing Activities (542 ) (1,459 ) (678 )
Effect of Exchange Rates on Cash and Cash Equivalents (15 ) (11 ) 13
Net Increase (Decrease) in Cash and Cash Equivalents 120 (590 ) 470
Change in Cash and Cash Equivalents due to consolidation of
entities in China
17 17 —
Cash and Cash Equivalents – Beginning of Year 216 789 319
Cash and Cash Equivalents – End of Year $ 353 $ 216 $ 789
See accompanying Notes to Consolidated Financial Statements.
Form 10-K