Pizza Hut 2010 Annual Report Download - page 161

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64
Consolidated Statements of Cash Flows
YUM! Brands, Inc. and Subsidiaries
Fiscal years ended December 25, 2010, December 26, 2009 and December 27, 2008
(in millions)
2010 2009 2008
Cash Flows – Operating Activities
N
et Income – including noncontrolling interest $ 1,178 $ 1,083 $ 972
Depreciation and amortization 589 580 556
Closures and impairment (income) expenses 47 103 43
Refranchising (gain) loss 63 (26) (5)
Contributions to defined benefit pension plans (52) (280) (66)
Gain upon consolidation of a former unconsolidated affiliate in China
—
(68)
—
Gain on sale of interest in Japan unconsolidated affiliate
—
—
(100)
Deferred income taxes (110) 72 1
Equity income from investments in unconsolidated affiliates (42) (36) (41)
Distributions of income received from unconsolidated affiliates 34 31 41
Excess tax benefit from share-based compensation (69) (59) (44)
Share-based compensation expense 47 56 59
Changes in accounts and notes receivable (12) 3 (6)
Changes in inventories (68) 27 (8)
Changes in prepaid expenses and other current assets 61 (7) 4
Changes in accounts payable and other current liabilities 61 (62) 18
Changes in income taxes payable 104 (95) 39
Other, net 137 82 58
Net Cash Provided by Operating Activities 1,968 1,404 1,521
Cash Flows – Investing Activities
Capital spending (796) (797) (935)
Proceeds from refranchising of restaurants 265 194 266
Acquisitions and investments (62) (139) (35)
Sales of property, plant and equipment 33 34 72
Other, net (19) (19) (9)
Net Cash Used in Investing Activities (579) (727) (641)
Cash Flows – Financing Activities
Proceeds from long-term debt 350 499 375
Repayments of long-term debt (29) (528) (268)
Revolving credit facilities, three months or less, net (5) (295) 279
Short-term borrowings by original maturity
More than three months – proceeds
—
—
—
More than three months – payments
—
—
—
Three months or less, net (3) (8) (11)
Repurchase shares of Common Stock (371)
—
(1,628)
Excess tax benefit from share-based compensation 69 59 44
Employee stock option proceeds 102 113 72
Dividends paid on Common Stock (412) (362) (322)
Other, net (38) (20)
—
Net Cash Used in Financing Activities (337) (542) (1,459)
Effect of Exchange Rates on Cash and Cash Equivalents 21 (15) (11)
Net Increase (Decrease) in Cash and Cash Equivalents 1,073 120 (590)
Change in Cash and Cash Equivalents due to consolidation of
entities in China
—
17 17
Cash and Cash Equivalents – Beginning of Year 353 216 789
Cash and Cash Equivalents – End of Year $ 1,426 $ 353 $ 216
See accompanying Notes to Consolidated Financial Statements.
Form 10-K