Pizza Hut 2012 Annual Report Download - page 132

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YUM! BRANDS, INC.-2012 Form10-K 40
Form 10-K
PART II
ITEM 8Financial Statements andSupplementaryData
Consolidated Statements of Cash Flows
YUM! BRANDS, INC. AND SUBSIDIARIES
FISCAL YEARS ENDED DECEMBER29, 2012, DECEMBER31, 2011 AND DECEMBER25, 2010
(in millions)
2012 2011 2010
Cash Flows – Operating Activities
Net Income – including noncontrolling interest $ 1,608 $ 1,335 $ 1,178
Depreciation and amortization 645 628 589
Closures and impairment (income) expenses 37 135 47
Refranchising (gain) loss (78) 72 63
Contributions to defi ned benefi t pension plans (119) (63) (52)
YUM Retirement Plan settlement charge 84 — —
Gain upon consolidation of a former unconsolidated affi liate in China (74) — —
Deferred income taxes 28 (137) (110)
Equity income from investments in unconsolidated affi liates (47) (47) (42)
Distributions of income received from unconsolidated affi liates 41 39 34
Excess tax benefi t from share-based compensation (98) (66) (69)
Share-based compensation expense 50 59 47
Changes in accounts and notes receivable (18) (39) (12)
Changes in inventories 9 (75) (68)
Changes in prepaid expenses and other current assets (14) (25) 61
Changes in accounts payable and other current liabilities 9 144 61
Changes in income taxes payable 126 109 104
Other, net 105 101 137
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,294 2,170 1,968
Cash Flows – Investing Activities
Capital spending (1,099) (940) (796)
Proceeds from refranchising of restaurants 364 246 265
Acquisitions (543) (81) (62)
Changes in restricted cash 300 (300) —
Other, net (27) 69 14
NET CASH USED IN INVESTING ACTIVITIES (1,005) (1,006) (579)
Cash Flows – Financing Activities
Proceeds from long-term debt — 404 350
Repayments of long-term debt (282) (666) (29)
Revolving credit facilities, three months or less, net — — (5)
Short-term borrowings by original maturity
More than three months – proceeds — — —
More than three months – payments — — —
Three months or less, net — — (3)
Repurchase shares of Common Stock (965) (752) (371)
Excess tax benefi t from share-based compensation 98 66 69
Employee stock option proceeds 62 59 102
Dividends paid on Common Stock (544) (481) (412)
Other, net (85) (43) (38)
NET CASH USED IN FINANCING ACTIVITIES (1,716) (1,413) (337)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS 5 21 21
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (422) (228) 1,073
CASH AND CASH EQUIVALENTS – BEGINNING OF YEAR 1,198 1,426 353
CASH AND CASH EQUIVALENTS – END OF YEAR $ 776 $ 1,198 $ 1,426
See accompanying Notes to Consolidated Financial Statements.