Jack In The Box 2006 Annual Report Download - page 55

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F-5
JACK IN THE BOX INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Fiscal Year
2006 2005 2004
Cash flows from operating activities:
Net earnings............................................................................................ $ 108,031 $ 91,537 $ 74,684
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization............................................................ 88,295 86,156 84,446
Deferred finance cost amortization..................................................... 1,132 982 1,456
Provision for deferred income taxes ................................................... (11,186) (3,237) 4,024
Share-based compensation expense for equity classified awards ....... 9,285 1,396 584
Pension and postretirement expense ................................................... 25,860 18,321 20,870
Gains on cash surrender value of Company-owned life insurance..... (3,265) (4,127) (2,564)
Gains on the sale of company-operated restaurants............................ (42,046) (23,334) (17,918)
Losses on the disposition of property and equipment, net.................. 9,095 6,615 3,583
Loss on early retirement of debt ......................................................... — — 9,180
Impairment charges and other............................................................. 4,580 3,404 1,438
Cumulative effect of change in accounting principle ......................... 1,044 — —
Changes in assets and liabilities:
Decrease (increase) in receivables ...................................................... (10,765) 162 (6,720)
Increase in inventories ........................................................................ (1,195) (5,964) (2,344)
Increase in prepaid expenses and other current assets ........................ (4,436) (2,570) (1,054)
Increase in accounts payable............................................................... 4,995 2,561 2,695
Pension contributions.......................................................................... (16,465) (23,658) (31,335)
Tax benefits from share-based compensation..................................... — 9,771 2,867
Increase (decrease) in other liabilities................................................. 42,881 (127) 26,913
Cash flows provided by operating activities................................... 205,840 157,888 170,805
Cash flows from investing activities:
Purchase of property and equipment....................................................... (150,032) (126,134) (120,065)
Proceeds from the sale of property and equipment................................. 1,899 2,094 1,656
Proceeds from the sale of company-operated restaurants....................... 54,389 33,517 21,486
Proceeds from (purchase of) assets held for sale and leaseback, net ...... 32,891 (15,751) 16,149
Collections on notes receivable .............................................................. 5,389 895 21,911
Purchase of investments ......................................................................... (7,325) (6,284) (6,302)
Other ....................................................................................................... (1,739) (2,858) 16,768
Cash flows used in investing activities ........................................... (64,528) (114,521) (48,397)
Cash flows from financing activities:
Principal payments on debt..................................................................... (8,049) (8,204) (7,772)
Debt costs ............................................................................................... (260) (343) (7,103)
Repurchase of common stock ................................................................. (49,997) (92,861) (7,138)
Excess tax benefits from share-based compensation arrangements........ 12,327 — —
Proceeds from issuance of common stock.............................................. 34,865 30,049 8,943
Cash flows used in financing activities........................................... (11,114) (71,359) (13,070)
Net increase (decrease) in cash and cash equivalents................................. $ 130,198 $ (27,992) $ 109,338
See accompanying notes to consolidated financial statements.