Jack In The Box 2007 Annual Report Download - page 55

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JACK IN THE BOX INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
2007 2006 2005
Fiscal Year
Cash flows from operating activities:
Net earnings .......................................... $126,304 $ 108,031 $ 91,537
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ........................... 94,306 88,295 86,156
Deferred finance cost amortization ........................ 1,443 1,132 982
Provision for deferred income taxes ....................... (14,239) (11,186) (3,237)
Share-based compensation expense for equity classified awards. . . 12,640 9,285 1,396
Pension and postretirement expense ....................... 15,777 25,860 18,321
Gains on cash surrender value of company-owned life insurance . . (7,639) (3,265) (4,127)
Gains on the sale of company-operated restaurants ............ (39,261) (42,046) (23,334)
Losses on the disposition of property and equipment, net ....... 15,898 9,095 6,615
Loss on early retirement of debt .......................... 1,939 — —
Impairment charges and other............................ 1,347 4,126 3,375
Cumulative effect of change in accounting principle ........... — 1,044 —
Changes in assets and liabilities:
Decrease (increase) in receivables ........................ (10,277) (10,765) 162
Increase in inventories ................................. (5,731) (1,195) (5,964)
Increase in prepaid expenses and other current assets .......... (5,923) (4,436) (2,570)
Increase in accounts payable ............................ 13,075 4,995 2,561
Pension and postretirement contributions ................... (14,795) (16,465) (23,658)
Increase (decrease) in other liabilities ...................... (5,055) 42,634 9,673
Cash flows provided by operating activities ................ 179,809 205,139 157,888
Cash flows from investing activities:
Purchases of property and equipment ........................ (154,182) (150,032) (126,134)
Proceeds from the sale of property and equipment .............. 1,204 1,899 2,094
Proceeds from the sale of company-operated restaurants .......... 51,256 54,389 33,517
Proceeds from (purchase of) assets held for sale and leaseback, net. . (15,396) 32,891 (15,751)
Collections on notes receivable ............................ 122 5,389 895
Purchase of investments .................................. (6,097) (7,325) (6,284)
Acquisition of franchise-operated restaurants .................. (6,960) — —
Other ............................................... (1,288) (1,038) (2,858)
Cash flows used in investing activities ................... (131,341) (63,827) (114,521)
Cash flows from financing activities:
Borrowings under term loan. . ............................. 475,000 — —
Principal payments on debt . . ............................. (333,931) (8,049) (8,204)
Payment of debt costs ................................... (7,357) (260) (343)
Repurchase of common stock. ............................. (463,402) (49,997) (92,861)
Change in book overdraft . . . ............................. 17,676 — —
Excess tax benefits from share-based compensation arrangements . . . 17,533 12,327 —
Proceeds from issuance of common stock..................... 27,809 34,865 30,049
Cash flows used in financing activities ................... (266,672) (11,114) (71,359)
Net increase (decrease) in cash and cash equivalents .............. $(218,204) $ 130,198 $ (27,992)
See accompanying notes to consolidated financial statements.
F-5