Jack In The Box 2008 Annual Report Download - page 51

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JACK IN THE BOX INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
2008 2007 2006
Fiscal Year
(Dollars in thousands)
Cash flows from operating activities:
Net earnings .......................................... $119,279 $ 125,583 $ 107,067
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ........................... 100,965 94,306 88,295
Deferred finance cost amortization ........................ 1,462 1,443 1,132
Provision for deferred income taxes ....................... 6,643 (14,688) (11,804)
Share-based compensation expense for equity-classified awards. . . 10,566 12,640 9,285
Pension and postretirement expense ....................... 14,433 15,777 25,860
Gains on cash surrender value of company-owned life insurance . . 8,172 (7,639) (3,265)
Gains on the sale of company-operated restaurants ............ (66,349) (38,091) (40,464)
Losses on the disposition of property and equipment, net ....... 16,412 15,898 9,095
Loss on early retirement of debt .......................... — 1,939 —
Impairment charges and other ........................... 3,507 1,347 4,126
Cumulative effect of accounting change .................... — — 1,044
Changes in assets and liabilities:
Increase in receivables ................................. (9,172) (10,277) (10,765)
Increase in inventories ................................. (4,791) (5,731) (1,195)
Decrease (increase) in prepaid expenses and other current assets . . 7,082 (5,923) (4,436)
Increase in accounts payable ............................ 4,167 13,075 4,995
Pension and postretirement contributions ................... (25,012) (14,795) (16,465)
Increase (decrease) in other liabilities ...................... (14,980) (6,343) 41,596
Cash flows provided by operating activities................ 172,384 178,521 204,101
Cash flows from investing activities:
Purchases of property and equipment ........................ (180,569) (154,182) (150,032)
Proceeds from the sale of property and equipment .............. 1,155 1,204 1,899
Proceeds from the sale of company-operated restaurants .......... 57,117 51,256 54,389
Proceeds from (purchase of) assets held for sale and leaseback, net. . (14,003) (15,396) 32,891
Collections on notes receivable ............................ 7,942 122 5,389
Purchase of investments.................................. (6,012) (6,097) (7,325)
Acquisition of franchise-operated restaurants .................. — (6,960) —
Cash flows used in investing activities ................... (134,370) (130,053) (62,789)
Cash flows from financing activities:
Borrowings on revolving credit facility....................... 650,000 — —
Principal payments on revolving credit facility ................. (559,000) — —
Borrowings under term loan. . ............................. — 475,000 —
Principal payments on debt . . ............................. (5,722) (333,931) (8,049)
Payment of debt costs ................................... — (7,357) (260)
Change in book overdraft . . . ............................. (3,098) 17,676 —
Repurchase of common stock. ............................. (100,000) (463,402) (49,997)
Excess tax benefits from share-based compensation arrangements . . . 3,346 17,533 12,327
Proceeds from issuance of common stock..................... 8,642 27,809 34,865
Cash flows used in financing activities ................... (5,832) (266,672) (11,114)
Net increase (decrease) in cash and cash equivalents .............. 32,182 (218,204) 130,198
Cash and cash equivalents at beginning of period ................. 15,702 233,906 103,708
Cash and cash equivalents at end of period ..................... $ 47,884 $ 15,702 $ 233,906
See accompanying notes to consolidated financial statements.
F-5