Jack In The Box 2010 Annual Report Download - page 45

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Table of Contents




  
Cash flows from operating activities:
Net earnings $ 70,210 $ 118,408 $ 119,279
Losses (earnings) from discontinued operations, net - 12,638 (1,070)
Net earnings from continuing operations 70,210 131,046 118,209
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 101,514 100,830 96,943
Deferred finance cost amortization 1,658 1,461 1,462
Deferred income taxes (27,554) (15,331) 6,643
Share-based compensation expense 10,605 9,341 10,566
Pension and postretirement expense 29,140 12,243 14,433
Losses (gains) on cash surrender value of company-owned life insurance (6,199) 1,910 8,172
Gains on the sale of company-operated restaurants, net (54,988) (78,642) (66,349)
Gains on the acquisition of franchise-operated restaurants - (958) -
Losses on the disposition of property and equipment, net 10,757 11,418 17,373
Impairment charges and other 12,970 6,586 3,507
Loss on early retirement of debt 513 - -
Changes in assets and liabilities, excluding acquisitions and dispositions:
Accounts and other receivables (8,174) 3,519 (9,172)
Inventories 284 7,596 (4,452)
Prepaid expenses and other current assets (22,967) 11,496 7,026
Accounts payable (2,219) (14,975) 4,167
Pension and postretirement contributions (24,072) (26,233) (25,012)
Other (27,440) (13,983) (16,481)
Cash flows provided by operating activities from continuing operations 64,038 147,324 167,035
Cash flows provided by (used in) operating activities from discontinued operations (2,172) 1,426 5,349
Cash flows provided by operating activities 61,866 148,750 172,384
Cash flows from investing activities:
Purchases of property and equipment (95,610) (153,500) (178,605)
Proceeds from the sale of company-operated restaurants 66,152 94,927 57,117
Proceeds from (purchases of) assets held for sale and leaseback, net 45,348 (36,824) (14,003)
Collections on notes receivable 8,322 31,539 7,942
Acquisition of franchise-operated restaurants (8,115) (6,760) -
Other 3,076 (989) (4,857)
Cash flows provided by (used in) investing activities from continuing operations 19,173 (71,607) (132,406)
Cash flows provided by (used in) investing activities from discontinued operations - 30,648 (1,964)
Cash flows provided by (used in) investing activities 19,173 (40,959) (134,370)
Cash flows from financing activities:
Borrowings on revolving credit facility 881,000 541,000 650,000
Repayments of borrowings on revolving credit facility (721,000) (632,000) (559,000)
Proceeds from issuance of debt 200,000 - -
Principal repayments on debt (418,836) (2,334) (5,722)
Debt issuance costs (9,548) - -
Proceeds from issuance of common stock 5,186 4,574 8,642
Repurchase of common stock (97,000) - (100,000)
Excess tax benefits from share-based compensation arrangements 2,037 664 3,346
Change in book overdraft 34,727 (14,577) (3,098)
Cash flows used in financing activities (123,434) (102,673) (5,832)
Net increase (decrease) in cash and cash equivalents (42,395) 5,118 32,182
Cash and cash equivalents at beginning of period 53,002 47,884 15,702
Cash and cash equivalents at end of period $ 10,607 $ 53,002 $ 47,884
See accompanying notes to consolidated financial statements.
F-5