Jack In The Box 2012 Annual Report Download - page 44

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





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Cash flows from operating activities:
Net earnings
$57,651
$80,600
$70,210
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
97,958
96,147
101,514
Deferred finance cost amortization
2,695
2,554
1,658
Deferred income taxes
(6,615)
(12,832)
(27,554)
Share-based compensation expense
6,883
8,062
10,605
Pension and postretirement expense
33,526
23,845
29,140
Losses (gains) on cash surrender value of company-owned life insurance
(12,137)
1,094
(6,199)
Gains on the sale of company-operated restaurants
(29,145)
(61,125)
(54,988)
Gains on the acquisition of franchise-operated restaurants
—
(426)
—
Losses on the disposition of property and equipment
6,281
7,650
10,757
Impairment charges and other
9,403
1,367
12,970
Loss on early retirement of debt
—
—
513
Changes in assets and liabilities, excluding acquisitions and dispositions:
Accounts and other receivables
3,497
(26,116)
(8,174)
Inventories
4,334
(1,540)
284
Prepaid expenses and other current assets
(12,849)
19,163
(22,967)
Accounts payable
(3,264)
1,498
(2,219)
Accrued liabilities
247
2,446
(36,934)
Pension and postretirement contributions
(20,318)
(4,790)
(24,072)
Other
(1,417)
(13,337)
7,322
Cash flows provided by operating activities
136,730
124,260
61,866
Cash flows from investing activities:
Purchases of property and equipment
(80,200)
(129,312)
(95,610)
Purchases of assets intended for sale and leaseback
(35,927)
(31,798)
(40,243)
Proceeds from sale and leaseback of assets
27,844
28,536
85,591
Proceeds from the sale of company-operated restaurants
47,115
119,275
66,152
Collections on notes receivable
12,230
20,848
8,322
Disbursements for loans to franchisees
(3,977)
(14,473)
—
Acquisition of franchise-operated restaurants
(48,945)
(31,077)
(8,115)
Other
344
2,199
3,076
Cash flows provided by (used in) investing activities
(81,516)
(35,802)
19,173
Cash flows from financing activities:
Borrowings on revolving credit facilities
576,380
721,160
881,000
Repayments of borrowings on revolving credit facilities
(602,540)
(605,000)
(721,000)
Proceeds from issuance of debt
—
—
200,000
Principal repayments on debt
(21,110)
(13,760)
(418,836)
Debt issuance costs
(741)
(989)
(9,548)
Proceeds from issuance of common stock
10,167
5,530
5,186
Repurchases of common stock
(30,013)
(193,099)
(97,000)
Excess tax benefits from share-based compensation arrangements
1,115
1,290
2,037
Change in book overdraft
8,573
(2,773)
34,727
Cash flows used in financing activities
(58,169)
(87,641)
(123,434)
Net increase (decrease) in cash and cash equivalents
(2,955)
817
(42,395)
Cash and cash equivalents at beginning of period
11,424
10,607
53,002
Cash and cash equivalents at end of period
$8,469
$11,424
$10,607
See accompanying notes to consolidated financial statements.
F-4