Jack In The Box 2014 Annual Report Download - page 49
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Cash flows from operating activities:
Net earnings
$ 88,950
$ 51,152
$ 57,651
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
91,384
96,219
97,958
Deferred finance cost amortization
2,175
2,277
2,695
Deferred income taxes
4,152
(18,604)
(6,615)
Share-based compensation expense
10,358
11,392
6,883
Pension and postretirement expense
13,760
31,147
33,526
Gains on cash surrender value of company-owned life insurance
(6,049)
(8,998)
(12,137)
(Gains) losses on the sale of company-operated restaurants
3,548
(4,640)
(29,145)
Losses on the disposition of property and equipment
2,889
3,344
6,281
Impairment charges and other
9,225
28,230
9,403
Loss on early retirement of debt
789
939
—
Changes in assets and liabilities, excluding acquisitions and dispositions:
Accounts and other receivables
19,589
33,994
3,497
Inventories
(300)
27,415
4,334
Prepaid expenses and other current assets
(16,831)
13,117
(12,849)
Accounts payable
(627)
(26,945)
(3,264)
Accrued liabilities
20,358
(10,560)
247
Pension and postretirement contributions
(25,349)
(23,886)
(20,318)
Other
(16,999)
(6,721)
(1,417)
Cash flows provided by operating activities
201,022
198,872
136,730
Cash flows from investing activities:
Purchases of property and equipment
(60,525)
(84,690)
(80,200)
Purchases of assets intended for sale and leaseback
(2,801)
(26,058)
(35,927)
Proceeds from sale and leaseback of assets
5,698
47,431
27,844
Proceeds from the sale of company-operated restaurants
10,536
30,619
47,115
Collections on notes receivable
2,974
6,448
12,230
Disbursements for loans to franchisees
—
—
(3,977)
Acquisition of franchise-operated restaurants
(1,750)
(12,064)
(48,945)
Other
2,889
4,375
344
Cash flows used in investing activities
(42,979)
(33,939)
(81,516)
Cash flows from financing activities:
Borrowings on revolving credit facilities
652,000
646,000
576,380
Repayments of borrowings on revolving credit facilities
(521,000)
(721,000)
(602,540)
Proceeds from issuance of debt
200,000
200,000
—
Principal repayments on debt
(193,399)
(175,946)
(21,110)
Debt issuance costs
(3,607)
(4,392)
(741)
Dividends paid on common stock
(15,808)
—
—
Proceeds from issuance of common stock
31,748
61,993
10,167
Repurchases of common stock
(323,866)
(132,833)
(30,013)
Excess tax benefits from share-based compensation arrangements
17,664
2,094
1,115
Change in book overdraft
(848)
(39,678)
8,573
Cash flows used in financing activities
(157,116)
(163,762)
(58,169)
Effect of exchange rate changes on cash and cash equivalents
7
4
—
Net increase (decrease) in cash and cash equivalents
934
1,175
(2,955)
Cash and cash equivalents at beginning of year
9,644
8,469
11,424
Cash and cash equivalents at end of year
$ 10,578
$ 9,644
$ 8,469
See accompanying notes to consolidated financial statements.