Yum! Financial Data

Consolidated Statements of Cash Flows

YUM! Brands, Inc. and Subsidiaries

Fiscal years ended December 29, 2012, December 31, 2011, and December 25, 2010

(in millions)

Cash Flows – Operating Activities 2012 2011 2010
Net Income - including noncontrolling interest $ 1,608 $ 1,335 $ 1,178
Depreciation and amortization 645 628 589
Closures and impairment (income) expenses 37 135 47
Refranchising (gain) loss (78) 72 63
Contribution to defined benefit pension plans (119) (63) (52)
Yum! retirement plan settlement change 84 – –
Gain upon consolidation of a former unconsolidated affiliate in China (74) – –
Deferred income taxes 28 (137) (110)
Equity income from investments in unconsolidated affiliates (47) (47) (42)
Distributions of income received from unconsolidated affiliates 41 39 34
Excess tax benefit from share-based compensation (98) (66) (69)
Share-based compensation expense 50 59 47
Changes in accounts and notes receivable (18) (39) (12)
Changes in inventories 9 (75) (68)
Changes in prepaid expenses and other current assets (14) (25) 61
Changes in accounts payable and other current liabilities 9 144 61
Changes in income taxes payable 126 109 104
Other, net 105 101 137
Net Cash Provided by Operating Activities 2,294 2,170 1,968
 
Cash Flows — Investing Activities
Capital Spending (1,099) (940) (796)
Proceeds from refranchising of restaurants 364 246 265
Acquisition (543) (81) (62)
Changes in resticted cash 300 (300) -
Other, net (27) 69 14
Net Cash Used In Investing Activities (1,005) (1,006) (579)
 
Cash Flows — Financing Activities
Proceeds from long-term debt – 404 350
Repayments of long-term debt (282) (666) (29)
Revolving credit facilities, three months or less, net – – (5)
Short-term borrowings by original maturity:
More than three months - proceeds – – –
More than three months - payments – – –
Three months or less, net – – (3)
Repurchase shares of Common Stock (965) (752) (371)
Excess tax benefit from share–based compensation 98 66 69
Employee stock option proceeds 62 59 102
Dividends paid on Common Stock (544) (481) (412)
Other, net (85) (43) (38)
       
Net Cash Used in Financing Activities (1,716) (1,413) (337)
Effect of Exchange Rates on Cash and Cash Equivalents 5 21 21
Net Increase (Decrease) in Cash and Cash Equivalents (422) (228) 1,073
Cash and Cash Equivalents — Beginning of Year 1,198 1,426 353
Cash and Cash Equivalents — End of Year 776 1,198 1,426

Note: You should consult our filings with the Securities and Exchange Commission for additional detail about our financial and other results.