| |
| Cash Flows — Operating Activities |
2008
|
2007
|
2006
|
| Net Income |
$ 964 |
$ 909 |
$ 824 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
| Depreciation and amortization |
556 |
542 |
479 |
| Closures and impairment expenses |
43 |
35 |
59 |
| Refranchising (gain) loss |
(5) |
(11) |
(24) |
| Contribution to defined benefit pension plans |
(66) |
(8) |
(43) |
| Gain on sale of interest in Japan unconsolidated affiliate |
(100) |
– |
– |
| Deferred income taxes |
1 |
(41) |
(30) |
| Equity income from investments in unconsolidated affiliates |
(41) |
(51) |
(51) |
| Distributions of income received from unconsolidated affiliates |
41 |
40 |
32 |
| Excess tax benefit from share-based compensation |
(44) |
(74) |
(65) |
| Share-based compensation expense |
59 |
61 |
65 |
| Changes in accounts and notes receivable |
(6) |
(4) |
24 |
| Changes in inventories |
(8) |
(31) |
(3) |
| Changes in prepaid expenses and other current assets |
4 |
(6) |
(33) |
| Changes in accounts payable and other current liabilities |
18 |
102 |
(72) |
| Changes in income taxes payable |
39 |
70 |
10 |
| Other non-cash charges and credits, net |
66 |
18 |
85 |
| Net Cash Provided by Operating Activities |
1,521 |
1,551 |
1,257 |
| |
| Cash Flows — Investing Activities |
| Capital Spending |
(935) |
(726) |
(572) |
| Proceeds from refranchising of restaurants |
266 |
117 |
257 |
| Acquisition of remaining interest in unconsolidated affiliate, net of cash assumed |
– |
– |
(178) |
| Proceeds from the sale of interest in Japan unconsolidated affiliate |
– |
128 |
– |
| Acquisition of restaurants from franchisees |
(35) |
(4) |
(7) |
| Sales of property, plant and equipment |
72 |
56 |
57 |
| Other, net |
(9) |
13 |
9 |
| Net Cash Used In Investing Activities |
(641) |
(416) |
(434) |
| |
| Cash Flows — Financing Activities |
| Proceeds from issuance of long-term debt |
375 |
1,195 |
300 |
| Repayments of long-term debt |
(268) |
(24) |
(211) |
| Revolving credit facilities, three months or less, net |
279 |
(149) |
(23) |
| Short-term borrowings by original maturity: |
| More than three months - proceeds |
– |
1 |
236 |
| More than three months - payments |
– |
(184) |
(54) |
| Three months or less, net |
(11) |
(8) |
4 |
| Repurchase shares of Common Stock |
(1,628) |
(1,410) |
(983) |
| Excess tax benefit from share–based compensation |
44 |
74 |
65 |
| Employee stock option proceeds |
72 |
112 |
142 |
| Dividends paid on Common Stock |
(322) |
(273) |
(144) |
| Other, net |
– |
(12) |
(2) |
| |
|
|
|
| Net Cash Used in Financing Activities |
(1,459) |
(678) |
(670) |
| Effect of Exchange Rates on Cash and Cash Equivalents |
(11) |
13 |
8 |
| Net Increase (Decrease) in Cash and Cash Equivalents |
(590) |
470 |
161 |
| Change in Cash and Cash Equivalents due to Consolidation of an entity in China |
17 |
– |
– |
| Cash and Cash Equivalents — Beginning of Year |
789 |
319 |
158 |
| Cash and Cash Equivalents — End of Year |
216 |
789 |
319 |
