| Cash Flows – Operating Activities |
2009 |
2008 |
2007 |
| Net Income - including noncontrolling interest |
$1,083 |
$972 |
$ 909 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
| Depreciation and amortization |
580 |
556 |
542 |
| Closures and impairment (income) expenses |
103 |
43 |
35 |
| Refranchising (gain) loss |
(26) |
(5) |
(11) |
| Contribution to defined benefit pension plans |
(280) |
(66) |
(8) |
| Gain upon consolidation of a former unconsolidated affiliate in China |
(68) |
– |
– |
| Gain on sale of interest in Japan unconsolidated affiliate |
– |
(100) |
– |
| Deferred income taxes |
72 |
1 |
(41) |
| Equity income from investments in unconsolidated affiliates |
(36) |
(41) |
(51) |
| Distributions of income received from unconsolidated affiliates |
31 |
41 |
40 |
| Excess tax benefit from share-based compensation |
(59) |
(44) |
(74) |
| Share-based compensation expense |
56 |
59 |
61 |
| Changes in accounts and notes receivable |
3 |
(6) |
(4) |
| Changes in inventories |
27 |
(8) |
(31) |
| Changes in prepaid expenses and other current assets |
(7) |
4 |
(6) |
| Changes in accounts payable and other current liabilities |
(62) |
18 |
102 |
| Changes in income taxes payable |
(95) |
39 |
70 |
| Other non-cash charges and credits, net |
82 |
58 |
18 |
| Net Cash Provided by Operating Activities |
1,404 |
1,521 |
1,551 |
| |
| Cash Flows — Investing Activities |
| Capital Spending |
(797) |
(935) |
(726) |
| Proceeds from refranchising of restaurants |
194 |
266 |
117 |
| Acquisition of restaurants from franchisees |
(24) |
(35) |
(4) |
| Acquisition and disposals of investments |
(115) |
– |
128 |
| Sales of property, plant and equipment |
34 |
72 |
56 |
| Other, net |
(19) |
(9) |
13 |
| Net Cash Used In Investing Activities |
(727) |
(641) |
(416) |
| |
| Cash Flows — Financing Activities |
| Proceeds from long-term debt |
499 |
375 |
1,195 |
| Repayments of long-term debt |
(528) |
(268) |
(24) |
| Revolving credit facilities, three months or less, net |
(295) |
279 |
(149) |
| Short-term borrowings by original maturity: |
| More than three months - proceeds |
– |
– |
1 |
| More than three months - payments |
– |
– |
(184) |
| Three months or less, net |
(8) |
(11) |
(8) |
| Repurchase shares of Common Stock |
– |
(1,628) |
(1,410) |
| Excess tax benefit from share–based compensation |
59 |
44 |
74 |
| Employee stock option proceeds |
113 |
72 |
112 |
| Dividends paid on Common Stock |
(362) |
(322) |
(273) |
| Other, net |
(20) |
– |
(12) |
| |
|
|
|
| Net Cash Used in Financing Activities |
(542) |
(1,459) |
(678) |
| Effect of Exchange Rates on Cash and Cash Equivalents |
(15) |
(11) |
13 |
| Net Increase (Decrease) in Cash and Cash Equivalents |
120 |
(590) |
470 |
| Change in Cash and Cash Equivalents due to Consolidation of an entity in China |
17 |
17 |
– |
| Cash and Cash Equivalents — Beginning of Year |
216 |
789 |
319 |
| Cash and Cash Equivalents — End of Year |
353 |
216 |
789 |
