Yum! Financial Data

Consolidated Statements of Cash Flows

YUM! Brands, Inc. and Subsidiaries

Fiscal years ended December 28, 2013, December 29, 2012, and December 31, 2011

(in millions)

Cash Flows – Operating Activities 2013 2012 2011
Net Income - including noncontrolling interests $1,064 $ 1,608 $ 1,335
Depreciation and amortization 721 665 637
Closures and impairment (income) expenses 331 37 135
Refranchising (gain) loss (100) (78) 72
Contribution to defined benefit pension plans (23) (119) (63)
Pension settlement charges 30 89
Losses and other costs related to the extinguishment of debt 120
Gain upon acquisition of Little Sheep (74)
Deferred income taxes (24) 28 (137)
Equity income from investments in unconsolidated affiliates (26) (47) (47)
Distributions of income received from unconsolidated affiliates 43 41 39
Excess tax benefit from share-based compensation (44) (98) (66)
Share-based compensation expense 49 50 59
Changes in accounts and notes receivable (12) (18) (39)
Changes in inventories 18 9 (75)
Changes in prepaid expenses and other current assets (21) (14) (25)
Changes in accounts payable and other current liabilities (102) 9 144
Changes in income taxes payable 14 126 109
Other, net 101 80 92
Net Cash Provided by Operating Activities 2,139 2,294 2,170
 
Cash Flows — Investing Activities
Capital Spending (1,049) (1,099) (940)
Proceeds from refranchising of restaurants 260 364 246
Acquisition (99) (543) (81)
Changes in resticted cash 300 (300)
Other, net 2 (27) 69
Net Cash Used In Investing Activities (886) (1,005) (1,006)
 
Cash Flows — Financing Activities
Proceeds from long-term debt 599 404
Repayments of long-term debt (666) (282) (666)
Short-term borrowings by original maturity:
More than three months - proceeds 56
More than three months - payments (56)
Three months or less, net
Repurchase shares of Common Stock (770) (965) (752)
Excess tax benefit from share–based compensation 44 98 66
Employee stock option proceeds 37 62 59
Dividends paid on Common Stock (615) (544) (481)
Other, net (80) (85) (43)
       
Net Cash Used in Financing Activities (1,451) (1,716) (1,413)
Effect of Exchange Rates on Cash and Cash Equivalents (5) 5 21
Net Increase (Decrease) in Cash and Cash Equivalents (203) (422) (228)
Cash and Cash Equivalents — Beginning of Year 776 1,198 1,426
Cash and Cash Equivalents — End of Year 573 776 1,198

Note 1: You should consult our filings with the Securities and Exchange Commission for additional detail about our financial and other results.

Note 2: We have reclassified certain items in the Consolidated Statement of Cash Flows for prior periods to be comparable with the classification for current quarter/fiscal year.