XML 24 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Jan. 02, 2022
Jan. 03, 2021
Dec. 29, 2019
Cash flows from operating activities:      
Net income $ 510,467 $ 491,296 $ 400,709
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 72,923 65,038 59,930
Loss on sale/disposal of assets 1,189 2,922 2,023
Amortization of debt issuance costs 7,509 5,526 4,748
Provision (Benefit) for deferred income taxes 1,988 14,424 (3,297)
Non-cash equity-based compensation expense 28,670 24,244 20,265
Excess tax benefits from equity-based compensation (18,911) (60,364) (25,735)
Provision for losses on accounts and notes receivable 659 2,134 1,195
Unrealized gain on investments (36,758) 0 0
Changes in operating assets and liabilities:      
Changes in accounts receivable (8,107) (33,334) (20,900)
Changes in inventories, prepaid expenses and other (9,420) (24,959) (6,741)
Changes in accounts payable and accrued liabilities 51,346 68,954 66,137
Changes in insurance reserves 6,216 5,544 5,322
Changes in operating lease assets and liabilities 1,210 2,592 3,302
Changes in advertising fund assets and liabilities, restricted 45,225 28,777 (10,008)
Net cash provided by operating activities 654,206 592,794 496,950
Cash flows from investing activities:      
Capital expenditures (94,172) (88,768) (85,565)
Purchase of investments (49,082) (40,000) 0
Proceeds from sale of assets 16 174 12,258
Maturities of advertising fund investments, restricted 0 0 50,152
Purchases of franchise operations and other assets 0 0 (3,423)
Other 515 (333) (1,276)
Net cash used in investing activities (142,723) (128,927) (27,854)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 1,850,000 158,000 675,000
Repayments of long-term debt and finance lease obligations (910,212) (202,058) (92,085)
Proceeds from exercise of stock options 19,682 30,970 13,064
Purchases of common stock (1,320,902) (304,590) (699,007)
Tax payments for restricted stock upon vesting (6,820) (6,803) (5,951)
Payments of common stock dividends and equivalents (139,399) (121,925) (105,715)
Cash paid for financing costs (14,938) 0 (8,098)
Other (244) 0 0
Net cash used in financing activities (522,833) (446,406) (222,792)
Effect of exchange rate changes on cash (316) 761 201
Change in cash and cash equivalents, restricted cash and cash equivalents (11,666) 18,222 246,505
Cash and cash equivalents, beginning of period 168,821 190,615 25,438
Restricted cash and cash equivalents, beginning of period 217,453 209,269 166,993
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period 115,872 84,040 44,988
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period 502,146 483,924 237,419
Cash and cash equivalents, end of period 148,160 168,821 190,615
Restricted cash and cash equivalents, end of period 180,579 217,453 209,269
Cash and cash equivalents included in advertising fund assets, restricted, end of period 161,741 115,872 84,040
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 490,480 $ 502,146 $ 483,924