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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 19, 2022
Jun. 20, 2021
Jun. 19, 2022
Jun. 20, 2021
Cash flows from operating activities:        
Net income $ 102,493 $ 116,619 $ 193,457 $ 234,380
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 18,117 17,176 37,093 33,641
Loss on sale/disposal of assets 253 295 448 456
Amortization of debt issuance costs     2,631 4,438
Provision for deferred income taxes     2,490 2,561
Non-cash equity-based compensation expense 8,473 8,296 15,738 13,500
Excess tax benefits from equity-based compensation     (174) (4,264)
Provision for losses on accounts and notes receivable     2,326 296
Unrealized gain on investments     0 (2,500)
Changes in operating assets and liabilities     (102,935) (17,098)
Changes in advertising fund assets and liabilities, restricted     2,341 30,005
Net cash provided by operating activities     153,415 295,415
Cash flows from investing activities:        
Capital expenditures     (32,664) (33,163)
Purchase of investments     0 (40,000)
Purchases of franchise operations and other assets     (6,814) 0
Other     (435) 293
Net cash used in investing activities     (39,913) (72,870)
Cash flows from financing activities:        
Proceeds from issuance of long-term debt     0 1,850,000
Repayments of long-term debt and finance lease obligations     (27,528) (882,547)
Proceeds from exercise of stock options     526 9,025
Purchases of common stock     (97,661) (1,025,000)
Tax payments for restricted stock upon vesting     (2,395) (1,087)
Payments of common stock dividends and equivalents     (39,662) (36,432)
Cash paid for financing costs     0 (14,938)
Other     0 (244)
Net cash used in financing activities     (166,720) (101,223)
Effect of exchange rate changes on cash     (635) 302
Change in cash and cash equivalents, restricted cash and cash equivalents     (53,853) 121,624
Cash and cash equivalents, beginning of period [1]     148,160  
Restricted cash and cash equivalents, beginning of period [1]     180,579  
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period     161,741 115,872
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period     490,480 502,146
Cash and cash equivalents, end of period 114,353 292,095 114,353 292,095
Restricted cash and cash equivalents, end of period 158,215 184,695 158,215 184,695
Cash and cash equivalents included in advertising fund assets, restricted, end of period 164,059 146,980 164,059 146,980
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 436,627 $ 623,770 $ 436,627 $ 623,770
[1] The condensed consolidated balance sheet at January 2, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.