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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Jan. 01, 2023
Jan. 02, 2022
Jan. 03, 2021
Cash flows from operating activities:      
Net income $ 452,263 $ 510,467 $ 491,296
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 80,251 72,923 65,038
Refranchising gain (21,173) 0 0
Loss on sale/disposal of assets 1,813 1,189 2,922
Amortization of debt issuance costs 5,645 7,509 5,526
Provision for deferred income taxes 253 1,988 14,424
Non-cash equity-based compensation expense 28,709 28,670 24,244
Excess tax benefits from equity-based compensation (2,169) (18,911) (60,364)
Provision for losses on accounts and notes receivable 3,536 659 2,134
Unrealized gain on investments 0 (36,758) 0
Changes in operating assets and liabilities:      
Changes in accounts receivable (6,333) (8,107) (33,334)
Changes in inventories, prepaid expenses and other (17,059) (9,420) (24,959)
Changes in accounts payable and accrued liabilities (36,605) 51,346 68,954
Changes in insurance reserves 1,507 6,216 5,544
Changes in operating lease assets and liabilities 2,174 1,210 2,592
Changes in advertising fund assets and liabilities, restricted (17,495) 45,225 28,777
Net cash provided by operating activities 475,317 654,206 592,794
Cash flows from investing activities:      
Capital expenditures (87,234) (94,172) (88,768)
Proceeds from sale of assets 41,089 16 174
Purchases of franchise operations and other assets (6,814) 0 0
Purchase of investments 0 (49,082) (40,000)
Other (722) 515 (333)
Net cash used in investing activities (53,681) (142,723) (128,927)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 120,000 1,850,000 158,000
Repayments of long-term debt and finance lease obligations (175,676) (910,212) (202,058)
Proceeds from exercise of stock options 3,312 19,682 30,970
Purchases of common stock (293,740) (1,320,902) (304,590)
Tax payments for restricted stock upon vesting (10,720) (6,820) (6,803)
Payments of common stock dividends and equivalents (157,531) (139,399) (121,925)
Cash paid for financing costs (1,594) (14,938) 0
Other 0 (244) 0
Net cash used in financing activities (515,949) (522,833) (446,406)
Effect of exchange rate changes on cash (963) (316) 761
Change in cash and cash equivalents, restricted cash and cash equivalents (95,276) (11,666) 18,222
Cash and cash equivalents, beginning of period 148,160 168,821 190,615
Restricted cash and cash equivalents, beginning of period 180,579 217,453 209,269
Cash and cash equivalents included in advertising fund assets, restricted, beginning 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, beginning of period 490,480 502,146 483,924
Cash and cash equivalents, end of period 60,356 148,160 168,821
Restricted cash and cash equivalents, end of period 191,289 180,579 217,453
Cash and cash equivalents included in advertising fund assets, restricted, end of period 143,559 161,741 115,872
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 395,204 $ 490,480 $ 502,146