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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 8 Months Ended
Sep. 10, 2023
Sep. 11, 2022
Sep. 10, 2023
Sep. 11, 2022
Cash flows from operating activities:        
Net Income (Loss) $ 147,676 $ 100,504 $ 361,826 $ 293,961
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 18,268 18,933 54,999 56,026
Refranchising loss 0 0 149 0
Loss on sale/disposal of assets 145 27 547 475
Amortization of debt issuance costs     3,858 3,937
(Benefit) provision for deferred income taxes     (12,191) 5,912
Non-cash equity-based compensation expense 9,442 5,852 26,507 21,590
Excess tax benefits from equity-based compensation     (2,973) (907)
Provision for losses on accounts and notes receivable     1,342 2,870
Unrealized loss on investments     (13,267) 0
Changes in operating assets and liabilities     7,682 (49,288)
Changes in advertising fund assets and liabilities, restricted     (6,349) (4,422)
Net cash provided by operating activities     422,130 330,154
Cash flows from investing activities:        
Capital expenditures     (59,271) (50,508)
Purchases of franchise operations and other assets     0 (6,814)
Other     (743) (1,375)
Net cash used in investing activities     (60,014) (58,697)
Cash flows from financing activities:        
Proceeds from issuance of long-term debt     0 120,000
Repayments of long-term debt and finance lease obligations     (41,349) (41,441)
Proceeds from exercise of stock options     5,806 1,296
Purchases of common stock     (210,847) (293,739)
Tax payments for restricted stock upon vesting     (5,240) (10,691)
Payments of common stock dividends and equivalents     (85,564) (79,689)
Net cash used in financing activities     (337,194) (304,264)
Effect of exchange rate changes on cash     (304) (611)
Change in cash and cash equivalents, restricted cash and cash equivalents     24,618 (33,418)
Cash and cash equivalents, beginning of period     60,356 [1] 148,160
Restricted cash and cash equivalents, beginning of period     191,289 [1] 180,579
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period     143,559 161,741
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period     395,204 490,480
Cash and cash equivalents, end of period 80,879 114,776 80,879 114,776
Restricted cash and cash equivalents, end of period 202,307 184,564 202,307 184,564
Cash and cash equivalents included in advertising fund assets, restricted, end of period 136,636 157,722 136,636 157,722
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 419,822 $ 457,062 $ 419,822 $ 457,062
[1] The condensed consolidated balance sheet at January 1, 2023 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.