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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 22, 2020
Mar. 24, 2019
Cash flows from operating activities:    
Net income $ 121,602 $ 92,650
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,032 13,790
Loss on sale/disposal of assets 306 149
Amortization of debt issuance costs 1,291 1,101
Provision for deferred income taxes 702 1,467
Non-cash compensation expense 4,914 4,608
Excess tax benefits from equity-based compensation (30,449) (8,663)
Provision for losses on accounts and notes receivable 1,589 94
Changes in operating assets and liabilities (23,119) 1,974
Changes in advertising fund assets and liabilities, restricted 4,490 (10,172)
Net cash provided by operating activities 95,358 96,998
Cash flows from investing activities:    
Capital expenditures (17,467) (12,222)
Other (426) 262
Net cash used in investing activities (17,893) (11,960)
Cash flows from financing activities:    
Repayments of long-term debt and finance lease obligations (10,849) (48,968)
Proceeds from exercise of stock options 10,105 4,537
Purchases of common stock (79,590) (8,144)
Tax payments for restricted stock upon vesting (1,796) (2,467)
Payments of common stock dividends and equivalents (80) (90)
Other 152  
Net cash used in financing activities (82,058) (55,132)
Effect of exchange rate changes on cash (961) 124
Change in cash and cash equivalents, restricted cash and cash equivalents (5,554) 30,030
Cash and cash equivalents, beginning of period 190,615 [1] 25,438
Restricted cash and cash equivalents, beginning of period 209,269 [1] 166,993
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period 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 483,924 237,419
Cash and cash equivalents, end of period 200,801 83,114
Restricted cash and cash equivalents, end of period 189,370 150,055
Cash and cash equivalents included in advertising fund assets, restricted, end of period 88,199 34,280
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 478,370 $ 267,449
[1] The balance sheet at December 29, 2019 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.