McDonalds 2000 Annual Report Download - page 40

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Consolidated statement of cash flows
IN MILLIONS Years ended December 31, 2000 1999 1998
Operating activities
Net income $ 1,977.3 $ 1,947.9 $ 1,550.1
Adjustments to reconcile to cash provided by operations
Depreciation and amortization 1,010.7 956.3 881.1
Deferred income taxes 60.5 52.9 35.4
Changes in operating working capital items
Accounts receivable (67.2) (81.9) (29.9)
Inventories, prepaid expenses and other current assets (29.6) (47.7) (18.1)
Accounts payable 89.7 (23.9) (12.7)
Taxes and other liabilities (45.8) 270.4 337.5
Other (244.1) (65.1) 22.9
Cash provided by operations 2,751.5 3,008.9 2,766.3
Investing activities
Property and equipment expenditures (1,945.1) (1,867.8) (1,879.3)
Purchases of restaurant businesses (425.5) (340.7) (131.0)
Sales of restaurant businesses and property 302.8 262.4 191.5
Other (144.8) (315.7) (129.4)
Cash used for investing activities (2,212.6) (2,261.8) (1,948.2)
Financing activities
Net short-term borrowings (repayments) 59.1 116.7 (604.2)
Long-term financing issuances 2,381.3 902.5 1,461.5
Long-term financing repayments (761.9) (682.8) (594.9)
Treasury stock purchases (2,023.4) (891.5) (1,089.8)
Common stock dividends (280.7) (264.7) (239.5)
Other 88.9 193.0 206.6
Cash used for financing activities (536.7) (626.8) (860.3)
Cash and equivalents increase (decrease) 2.2 120.3 (42.2)
Cash and equivalents at beginning of year 419.5 299.2 341.4
Cash and equivalents at end of year $ 421.7 $ 419.5 $ 299.2
Supplemental cash flow disclosures
Interest paid $ 469.7 $ 411.5 $ 406.5
Income taxes paid 854.2 642.2 545.9
The accompanying financial comments are an integral part of the consolidated financial statements.
38 Financial review