McDonalds 2009 Annual Report Download - page 32

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Consolidated Statement of Cash Flows
In millions Years ended December 31, 2009 2008 2007
Operating activities
Net income $ 4,551.0 $ 4,313.2 $ 2,395.1
Adjustments to reconcile to cash provided by operations
Charges and credits:
Depreciation and amortization 1,216.2 1,207.8 1,214.1
Deferred income taxes 203.0 101.5 (39.1)
Income taxes audit benefit (316.4)
Impairment and other charges (credits), net (61.1) 6.0 1,670.3
Gain on sale of investment (94.9) (160.1)
Gains on dispositions of discontinued operations, net of tax (68.6)
Share-based compensation 112.9 112.5 142.4
Other (347.1) 90.5 (85.3)
Changes in working capital items:
Accounts receivable (42.0) 16.1 (100.2)
Inventories, prepaid expenses and other current assets 1.0 (11.0) (29.6)
Accounts payable (2.2) (40.1) (36.7)
Income taxes 212.1 195.7 71.8
Other accrued liabilities 2.1 85.1 58.5
Cash provided by operations 5,751.0 5,917.2 4,876.3
Investing activities
Property and equipment expenditures (1,952.1) (2,135.7) (1,946.6)
Purchases of restaurant businesses (145.7) (147.0) (228.8)
Sales of restaurant businesses and property 406.0 478.8 364.7
Latam transaction, net 647.5
Proceeds on sale of investment 144.9 229.4
Proceeds from disposals of discontinued operations, net 194.1
Other (108.4) (50.2) (181.0)
Cash used for investing activities (1,655.3) (1,624.7) (1,150.1)
Financing activities
Net short-term borrowings (285.4) 266.7 101.3
Long-term financing issuances 1,169.3 3,477.5 2,116.8
Long-term financing repayments (664.6) (2,698.5) (1,645.5)
Treasury stock purchases (2,797.4) (3,919.3) (3,943.0)
Common stock dividends (2,235.5) (1,823.4) (1,765.6)
Proceeds from stock option exercises 332.1 548.2 1,137.6
Excess tax benefit on share-based compensation 73.6 124.1 203.8
Other (13.1) (89.8) (201.7)
Cash used for financing activities (4,421.0) (4,114.5) (3,996.3)
Effect of exchange rates on cash and
equivalents 57.9 (95.9) 123.3
Cash and equivalents increase (decrease) (267.4) 82.1 (146.8)
Cash and equivalents at beginning of year 2,063.4 1,981.3 2,128.1
Cash and equivalents at end of year $ 1,796.0 $ 2,063.4 $ 1,981.3
Supplemental cash flow disclosures
Interest paid $ 468.7 $ 507.8 $ 392.7
Income taxes paid 1,683.5 1,294.7 1,436.2
See Notes to consolidated financial statements.
30 McDonald’s Corporation Annual Report 2009