McDonalds 2012 Annual Report Download - page 33

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Consolidated Statement of Cash Flows
In millions Years ended December 31, 2012 2011 2010
Operating activities
Net income $ 5,464.8 $ 5,503.1 $ 4,946.3
Adjustments to reconcile to cash provided by operations
Charges and credits:
Depreciation and amortization 1,488.5 1,415.0 1,276.2
Deferred income taxes 134.5 188.4 (75.7)
Impairment and other charges (credits), net 8.0 (3.9) 29.1
Share-based compensation 93.4 86.2 83.1
Other (100.0) (78.7) 211.6
Changes in working capital items:
Accounts receivable (29.4) (160.8) (50.1)
Inventories, prepaid expenses and other current assets (27.2) (52.2) (50.8)
Accounts payable 124.1 35.8 (39.8)
Income taxes (74.0) 198.5 54.9
Other accrued liabilities (116.6) 18.7 (43.2)
Cash provided by operations 6,966.1 7,150.1 6,341.6
Investing activities
Capital expenditures (3,049.2) (2,729.8) (2,135.5)
Purchases of restaurant businesses (158.5) (186.4) (183.4)
Sales of restaurant businesses and property 394.7 511.4 377.9
Other (354.3) (166.1) (115.0)
Cash used for investing activities (3,167.3) (2,570.9) (2,056.0)
Financing activities
Net short-term borrowings (117.5) 260.6 3.1
Long-term financing issuances 2,284.9 1,367.3 1,931.8
Long-term financing repayments (962.8) (624.0) (1,147.5)
Treasury stock purchases (2,615.1) (3,363.1) (2,698.5)
Common stock dividends (2,896.6) (2,609.7) (2,408.1)
Proceeds from stock option exercises 328.6 334.0 463.1
Excess tax benefit on share-based compensation 142.3 112.5 128.7
Other (13.6) (10.6) (1.3)
Cash used for financing activities (3,849.8) (4,533.0) (3,728.7)
Effect of exchange rates on cash and equivalents 51.4 (97.5) 34.1
Cash and equivalents increase (decrease) 0.4 (51.3) 591.0
Cash and equivalents at beginning of year 2,335.7 2,387.0 1,796.0
Cash and equivalents at end of year $ 2,336.1 $ 2,335.7 $ 2,387.0
Supplemental cash flow disclosures
Interest paid $ 533.7 $ 489.3 $ 457.9
Income taxes paid 2,447.8 2,056.7 1,708.5
See Notes to consolidated financial statements.
McDonald’s Corporation 2012 Annual Report 31