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24 | McDonald’s Corporation 2013 Annual Report
One-year ROIIC calculation (dollars in millions):
Years ended December 31, 2013 2012 Incremental
change
NUMERATOR:
Operating income $8,764.3 $8,604.6 $ 159.7
Depreciation and amortization 1,585.1 1,488.5 96.6
Currency translation(1) 81.8
Incremental operating income plus depreciation and
amortization (at constant foreign exchange rates) $338.1
DENOMINATOR:
Weighted-average cash used for
investing activities(2) $2,951.7
Currency translation(1) 1.2
Weighted-average cash used for investing activities
(at constant foreign exchange rates) $2,952.9
One-year ROIIC 11.4%
(1) Represents the effect of foreign currency translation by translating results
at an average exchange rate for the periods measured.
(2) Represents one-year weighted-average cash used for investing activities,
determined by applying the weightings below to the cash used for
investing activities for each quarter in the two-year period ended
December 31, 2013.
Years ended December 31,
2013 2012
Cash used for investing activities $2,673.8 $3,167.3
AS A PERCENT
Quarters ended:
March 31 87.5% 12.5%
June 30 62.5 37.5
September 30 37.5 62.5
December 31 12.5 87.5
Three-year ROIIC calculation (dollars in millions):
Years ended December 31, 2013 2010 Incremental
change
NUMERATOR:
Operating income $8,764.3 $7,473.1 $1,291.2
Depreciation and amortization 1,585.1 1,276.2 308.9
Currency translation(3) 25.1
Incremental operating income plus depreciation and
amortization (at constant foreign exchange rates) $1,625.2
DENOMINATOR:
Weighted-average cash used for
investing activities(4) $8,089.6
Currency translation(3) (27.5)
Weighted-average cash used for investing activities
(at constant foreign exchange rates) $8,062.1
Three-year ROIIC 20.2%
(3) Represents the effect of foreign currency translation by translating results
at an average exchange rate for the periods measured.
(4) Represents three-year weighted-average cash used for investing
activities, determined by applying the weightings below to the cash used
for investing activities for each quarter in the four-year period ended
December 31, 2013.
Years ended December 31,
2013 2012 2011 2010
Cash used for
investing activities $2,673.8 $3,167.3 $2,570.9 $2,056.0
AS A PERCENT
Quarters ended:
March 31 87.5% 100.0% 100.0% 12.5%
June 30 62.5 100.0 100.0 37.5
September 30 37.5 100.0 100.0 62.5
December 31 12.5 100.0 100.0 87.5