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32 McDonald’s Corporation 2014 Annual Report
Consolidated Statement of Cash Flows
In millions Years ended December 31, 2014 2013 2012
Operating activities
Net income $ 4,757.8 $ 5,585.9 $ 5,464.8
Adjustments to reconcile to cash provided by operations
Charges and credits:
Depreciation and amortization 1,644.5 1,585.1 1,488.5
Deferred income taxes (90.7) 25.2 134.5
Share-based compensation 112.8 89.1 93.4
Other 369.5 26.8 (92.0)
Changes in working capital items:
Accounts receivable 27.0 56.2 (29.4)
Inventories, prepaid expenses and other current assets (4.9) (44.4) (27.2)
Accounts payable (74.7) (60.7) 124.1
Income taxes 3.3 (154.4) (74.0)
Other accrued liabilities (14.3) 11.9 (116.6)
Cash provided by operations 6,730.3 7,120.7 6,966.1
Investing activities
Capital expenditures (2,583.4) (2,824.7) (3,049.2)
Purchases of restaurant businesses (170.5) (181.0) (158.5)
Sales of restaurant businesses and property 489.9 440.1 394.7
Other (40.9) (108.2) (354.3)
Cash used for investing activities (2,304.9) (2,673.8) (3,167.3)
Financing activities
Net short-term borrowings 510.4 (186.5) (117.5)
Long-term financing issuances 1,540.6 1,417.2 2,284.9
Long-term financing repayments (548.1) (695.4) (962.8)
Treasury stock purchases (3,198.6) (1,777.8) (2,615.1)
Common stock dividends (3,216.1) (3,114.6) (2,896.6)
Proceeds from stock option exercises 235.4 233.3 328.6
Excess tax benefit on share-based compensation 70.9 92.6 142.3
Other (12.8) (11.8) (13.6)
Cash used for financing activities (4,618.3) (4,043.0) (3,849.8)
Effect of exchange rates on cash and equivalents (527.9) 58.7 51.4
Cash and equivalents increase (decrease) (720.8) 462.6 0.4
Cash and equivalents at beginning of year 2,798.7 2,336.1 2,335.7
Cash and equivalents at end of year $ 2,077.9 $ 2,798.7 $ 2,336.1
Supplemental cash flow disclosures
Interest paid $ 573.2 $ 532.7 $ 533.7
Income taxes paid 2,388.3 2,546.0 2,447.8
See Notes to consolidated financial statements.