| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||
Net income | |||||||
1,111,000 | 1,144,000 | 1,235,000 | 956,000 | 511,700 | -269,300 | 233,700 | 117,700 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||
Depreciation and amortization | |||||||
185,000 | 180,000 | 182,000 | 172,000 | 182,000 | 68,800 | 65,800 | 114,200 |
Premiums paid and non-cash loss on early extinguishment of debt | |||||||
-16,000 | 0 | -119,000 | 0 | -40,000 | -127,300 | - | -34,200 |
Amortization of Debt Issuance Costs and Discounts | |||||||
29,000 | 29,000 | 33,000 | 39,000 | 34,900 | 60,200 | 56,300 | 57,000 |
(Income) loss from equity method investments | |||||||
11,000 | 22,000 | 12,000 | 20,000 | -4,100 | -9,500 | -12,700 | -4,100 |
(Gain) loss on remeasurement of foreign denominated transactions | |||||||
14,000 | 33,000 | -77,000 | 20,000 | -37,000 | 6,200 | -300 | 8,200 |
Net (gains) losses on derivatives | |||||||
49,000 | 40,000 | -31,000 | -21,000 | - | - | - | - |
Amortization of defined benefit pension and postretirement items | |||||||
- | - | - | - | - | - | -2,100 | -2,500 |
Net losses on derivatives | |||||||
- | - | - | - | -53,600 | -297,500 | -6,100 | -11,800 |
Share-based compensation expense | |||||||
68,000 | 48,000 | 48,000 | 35,000 | 50,800 | 43,100 | 14,800 | 12,200 |
Net losses (gains) on refranchisings and dispositions of assets | |||||||
- | - | - | - | - | - | 3,900 | -27,000 |
Bad debt expense (recoveries), net | |||||||
- | - | - | - | - | - | 2,000 | -800 |
Deferred income taxes | |||||||
58,000 | 29,000 | -742,000 | 80,000 | -32,300 | -61,900 | 32,100 | 8,900 |
Other | |||||||
-6,000 | -5,000 | -18,000 | -4,000 | -9,600 | -27,400 | - | - |
Changes in current assets and liabilities, excluding acquisitions and dispositions: | |||||||
Restricted cash and cash equivalents | |||||||
- | - | - | - | -79,200 | 36,400 | - | - |
Accounts and notes receivable | |||||||
53,000 | -19,000 | 30,000 | 16,000 | 26,500 | 24,500 | 7,600 | 22,200 |
Inventories and prepaids and other current assets | |||||||
15,000 | 7,000 | -19,000 | 10,000 | -9,200 | 24,100 | 7,800 | 7,000 |
Accounts and drafts payable | |||||||
112,000 | 41,000 | 14,000 | 16,000 | 191,200 | -17,900 | -30,600 | -23,900 |
Advertising fund restricted assets and fund liabilities | |||||||
- | - | - | - | 32,900 | -35,900 | - | - |
Other accrued liabilities and gift card liability | |||||||
-51,000 | -219,000 | 360,000 | -1,000 | 56,200 | 123,100 | -5,400 | -40,300 |
Tenant inducements paid to franchisees | |||||||
-54,000 | -52,000 | -20,000 | -19,000 | - | - | - | - |
Accrued advertising | |||||||
- | - | - | - | - | - | -10,600 | -32,300 |
Other long-term assets and liabilities | |||||||
-138,000 | -43,000 | -59,000 | -13,000 | 28,800 | 21,400 | 30,600 | 25,500 |
Net cash provided by (used for) operating activities | |||||||
1,476,000 | 1,165,000 | 1,391,000 | 1,250,000 | 1,204,800 | 259,300 | 325,200 | 224,400 |
Cash flows from investing activities: | |||||||
Payments for property and equipment | |||||||
62,000 | 86,000 | 37,000 | 34,000 | 115,300 | 30,900 | 25,500 | 70,200 |
Net proceeds from disposal of assets, restaurant closures, and refranchisings | |||||||
8,000 | 8,000 | 26,000 | -30,000 | -19,600 | 7,800 | -64,800 | -104,900 |
Net payment for purchase of Popeyes, net of cash acquired | |||||||
0 | 0 | 1,636,000 | 0 | 0 | 7,374,700 | 11,900 | 15,300 |
Return of investment on direct financing leases | |||||||
- | - | - | 17,000 | 16,300 | 15,500 | 15,400 | 14,200 |
Settlement/sale of derivatives, net | |||||||
-24,000 | -17,000 | -772,000 | -11,000 | -14,200 | 388,900 | - | - |
Other investing activities, net | |||||||
0 | -17,000 | -17,000 | -3,000 | -3,700 | 4,000 | -200 | - |
Net cash provided by (used for) investing activities | |||||||
-30,000 | -44,000 | -858,000 | 27,000 | -61,500 | -7,790,800 | 43,000 | 33,600 |
Proceeds from issuance of preferred shares, net | |||||||
- | - | - | - | - | 2,998,200 | - | - |
Proceeds from issuance of long-term debt | |||||||
2,250,000 | 75,000 | 5,850,000 | 0 | 1,250,000 | 8,932,500 | - | - |
Proceeds from term debt | |||||||
- | - | - | - | - | - | - | 1,733,500 |
Repayments of long-term debt and finance leases | |||||||
2,266,000 | 74,000 | 2,742,000 | 70,000 | 2,627,800 | 3,102,000 | 57,200 | 1,879,600 |
Payments in connection with redemption of preferred shares | |||||||
0 | 60,000 | 3,006,000 | 0 | 0 | - | - | - |
Payment of financing costs | |||||||
50,000 | 3,000 | 63,000 | 0 | 81,300 | 158,000 | - | 16,000 |
Payment of dividends on common shares and distributions on Partnership exchangeable units | |||||||
901,000 | 728,000 | 664,000 | 538,000 | 362,400 | 105,600 | 84,300 | - |
Repurchase of Partnership exchangeable units | |||||||
0 | 561,000 | 330,000 | 0 | 293,700 | - | - | - |
Dividends paid on common stock | |||||||
- | - | - | - | - | - | - | 14,000 |
Proceeds from stock option exercises | |||||||
102,000 | 61,000 | 29,000 | 14,000 | 3,000 | 500 | 6,000 | 1,500 |
Proceeds from derivatives | |||||||
23,000 | 0 | 0 | - | - | - | - | - |
Excess tax benefits from share-based compensation | |||||||
- | - | - | 8,000 | 500 | - | 10,100 | - |
Repurchases of common stock | |||||||
- | - | - | - | - | - | 7,300 | - |
Other financing activities, net | |||||||
0 | 5,000 | -10,000 | -5,000 | -3,500 | - | - | - |
Net cash (used for) provided by financing activities | |||||||
-842,000 | -1,285,000 | -936,000 | -591,000 | -2,115,200 | 8,565,600 | -132,700 | -174,600 |
Effect of exchange rates on cash and cash equivalents | |||||||
16,000 | -20,000 | 24,000 | -2,000 | -73,500 | -17,800 | 4,700 | 4,300 |
Increase (decrease) in cash and cash equivalents | |||||||
620,000 | -184,000 | -379,000 | 684,000 | -1,045,400 | 1,016,300 | 240,200 | 87,700 |
Supplemental cash flow disclosures: | |||||||
Interest paid | |||||||
584,000 | 561,000 | 447,000 | 407,000 | 408,300 | 199,900 | 139,100 | 170,300 |
Income taxes paid | |||||||
248,000 | 433,000 | 200,000 | 159,000 | 208,300 | 35,200 | 35,600 | 40,100 |
Non-cash investing and financing activities: | |||||||
Investments in unconsolidated affiliates | |||||||
- | - | - | - | - | - | 17,800 | 98,600 |
Acquisition of property with capital lease obligations | |||||||
- | - | - | - | 16,700 | - | 1,000 | 36,100 |
Net investment in direct financing leases | |||||||
- | - | - | - | - | - | - | 700 |