Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

YUM! Brands Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 26, 2015	Dec 27, 2014	Dec 28, 2013	Dec 29, 2012	Dec 31, 2011
Net income, including noncontrolling interests	1,298)	1,021)	1,064)	1,608)	1,335)
Depreciation and amortization	747)	739)	721)	645)	628)
Closures and impairment (income) expenses	79)	535)	331)	37)	135)
Refranchising (gain) loss	10)	(33)	(100)	(78)	72)
Contributions to defined benefit pension plans	(98)	(18)	(23)	—)	—)
Losses and other costs related to the extinguishment of debt	—)	—)	120)	—)	—)
Gain upon acquisition of Little Sheep	—)	—)	—)	(74)	—)
Deferred income taxes	(89)	(172)	(24)	28)	(137)
Equity income from investments in unconsolidated affiliates	(41)	(30)	(26)	(47)	(47)
Distributions of income received from unconsolidated affiliates	21)	28)	43)	41)	39)
Excess tax benefit from share-based compensation	(50)	(42)	(44)	(98)	(66)
Share-based compensation expense	57)	55)	49)	50)	59)
Changes in accounts and notes receivable	(54)	(21)	(12)	(18)	(39)
Changes in inventories	58)	(22)	18)	9)	(75)
Changes in prepaid expenses and other current assets	(22)	(10)	(21)	(14)	(25)
Changes in accounts payable and other current liabilities	128)	60)	(102)	9)	144)
Changes in income taxes payable	20)	(143)	14)	126)	109)
Changes in operating capital	130)	(136)	(103)	112)	114)
Other, net	75)	102)	131)	70)	38)
Net cash provided by operating activities	2,139)	2,049)	2,139)	2,294)	2,170)
Capital spending	(973)	(1,033)	(1,049)	(1,099)	(940)
Proceeds from refranchising of restaurants	246)	114)	260)	364)	246)
Acquisitions	(9)	(28)	(99)	(543)	(81)
Changes in restricted cash	—)	—)	—)	300)	(300)
Other, net	54)	11)	2)	(27)	69)
Net cash used in investing activities	(682)	(936)	(886)	(1,005)	(1,006)
Proceeds from long-term debt	—)	—)	599)	—)	404)
Repayments of long-term debt	(263)	(66)	(666)	(282)	(666)
Revolving credit facilities, three months or less, net	285)	416)	—)	—)	—)
Short-term borrowings, original maturity more than three months, proceeds	609)	2)	56)	—)	—)
Short-term borrowings, original maturity more than three months, payments	—)	(2)	(56)	—)	—)
Short-term borrowings, original maturity three months or less, net	—)	—)	—)	—)	—)
Repurchase shares of Common Stock	(1,200)	(820)	(770)	(965)	(752)
Excess tax benefit from share-based compensation	50)	42)	44)	98)	66)
Employee stock option proceeds	12)	29)	37)	62)	59)
Dividends paid on Common Stock	(730)	(669)	(615)	(544)	(481)
Other, net	(55)	(46)	(80)	(85)	(43)
Net cash used in financing activities	(1,292)	(1,114)	(1,451)	(1,716)	(1,413)
Effect of exchange rates on cash and cash equivalents	(6)	6)	(5)	5)	21)
Net increase (decrease) in cash and cash equivalents	159)	5)	(203)	(422)	(228)
Cash and cash equivalents, beginning of year	578)	573)	776)	1,198)	1,426)
Cash and cash equivalents, end of year	737)	578)	573)	776)	1,198)

Based on: 10-K (reporting date: 2015-12-26), 10-K (reporting date: 2014-12-27), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	YUM! Brands Inc. net cash used in investing activities decreased from 2013 to 2014 but then increased from 2014 to 2015 exceeding 2013 level.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	YUM! Brands Inc. net cash used in financing activities increased from 2013 to 2014 but then slightly decreased from 2014 to 2015 not reaching 2013 level.

YUM! Brands Inc. (NYSE:YUM)

Cash Flow Statement