cs.hun.acf.020 Interpreting cash flow statement information (Yum! Brands case Part 1)

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1 Cash-Flow Statements» How Do I Use the Numbers?» Analyzing cash flows: Basics» Exercises EXERCISES cs.hun.acf.020 Interpreting cash flow statement information (Yum! Brands case Part 1) Yum! Brands owns several prominent restaurant brands including Kentucky Fried Chicken, Taco Bell, Pizza Hut, A&W, and Long John Silvers. The company changed its name from Tricon Global Restaurants to Yum! Brands on May 16, Figures 1 4 are Yum! Brands balance sheets, income statements, cash-flow statements and supplemental cash flow data footnote from its 2001 Annual Report. Check your answers in the provided solution. Search This exercise helps you learn how to search for information. Required True or False: (a) True or False: The balance sheet change in Cash and cash equivalents during 2001 is reported on the 2001 cash-flow statement. (b) True or False: The net income recognized on the income statement is the same as the top line in the operating section of the cash-flow statement. Usage This exercise helps you learn how to use accounting information. (c) True or False: Income tax expense was $241 for (d) True or False: As indicated on the balance sheet, income tax payments were $114 for (e) True or False: As indicated on the income statement, the Company likely collected $6,953 from its customers during (f) True or False: As indicated on the balance sheet, the Company purchased $237 of PP&E during 2001 ($2,777 - $2,540). (g) True or False: As indicated on the income statement, the Company likely paid $1,908 for food and paper during (h) True or False: As indicated on the cash-flow statement, the Company received $116 in cash during 2001 from accounts and notes receivable collections. (i) True or False: The Company received $111 cash during 2001 by selling restaurants to franchisees. (j) True or False: The Company received $842 of cash when it issued senior unsecured notes during (k) True or False: Shareholders sold some of their shares to the Company during 2001 for $100. (l) True or False: The Company spent $3 during 2001 on prepaid expenses and other current assets. You may customize this work, as long as you credit G. Peter & Carolyn R. Wilson and respect the Creative Commons Attribution-Noncommercial-Share Alike United States license NavAcc LLC.

2 2 NAVIGATING ACCOUNTING Figure 1 Yum! Brands Balance Sheets This figure reports Yum! Brands balance sheets. Consolidated Balance Sheets December 29, 2001 and December 30, 2000 (in millions) ASSETS Current Assets Cash and cash equivalents $ 110 $ 133 Short-term investments, at cost Accounts and notes receivable, less allowance: $77 in 2001 and $82 in Inventories Prepaid expenses and other current assets Deferred income tax assets Total Current Assets Property, plant and equipment, net 2,777 2,540 Intangible assets, net Investments in unconsolidated affiliates Other assets Total Assets $ 4,388 $ 4,149 LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) Current Liabilities Accounts payable and other current liabilities $ 995 $ 978 Income taxes payable Short-term borrowings Total Current Liabilities 1,805 1,216 Long-term debt 1,552 2,397 Other liabilities and deferred credits Deferred income taxes 10 Total Liabilities 4,284 4,471 Shareholders Equity (Deficit) Preferred stock, no par value, 250 shares authorized; no shares issued Common stock, no par value, 750 shares authorized; 146 and 147 shares issued in 2001 and 2000, respectively 1,097 1,133 Accumulated deficit (786) (1,278) Accumulated other comprehensive income (loss) (207) (177) Total Shareholders Equity (Deficit) 104 (322) Total Liabilities and Shareholders Equity (Deficit) $ 4,388 $ 4,149

3 EXERCISE 3 Figure 2 Yum! Brands Income Statements This figure reports Yum! Brands income statements. Consolidated Statements of Income Fiscal years ended December 29, 2001, December 30, 2000 and December 25, 1999 (in millions, except per share data) Revenues Company sales $ 6,138 $6,305 $7,099 Franchise and license fees ,953 7,093 7,822 Costs and Expenses, net Company restaurants Food and paper 1,908 1,942 2,238 Payroll and employee benefits 1,666 1,744 1,956 Occupancy and other operating expenses 1,658 1,665 1,814 5,232 5,351 6,008 General and administrative expenses Franchise and license expenses Other (income) expense (23) (25) (16) Facility actions net loss (gain) 1 (176) (381) Unusual items (income) expense (3) Total costs and expenses, net 6,062 6,233 6,582 Operating Profit ,240 Interest expense, net Income Before Income Taxes ,038 Income Tax Provision Net Income $ 492 $ 413 $ 627 Basic Earnings Per Common Share $ 3.36 $ 2.81 $ 4.09 Diluted Earnings Per Common Share $ 3.24 $ 2.77 $ 3.92

4 4 NAVIGATING ACCOUNTING Figure 3 Yum! Brands Statement of Cash Flows This figure reports Yum! Brands statement of cash flows. Consolidated Statements of Cash Flows Fiscal years ended December 29, 2001, December 30, 2000 and December 25, 1999 (in millions) Cash Flows Operating Activities Net income $ 492 $ 413 $ 627 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Facility actions net loss (gain) 1 (176) (381) Unusual items (6) Other liabilities and deferred credits (11) (5) 65 Deferred income taxes (72) (51) (16) Other non-cash charges and credits, net Changes in operating working capital, excluding effects of acquisitions and dispositions: Accounts and notes receivable 116 (161) (28) Inventories (8) 11 6 Prepaid expenses and other current assets (3) (3) (13) Accounts payable and other current liabilities (13) (94) (215) Income taxes payable (33) Net change in operating working capital 59 (207) (227) Net Cash Provided by Operating Activities Cash Flows Investing Activities Capital spending (636) (572) (470) Proceeds from refranchising of restaurants Acquisition of restaurants (108) (24) (6) AmeriServe funding, net (70) Short-term investments 27 (21) 39 Sales of property, plant and equipment Other, net 46 5 (8) Net Cash (Used in) Provided by Investing Activities (503) (237) 522 Cash Flows Financing Activities Proceeds from Senior Unsecured Notes 842 Revolving Credit Facility activity, by original maturity Three months or less, net (943) 82 (860) Proceeds from long-term debt 1 4 Repayments of long-term debt (258) (99) (180) Short-term borrowings three months or less, net 58 (11) 21 Repurchase shares of common stock (100) (216) (134) Other, net Net Cash Used in Financing Activities (352) (207) (1,119) Effect of Exchange Rate Changes on Cash and Cash Equivalents (3) Net (Decrease) Increase in Cash and Cash Equivalents (23) 44 (32) Cash and Cash Equivalents Beginning of Year Cash and Cash Equivalents End of Year $ 110 $ 133 $ 89

5 EXERCISE 5 Figure 4 Yum! Brands Supplemental Cash Flow Data Footnote This figure reports the supplemental cash flow information. NOTE 6 SUPPLEMENTAL CASH FLOW DATA Cash Paid for: Interest $ 164 $ 194 $ 212 Income taxes Significant Non-Cash Investing and Financing Activities: Issuance of promissory note to acquire an unconsolidated affiliate $ $ 25 $ Contribution of non-cash net assets to an unconsolidated affiliate Assumption of liabilities in connection with an acquisition Fair market value of assets received in connection with a non-cash acquisition 9 Capital lease obligations incurred to acquire assets

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