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Condensed Consolidated Statements of Cash Flows
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 04, 2021
USD ($)
Jul. 04, 2021
USD ($)
Jun. 28, 2020
USD ($)
Cash flows from operating activities:      
Net income $ 65,724 $ 107,090 $ 39,345
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 30,761 62,303 65,760
Share-based compensation   11,033 9,326
Impairment of long-lived assets 630 1,265 4,704
Deferred income tax   (2,137) 1,920
Non-cash rental expense, net   20,075 12,251
Change in operating lease liabilities   (23,074) (19,233)
Net receipt of deferred vendor incentives   3,332 7,728
System optimization gains, net (30,766) (31,282) (2,310)
Distributions received from joint ventures, net of equity in earnings   2,354 1,262
Long-term debt-related activities, net   21,328 3,141
Changes in operating assets and liabilities and other, net   (13,536) (93,332)
Net cash provided by operating activities   158,751 30,562
Cash flows from investing activities:      
Capital expenditures   (24,069) (29,402)
Acquisitions   4,879 0
Dispositions   50,531 4,320
Notes receivable, net   611 138
Net cash provided by (used in) investing activities   31,952 (24,944)
Cash flows from financing activities:      
Proceeds from long-term debt   1,100,000 153,315
Repayments of long-term debt   (941,220) (24,271)
Repayments of finance lease liabilities   (5,777) (3,707)
Deferred financing costs   (20,873) (2,122)
Repurchases of common stock   (83,658) (45,137)
Dividends   (42,279) (37,974)
Proceeds from stock option exercises   25,933 11,865
Payments related to tax withholding for share-based compensation   (3,197) (3,704)
Net cash provided by financing activities   28,929 48,265
Net cash provided by operations before effect of exchange rate changes on cash   219,632 53,883
Effect of exchange rate changes on cash   2,283 (3,132)
Net increase in cash, cash equivalents and restricted cash   221,915 50,751
Cash, cash equivalents and restricted cash at beginning of period   418,241 358,707
Cash, cash equivalents and restricted cash at end of period 640,156 640,156 409,458
Supplemental non-cash investing and financing activities:      
Capital expenditures included in accounts payable   7,242 6,082
Finance leases   30,863 12,962
Reconciliation of cash, cash equivalents and restricted cash at end of period:      
Cash and cash equivalents 568,139 568,139  
Restricted cash 37,792 37,792  
Restricted cash, included in Advertising funds restricted assets 34,225 34,225  
Total cash, cash equivalents and restricted cash $ 640,156 $ 640,156 $ 409,458