Cash Flow Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	Sep 3, 2016	Jun 11, 2016	Mar 19, 2016	Dec 26, 2015	Sep 5, 2015	Jun 13, 2015	Mar 21, 2015	Dec 27, 2014	Sep 6, 2014	Jun 14, 2014	Mar 22, 2014	Dec 28, 2013	Sep 7, 2013	Jun 15, 2013	Mar 23, 2013	Dec 29, 2012	Sep 8, 2012	Jun 16, 2012	Mar 24, 2012	Dec 31, 2011	Sep 3, 2011	Jun 11, 2011	Mar 19, 2011
Net income, including noncontrolling interests	632)	335)	395)	275)	426)	236)	361)	(119)	403)	338)	399)	315)	137)	276)	336)	336)	478)	333)	461)	357)	389)	322)	267)
Depreciation and amortization	175)	178)	136)	242)	179)	187)	139)	238)	181)	180)	140)	248)	173)	170)	130)	216)	150)	141)	138)	202)	157)	146)	123)
Closures and impairment (income) expenses	7)	37)	3)	49)	3)	24)	3)	505)	6)	21)	3)	21)	300)	6)	4)	28)	4)	4)	1)	22)	25)	19)	69)
Refranchising (gain) loss	(25)	(53)	(7)	(50)	2)	68)	(10)	(6)	(20)	(4)	(3)	(13)	(38)	(32)	(17)	(37)	(2)	(13)	(26)	3)	66)	5)	(2)
Contributions to defined benefit pension plans	(1)	(1)	(2)	(15)	(5)	(2)	(76)	(1)	(3)	(6)	(8)	(8)	(12)	(2)	(1)	(73)	(3)	(35)	(8)	(51)	(1)	(8)	(3)
Pension settlement charges	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	30)	—)	—)	—)	84)	—)	—)	—)	—)	—)	—)	—)
Losses and other costs related to the extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	120)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain upon acquisition of Little Sheep	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(74)	—)	—)	—)	—)
Deferred income taxes	(172)	(18)	(25)	(47)	35)	(48)	(29)	(78)	(84)	1)	(11)	27)	(46)	1)	(6)	(58)	96)	(6)	(4)	(65)	(24)	12)	(60)
Equity income from investments in unconsolidated affiliates	(18)	(10)	(16)	(10)	(15)	(7)	(9)	1)	(9)	(9)	(13)	(9)	(13)	3)	(7)	(9)	(16)	(9)	(13)	(7)	(13)	(11)	(16)
Distributions of income received from unconsolidated affiliates	5)	13)	—)	12)	5)	4)	—)	16)	5)	7)	—)	28)	3)	12)	—)	3)	23)	15)	—)	2)	21)	16)	—)
Excess tax benefits from share-based compensation	(40)	(15)	(11)	(4)	(6)	(21)	(19)	(13)	(4)	(12)	(13)	(17)	(3)	(13)	(11)	(46)	(6)	(18)	(28)	(33)	(11)	(14)	(8)
Share-based compensation expense	14)	14)	13)	17)	12)	13)	15)	19)	11)	13)	12)	17)	11)	12)	9)	15)	12)	12)	11)	19)	14)	13)	13)
Changes in accounts and notes receivable	(63)	(1)	33)	(39)	(31)	13)	3)	4)	(37)	(11)	23)	(8)	(8)	(5)	9)	(25)	(9)	(13)	29)	(20)	(28)	(2)	11)
Changes in inventories	(3)	(46)	17)	(4)	41)	—)	21)	(46)	19)	(28)	33)	(1)	18)	(25)	26)	(18)	13)	(13)	27)	(84)	(11)	(14)	34)
Changes in prepaid expenses and other current assets	2)	3)	—)	5)	—)	—)	(27)	(7)	8)	(9)	(2)	1)	(14)	—)	(8)	—)	(5)	6)	(15)	4)	(6)	2)	(25)
Changes in accounts payable and other current liabilities	190)	(110)	66)	(69)	186)	(102)	113)	1)	86)	(7)	(20)	(88)	215)	(148)	(81)	(19)	146)	6)	(124)	2)	213)	(57)	(14)
Changes in income taxes payable	(43)	(11)	95)	(91)	20)	40)	51)	(119)	(120)	43)	53)	(101)	53)	44)	18)	40)	16)	—)	70)	54)	(17)	(13)	85)
Changes in restricted cash	(1)	(81)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Changes in operating capital	82)	(246)	211)	(198)	216)	(49)	161)	(167)	(44)	(12)	87)	(197)	264)	(134)	(36)	(22)	161)	(14)	(13)	(44)	151)	(84)	91)
Other, net	(13)	3)	(38)	51)	18)	26)	(20)	42)	86)	(3)	(23)	24)	48)	29)	—)	39)	(3)	30)	39)	62)	6)	(1)	34)
Net cash provided by operating activities	646)	237)	659)	322)	870)	431)	516)	437)	528)	514)	570)	586)	824)	328)	401)	476)	894)	440)	484)	467)	780)	415)	508)
Capital spending	(203)	(183)	(160)	(331)	(238)	(177)	(227)	(378)	(247)	(236)	(172)	(350)	(227)	(235)	(237)	(421)	(272)	(222)	(184)	(387)	(223)	(157)	(173)
Proceeds from refranchising of restaurants	67)	89)	9)	174)	43)	7)	22)	48)	49)	15)	2)	42)	63)	74)	81)	177)	55)	30)	102)	127)	70)	35)	14)
Acquisitions	—)	—)	—)	(9)	—)	—)	—)	(2)	(23)	(1)	(2)	(1)	(9)	(89)	—)	(1)	—)	(2)	(540)	(80)	—)	—)	(1)
Sales of property, plant and equipment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	15)	6)	9)	—)
Changes in restricted cash	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	300)	—)	—)	(300)	—)
Other, net	78)	7)	(50)	6)	25)	14)	9)	316)	(85)	(224)	4)	10)	(4)	(7)	3)	(13)	66)	—)	(80)	59)	(14)	(10)	4)
Net cash used in investing activities	(58)	(87)	(201)	(160)	(170)	(156)	(196)	(16)	(306)	(446)	(168)	(299)	(177)	(257)	(153)	(258)	(151)	(194)	(402)	(266)	(161)	(423)	(156)
Proceeds from long-term debt	4,600)	2,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	599)	—)	—)	—)	—)	—)	—)	—)	55)	349)	—)	—)
Repayments of long-term debt	(4)	(302)	(2)	(253)	(3)	(4)	(3)	(59)	(2)	(3)	(2)	(661)	(1)	(3)	(1)	(2)	(265)	(12)	(3)	(4)	(4)	(654)	(4)
Short-term borrowings, original maturity more than three months, proceeds	—)	—)	1,400)	609)	—)	—)	—)	—)	2)	—)	—)	—)	1)	46)	9)	—)	—)	—)	—)	—)	—)	—)	—)
Short-term borrowings, original maturity more than three months, payments	—)	(2,000)	—)	—)	—)	—)	—)	(2)	—)	—)	—)	(2)	(54)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Short-term borrowings, original maturity three months or less, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2)	2)	—)	—)	—)	—)	—)	—)
Revolving credit facilities, three months or less, net	(738)	561)	(524)	401)	(181)	12)	53)	19)	219)	143)	35)	—)	—)	—)	—)	(10)	10)	—)	—)	—)	(350)	350)	—)
Repurchase shares of Common Stock	(2,093)	(634)	(925)	(830)	(83)	(163)	(124)	(310)	(210)	(176)	(124)	(260)	(181)	(231)	(98)	(277)	(399)	(211)	(78)	(190)	(243)	(167)	(152)
Excess tax benefits from share-based compensation	40)	15)	11)	4)	6)	21)	19)	13)	4)	12)	13)	17)	3)	13)	11)	46)	6)	18)	28)	33)	11)	14)	8)
Dividends paid on Common Stock	(180)	(187)	(192)	(198)	(177)	(177)	(178)	(179)	(163)	(163)	(164)	(164)	(150)	(150)	(151)	(151)	(131)	(131)	(131)	(131)	(116)	(116)	(118)
Debt issuance costs	(86)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	(18)	(48)	(11)	(6)	(5)	(19)	(13)	(10)	(3)	(9)	5)	(5)	(6)	(3)	(29)	2)	(6)	(15)	(4)	19)	(2)	(6)	5)
Net cash provided by (used in) financing activities	1,521)	(295)	(243)	(273)	(443)	(330)	(246)	(528)	(153)	(196)	(237)	(476)	(388)	(328)	(259)	(394)	(783)	(351)	(188)	(218)	(355)	(579)	(261)
Effect of exchange rates on cash and cash equivalents	(19)	6)	(18)	(13)	(32)	16)	23)	—)	19)	(9)	(4)	9)	(6)	(5)	(3)	10)	(2)	(10)	7)	(21)	17)	13)	12)
Net increase (decrease) in cash and cash equivalents	2,090)	(139)	197)	(124)	225)	(39)	97)	(107)	88)	(137)	161)	(180)	253)	(262)	(14)	(166)	(42)	(115)	(99)	(38)	281)	(574)	103)

Net Income Trend: Net income exhibits considerable volatility across the examined periods, with values ranging from a low of -119 million to highs above 600 million US dollars. The data shows periods of strong profitability alternating with quarters of negative or reduced earnings, indicative of possible operational or market challenges affecting earnings consistency.
Depreciation and Amortization: Depreciation and amortization expenses show a generally increasing trend, reflecting ongoing investments in fixed assets or intangible assets. The amounts fluctuate but remain within a relatively narrow band, suggesting stable capital asset management and replacement cycles.
Closures and Impairment Expenses: Expenses related to closures and impairments vary with several spikes, notably a significant peak at 505 million, indicating occasional large-scale adjustments such as restaurant closures or asset write-downs. These irregular charges contribute to net income volatility.
Refranchising Gains and Losses: Refranchising activities demonstrate fluctuations between gains and losses, with several quarters showing negative impacts, suggesting that refranchising is a material but inconsistent source of financial adjustment that affects overall profitability.
Pensions and Related Charges: Contributions to defined benefit pension plans are generally negative or minimal, with some sharp negative outflows. Pension settlement charges appear sporadically, indicating occasional pension-related settlements that impose one-time costs.
Deferred Income Taxes: The deferred income tax amounts oscillate between positive and negative values, reflecting the timing differences between tax and accounting treatments, possibly influenced by changes in tax laws or earnings patterns.
Equity Income from Unconsolidated Affiliates: Equity income from investments tends to be negative or slightly positive, showing modest and inconsistent contributions from such affiliates to overall income.
Working Capital Changes: Changes in accounts receivable, inventories, prepaid expenses, accounts payable, and income taxes payable demonstrate volatility, with several sharp increases and decreases. Movement in these items indicates variable operational cash flow dynamics and shifting management of working capital components.
Operating Cash Flow: Net cash provided by operating activities remains positive in all periods, with pronounced peaks tied to quarters of heightened earnings or improved working capital management. The pattern suggests stable and self-sustaining core operations despite earnings variability.
Investing Activities: Capital spending outflows are consistent and substantial, reflecting continued investment in property, plant, and equipment, though occasionally lessened. Proceeds from refranchising of restaurants vary, often offsetting some capital expenditures. Net cash used in investing activities is persistently negative, highlighting ongoing reinvestment in the business.
Financing Activities: Financing cash flows display mixed activity, including issuance and repayment of long-term and short-term debt, share repurchases, and dividend payments. Share repurchases are substantial and vary widely, indicating active shareholder return policies. Dividends are relatively stable and progressive over time. Financing activities contribute to both inflows and outflows across periods but occasionally feature significant net inflows due primarily to debt issuances.
Cash and Cash Equivalents Change: The net change in cash and cash equivalents varies dramatically, including sharp decreases and significant increases. This volatility aligns with patterns in financing activities and indicates fluctuating liquidity requirements or strategic financial management shifts.
Summary of Trends: Overall, the financial data portrays a company managing a complex interplay of operational performance, capital expenditures, financing strategies, and asset management. Earnings and cash flows are subject to notable fluctuations, partly due to one-time charges and refranchising activities. Despite variability, operating activities generate consistent positive cash flow, supporting sustained investment and shareholder returns through dividends and share buybacks. The capital structure is actively managed through periodic debt issuances and repayments. The financial picture suggests a company adapting dynamically to internal and external pressures, maintaining investment while returning value to shareholders, albeit with earnings exposed to episodic volatility.

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YUM! Brands Inc. (NYSE:YUM)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data