(IN THOUSANDS)
Years Ended December 31,
2000 1999 1998
Cash flows from operating activities:
Net income $ 141,130 $ 124,323 $ 96,048
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 52,946 47,184 38,873
Amortization 5,163 3,525 1,898
Provision for impaired assets and restaurant closings 5,493
Cumulative effect of change in accounting principle 4,880
Minority partners' interest in consolidated
partnerships' income 33,884 29,770 21,914
Income from operations of unconsolidated affiliates (2,457) (1,089) (514)
Change in assets and liabilities:
(Increase) decrease in inventories (1,783) (6,171) 779
Decrease (increase) in other current assets 1,928 (5,252) (3,623)
Increase in other assets (34,265) (25,754) (7,820)
Increase (decrease) increase in accounts payable,
sales taxes payable and accrued expenses 21,052 (7,310) 21,962
Increase in unearned revenue 9,270 8,672 8,697
Increase in income taxes payable 3,455 10,166
(Decrease) increase in other long-term liabilities (500) 500 (500)
Increase in deferred income taxes 9,723 7,924 4,878
Net cash provided by operating activities 239,546 191,981 187,472
Cash flows from investing activities:
Capital expenditures $(139,893) $(116,065) $(108,148)
Payments from unconsolidated affiliates 841 220 1,596
Distributions to unconsolidated affiliates (2,707) (1,470) (690)
Investments in and advances to unconsolidated
affiliates, net (4,060) (9,704) (1,936)
Net cash used in investing activities (145,819) (127,019) (109,178)
Cash flows from financing activities:
Proceeds from issuance of common stock $ 13,315 $ 13,292 $ 19,121
Proceeds from issuance of long-term debt 15,400 1,013
Proceeds from minority partners' contributions 4,450 1,250 5,525
Distributions to minority partners' and stockholders (39,198) (38,755) (24,952)
Repayments of long-term debt (1,908) (37,516) (32,231)
Payments for purchase of treasury stock (48,615) (7,230) (6,345)
Proceeds from reissuance of treasury stock 1,810 12,585 3,451
Net cash used in financing activities (54,746) (56,374) (34,418)
Net increase in cash and cash equivalents 38,981 8,588 43,876
Cash and cash equivalents at the beginning of the year 92,623 84,035 40,159
Cash and cash equivalents at the end of the year $ 131,604 $ 92,623 $ 84,035
Supplemental disclosures of cash flow information:
Cash paid for interest $ 215 $ 491 $ 2,476
Cash paid for income taxes 68,095 41,572 40,170
Supplemental disclosures of non-cash items:
Purchase of minority partners' interest $ 6,985 $ 17,082 $ 1,647
The accompanying notes are an integral part of these Consolidated Financial
Statements.
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