Consolidated Statement of Cash Flows In millions Operating activities Net income Adjustments to reconcile to cash provided by operations Charges and credits: Depreciation and amortization Deferred income taxes Years ended December 31, 2020 2019 2018 $4,730.5 $ 6,025.4 $ 5,924.3 1,751.4 1,617.9 1,482.0 6.4 149.7 102.6 Share-based compensation 92.4 109.6 Net gain on sale of restaurant businesses (28.2) (128.2) 125.1 (308.8) Other (75.2) 49.2 114.2 Changes in working capital items: Accounts receivable (6.8) 27.0 (479.4) Inventories, prepaid expenses and other current assets (68.6) 128.8 (1.9) Accounts payable (137.5) (26.8) 129.4 Income taxes (43.6) 173.4 (33.4) Other accrued liabilities 44.4 (3.9) (87.4) Cash provided by operations 6,265.2 8,122.1 6,966.7 Investing activities Capital expenditures Purchases of restaurant and other businesses Sales of restaurant businesses Sales of property (1,640.8) (2,393.7) (2,741.7) (66.1) (540.9) (101.7) 76.3 340.8 530.8 27.4 151.2 160.4 Other 57.4 (628.5) (302.9) Cash used for investing activities (1,545.8) (3,071.1) (2.455.1) Financing activities Net short-term borrowings (893.1) 799.2 95.9 Long-term financing issuances 5,543.0 4,499.0 3,794.5 Long-term financing repayments (2,411.7) (2,061.9) (1,759.6) Treasury stock purchases (907.8) (4,976.2) (5,207.7) Common stock dividends Proceeds from stock option exercises Other Cash used for financing activities Cash and equivalents increase (decrease) Cash and equivalents at beginning of year Cash and equivalents at end of year (3,752.9) (3,581.9) (3,255.9) 295.5 350.5 403.2 (122.0) (23.5) (20.0) (2,249.0) (4,994.8) (5,949.6) Effect of exchange rates on cash and equivalents 80.2 (23.7) (159.8) 2,550.6 32.5 (1,597.8) 898.5 $3,449.1 $ 866.0 2,463.8 898.5 $ 866.0 Supplemental cash flow disclosures Interest paid Income taxes paid See Notes to consolidated financial statements. $1,136.0 $ 1,066.5 $ 1,441.9 959.6 1,589.7 1,734.4