A reader emailed me in August about the "missing" $700 million in buybacks in McDonald's 2006 GAAP Cash Flow statement that I referenced on page 130 of my book. I have just found the $700 million. It is on page 35 of the 2006 annual report on the McDonald's website in the Cash Flow section. A footnote explains the $3.7 billion in buybacks referenced in the CEO's letter to shareholders includes $743.6 million for 18.6 million shares acquired in the 2006 Chipotle exchange.
The $743.6 million number is not in the $2959.4 million buyback number in the GAAP Cash Flow on page 42.
Why not?
I don't know.
The difference between the $2959.4 million number and the $3.7
billion number (sorry about the million/billions) is $759.6 million - "only"
$16.5 million off the $743.6 million.
Where is the $16.5 million?
I don't know.
If you know, please send me an email and I will post it here.
Thank you.
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