>and the company has some cash lying around

Does your opinion change if they're taking on debt / shrinking their business to buyback shares?

>The company’s executives said that to help finance the plan, McDonald’s would increase refranchising (turning company-owned restaurants into franchises), take on more debt (even at the risk of lowering its bond rating), and find $300 million to cut in general and administrative expenses.

It doesn't sound like its a case of McDonalds having a pile of cash