XML 57 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 51,859 $ 43,308
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,994 3,903
Provision for bad debts 1,236 1,340
Non-cash stock compensation and other charges 4,868 7,436
Non-cash interest and other (income) loss (820) 22
Dividends received from equity method investments 399 159
Equity in net (income) loss of affiliates 183 (301)
Changes in assets and liabilities:    
Receivables (12,258) (11,058)
Receivable - marketing and reservation fees, net (2,389) (11,387)
Accounts payable 6,330 6,026
Accrued expenses (17,659) (11,004)
Income taxes payable/receivable 11,808 11,404
Deferred income taxes (194) 40
Deferred revenue (4,404) (6,463)
Other assets (4,331) (750)
Other liabilities (820) (624)
Net cash provided by operating activities 37,802 32,051
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in property and equipment (6,236) (5,110)
Equity method investments (6,315) (1,600)
Issuance of notes receivable (5,820) (2,651)
Collections of notes receivable 210 13
Purchases of investments, employee benefit plans (969) (1,139)
Proceeds from sales of investments, employee benefit plans 8,969 347
Other items, net (226) (192)
Net cash used in investing activities (10,387) (10,332)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net repayments pursuant to revolving credit facility 0 (200)
Proceeds from issuance of long-term debt 393,444 75
Repayments of long-term debt (333) (13)
Purchase of treasury stock (22,173) (2,527)
Dividends paid (21,396) (21,922)
Excess tax benefits from stock-based compensation 641 1,061
Debt issuance costs (153) (2,356)
Proceeds from exercise of stock options 445 3,132
Net cash provided (used) by financing activities 350,475 (22,750)
Net change in cash and cash equivalents 377,890 (1,031)
Effect of foreign exchange rate changes on cash and cash equivalents 443 733
Cash and cash equivalents at beginning of period 107,057 91,259
Cash and cash equivalents at end of period 485,390 90,961
Cash payments during the period for:    
Income taxes, net of refunds 14,391 7,526
Interest 7,699 7,678
Non-cash investing and financing activities:    
Declaration of dividends 21,335 21,972
Capital lease obligation 0 430
Issuance of restricted shares of common stock 9,267 8,222
Issuance of treasury stock to employee stock purchase plan 0 380
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction $ 6,556 $ 0