XML 46 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 97,875 $ 90,266
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,903 7,094
Gain on sale of assets (2,809) 0
Provision for bad debts, net 1,676 2,264
Non-cash stock compensation and other charges 8,093 8,635
Non-cash interest and other (income) loss 1,836 1,057
Deferred income taxes (19,216) (351)
Dividends received from equity method investments 1,101 1,109
Equity in net (income) loss of affiliates 578 (340)
Changes in assets and liabilities:    
Receivables (30,497) (26,635)
Advances to/from marketing and reservation activities, net 60,187 29,712
Forgivable notes receivable, net (8,776) (5,722)
Accounts payable 21,845 1,280
Accrued expenses (11,082) (22,757)
Income taxes payable/receivable 7,981 24,107
Deferred revenue 4,751 (9,686)
Other assets (1,125) (2,395)
Other liabilities (943) 8,851
Net cash provided by operating activities 138,378 106,489
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in property and equipment (11,886) (27,922)
Proceeds from sales of assets 15,612 0
Equity method investments (14,362) (3,761)
Purchases of investments, employee benefit plans (1,520) (1,845)
Proceeds from sales of investments, employee benefit plans 966 4,052
Issuance of mezzanine and other notes receivable (3,340) 0
Collections of mezzanine and other notes receivable 9,832 224
Other items, net (592) (578)
Net cash used in investing activities (5,290) (29,830)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net repayments pursuant to revolving credit facility 0 (27,500)
Principal payments on long-term debt (7,110) (6,158)
Proceeds from the issuance of long-term debt 226 3,360
Purchases of treasury stock (23,757) (3,684)
Dividends paid (32,767) (22,026)
Excess tax benefits from stock-based compensation 2,297 1,216
Proceeds from exercise of stock options 4,984 6,677
Net cash used in financing activities (56,127) (48,115)
Net change in cash and cash equivalents 76,961 28,544
Effect of foreign exchange rate changes on cash and cash equivalents (364) (1,583)
Cash and cash equivalents at beginning of period 167,795 134,177
Cash and cash equivalents at end of period 244,392 161,138
Cash payments during the period for:    
Income taxes, net of refunds 51,600 12,990
Interest 40,126 42,244
Non-cash investing and financing activities:    
Dividends declared but not paid 10,764 10,773
Issuance of common stock pursuant to share based compensation plans 8,173 9,695
Equity method investments 2,797 0
Investment in property and equipment acquired in accounts payable $ 890 $ 763