XML 48 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 57,407 $ 58,510
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,685 4,610
Gain on sale of assets (1,595) (2,849)
Provision for bad debts, net 1,197 1,383
Non-cash stock compensation and other charges 5,399 4,711
Non-cash interest and other (income) loss 1,340 719
Deferred income taxes (2,095) (9,273)
Equity (earnings) losses from unconsolidated joint ventures, net of distributions received 2,781 611
Changes in assets and liabilities:    
Receivables (28,856) (39,518)
Advances to/from marketing and reservation activities, net 3,724 31,522
Forgivable notes receivable, net (19,186) (6,692)
Accounts payable 16,990 8,316
Accrued expenses (6,969) (5,247)
Income taxes payable/receivable 2,450 15,198
Deferred revenue 4,041 6,231
Other assets (5,152) (1,102)
Other liabilities 769 (1,298)
Net cash provided by operating activities 37,930 65,832
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in property and equipment (14,554) (7,314)
Proceeds from sales of assets 6,283 12,216
Contributions to equity method investments (2,446) (6,946)
Distributions from equity method investments 270 0
Purchases of investments, employee benefit plans (1,736) (1,220)
Proceeds from sales of investments, employee benefit plans 1,087 641
Issuance of mezzanine and other notes receivable (1,500) (2,223)
Collections of mezzanine and other notes receivable 3,567 9,743
Other items, net (261) (296)
Net cash provided (used) by investing activities (9,290) 4,601
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings pursuant to revolving credit facility 13,000 0
Proceeds from issuance of long term debt 0 26
Principal payments on long-term debt (6,169) (4,112)
Purchases of treasury stock (6,244) (4,544)
Dividends paid (22,940) (21,957)
Excess tax benefits from stock-based compensation 4,613 1,319
Proceeds from exercise of stock options 5,696 1,547
Net cash used by financing activities (12,044) (27,721)
Net change in cash and cash equivalents 16,596 42,712
Effect of foreign exchange rate changes on cash and cash equivalents (825) 1,035
Cash and cash equivalents at beginning of period 214,879 167,795
Cash and cash equivalents at end of period 230,650 211,542
Cash payments during the period for:    
Income taxes, net of refunds 21,052 19,594
Interest, net of capitalized interest 19,800 20,595
Non-cash investing and financing activities:    
Dividends declared but not paid 11,233 10,810
Issuance of common stock pursuant to share based compensation plans 8,244 8,024
Investment in property and equipment acquired in accounts payable $ 1,658 $ 688