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Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 98,826 $ 97,875
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,793 6,903
Gain on sale of assets (1,519) (2,809)
Provision for bad debts, net 1,540 1,676
Non-cash stock compensation and other charges 8,929 8,093
Non-cash interest and other (income) loss 3,168 1,836
Deferred income taxes (1,799) (19,216)
Equity (earnings) losses from unconsolidated joint ventures, net of distributions received 2,917 1,679
Changes in assets and liabilities; net of acquisition:    
Receivables (24,532) (30,497)
Advances to/from marketing and reservation activities, net 18,341 60,187
Forgivable notes receivable, net (21,029) (8,776)
Accounts payable 5,111 21,845
Accrued expenses and other current liabilities (14,083) (11,082)
Income taxes payable/receivable 11,066 7,981
Deferred revenue 2,122 4,751
Other assets (4,826) (1,125)
Other liabilities 5,748 (943)
Net cash provided by operating activities 98,773 138,378
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in property and equipment (21,810) (11,886)
Proceeds from sales of assets 6,347 15,612
Acquisition, net of cash acquired (13,269) 0
Contributions to equity method investments (3,811) (14,362)
Distributions from equity method investments 270 0
Purchases of investments, employee benefit plans (2,977) (1,520)
Proceeds from sales of investments, employee benefit plans 2,920 966
Issuance of mezzanine and other notes receivable (25,253) (3,340)
Collections of mezzanine and other notes receivable 3,697 9,832
Other items, net (9,212) (592)
Net cash used by investing activities (63,098) (5,290)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings pursuant to revolving credit facilities 162,032 0
Proceeds from issuance of long term debt 176 226
Debt issuance costs (2,169) 0
Principal payments on long-term debt (130,194) (7,110)
Purchases of treasury stock (56,450) (23,757)
Dividends paid (34,173) (32,767)
Excess tax benefits from stock-based compensation 4,885 2,297
Proceeds from exercise of stock options 6,381 4,984
Net cash used by financing activities (49,512) (56,127)
Net change in cash and cash equivalents (13,837) 76,961
Effect of foreign exchange rate changes on cash and cash equivalents (1,781) (364)
Cash and cash equivalents at beginning of period 214,879 167,795
Cash and cash equivalents at end of period 199,261 244,392
Cash payments during the period for:    
Income taxes, net of refunds 32,474 51,600
Interest, net of capitalized interest 39,187 40,126
Non-cash investing and financing activities:    
Dividends declared but not paid 11,041 10,764
Investment in property and equipment acquired in accounts payable 1,611 890
Equity method investments $ 0 $ 2,797