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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 139,371 $ 128,029 $ 123,160
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 11,705 11,542 9,365
Gain on disposal of assets (346) (1,521) (2,809)
Provision for bad debts, net 2,151 1,704 2,775
Non-cash stock compensation and other charges 15,458 11,805 9,706
Non-cash interest and other (income) loss 1,059 3,229 3,174
Deferred income taxes (10,542) 615 (22,899)
Equity in net losses from unconsolidated joint ventures, less distributions received 1,025 3,279 2,200
Changes in assets and liabilities, net of acquisition:      
Receivables (21,919) 401 (14,250)
Advances to/from marketing and reservation activities, net (21,449) 11,074 70,179
Forgivable notes receivable, net (17,410) (23,066) (12,914)
Accounts payable (13,689) 6,493 9,636
Accrued expenses and other current liabilities 5,225 5,166 6,678
Income taxes payable/receivable 5,775 808 139
Deferred revenue 61,646 5,251 5,297
Other assets (8,703) (5,792) (1,250)
Other liabilities 2,678 6,062 (575)
Net cash provided by operating activities 152,035 165,079 187,612
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in property and equipment (25,191) (27,765) (20,946)
Investment in intangible assets (2,580) (733) (636)
Proceeds from sale of assets 11,462 6,347 15,612
Acquisitions of real estate (28,583) (9,200) 0
Business acquisition, net of cash acquired (1,341) (13,269) 0
Contributions to equity method investments (34,661) (23,737) (17,789)
Distributions from equity method investments 3,700 518 0
Purchases of investments, employee benefit plans (1,661) (3,220) (2,794)
Proceeds from sales of investments, employee benefit plans 1,911 3,170 964
Issuance of mezzanine and other notes receivable (32,604) (36,884) (3,340)
Collections of mezzanine and other notes receivable 11,070 4,849 11,289
Other items, net 11 114 (6)
Net cash used in investing activities (98,467) (99,810) (17,646)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from the issuance of long-term debt 0 176 250
Net borrowings pursuant to revolving credit facilities 25,795 158,867 0
Principal payments on long-term debt (988) (130,501) (10,108)
Proceeds from other debt agreements 550 0 0
Debt issuance costs (284) (2,169) 0
Purchase of treasury stock (35,926) (72,873) (77,972)
Dividends paid (46,182) (45,214) (43,529)
Proceeds from exercise of stock options 12,951 7,056 10,098
Net cash used in financing activities (44,084) (84,658) (121,261)
Net change in cash and cash equivalents 9,484 (19,389) 48,705
Effect of foreign exchange rate changes on cash and cash equivalents (462) (2,049) (1,621)
Cash and cash equivalents at beginning of period 193,441 214,879 167,795
Cash and cash equivalents at end of period 202,463 193,441 214,879
Cash payments during the year for:      
Income taxes, net of refunds 65,683 54,990 77,562
Interest, net of capitalized interest 41,992 40,056 40,644
Non-cash investing and financing activities:      
Dividends declared but not paid 12,112 11,548 11,176
Equity method investments 0 0 2,827
Investment in property, equipment and intangibles acquired in accounts payable and accrued liabilities 3,648 3,717 15,670
Acquisitions, long-term debt assumed 0 0 10,667
Sale of investment in unconsolidated joint venture $ 2,350 $ 0 $ 0