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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 288,957 $ 75,387 $ 222,878
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 24,773 25,831 18,828
Depreciation and amortization - marketing and reservation system 25,721 22,625 17,294
Franchise agreement acquisition cost amortization 13,222 11,310 7,992
Impairment of goodwill 0 0 3,097
Impairment of long-lived assets 282 14,751 7,259
Loss on sale of business, net 0 0 4,674
Loss on extinguishment of debt 0 16,565 7,188
Loss (gain) on sale and disposal of assets, net 530 0 (2,103)
Non-cash stock compensation and other charges 35,731 9,690 17,615
Non-cash interest, investment, and affiliate income (13,509) (6,723) (4,010)
Deferred income taxes (1,006) (44,826) 9,810
Equity in net loss of affiliates, less distributions received 23,985 15,439 12,562
Franchise agreement acquisition costs, net of reimbursements (38,230) (36,479) (38,944)
Change in working capital and other, net of acquisition 23,240 6,491 (13,584)
Net cash provided by operating activities 383,696 110,061 270,556
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in property and equipment (74,294) (33,603) (57,342)
Investment in intangible assets (3,573) (1,359) (6,699)
Proceeds from sales of assets 6,119 0 10,585
Asset acquisitions, net of cash acquired 0 0 (168,954)
Cash received from extinguishment of notes receivable 301 0 0
Proceeds from sale of tax credits for rehabilitation of historic building 0 9,197 0
Payment on business disposition, net 0 0 (10,783)
Contributions to investments in affiliates (2,778) (5,454) (27,828)
Distributions and sales proceeds from investments in affiliates 15,554 10,798 19,178
Purchases of investments, employee benefit plans (1,705) (2,562) (3,175)
Proceeds from sales of investments, employee benefit plans 2,609 2,478 2,217
Issuance of notes receivable (20,133) (9,845) (20,722)
Collections of notes receivable 213 6,494 14,231
Other items, net (1,239) (623) (1,875)
Net cash used in investing activities (78,926) (24,479) (251,167)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of long term debt 0 0 422,376
Proceeds from issuance of Term Loan 0 249,500 0
Proceeds from issuance of 2020 Senior Notes 0 447,723 0
Net (repayments) borrowings pursuant to revolving credit facilities 0 (18,480) (72,400)
Principal payments on long-term debt 0 (473,857) (250,497)
Payments to extinguish long-term debt 0 (14,347) (6,312)
Debt issuance costs (365) (4,620) (3,936)
Purchases of treasury stock (13,365) (55,450) (50,638)
Dividends paid (25,044) (25,274) (48,089)
Payments on transfer of interest in notes receivable 0 0 (24,409)
Proceeds from exercise of stock options 11,054 10,203 21,410
Net cash (used in) provided by financing activities (27,720) 115,398 (12,495)
Net change in cash and cash equivalents 277,050 200,980 6,894
Effect of foreign exchange rate changes on cash and cash equivalents (224) 33 230
Cash and cash equivalents at beginning of period 234,779 33,766 26,642
Cash and cash equivalents at end of period 511,605 234,779 33,766
Cash payments during the year for      
Income taxes, net of refunds 106,539 8,605 41,859
Interest, net of capitalized interest 43,939 45,145 48,179
Non-cash investing and financing activities      
Dividends declared but not paid 13,208 0 12,535
Asset acquisition from extinguishment of note receivable 21,133 0 0
Investment in property, equipment and intangibles acquired in accounts payable and accrued liabilities $ 3,518 $ 1,421 $ 959