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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 258,507 $ 332,152 $ 288,957
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 39,659 30,425 24,773
Depreciation and amortization - other expenses from franchised and managed properties 36,076 33,488 25,721
Franchise agreement acquisition cost amortization 20,024 15,666 13,222
Gain on extinguishment of debt (4,416) 0 0
Impairment of long-lived assets 3,736 0 282
(Gain) loss on sale of business and assets, net 0 (16,251) 530
Non-cash share-based compensation and other charges 46,809 42,974 35,731
Non-cash interest, investment, and affiliate (income) loss, net (8,747) 7,365 (13,509)
Deferred income taxes (1,336) (19,642) (1,006)
Equity in net (gain) loss of affiliates, less distributions received (1,570) 489 23,985
Franchise agreement acquisition costs, net of reimbursements (98,316) (54,527) (38,230)
Change in working capital and other 6,128 (5,078) 23,240
Net cash provided by operating activities 296,554 367,061 383,696
CASH FLOWS FROM INVESTING ACTIVITIES      
Investments in property and equipment (116,277) (89,954) (74,294)
Investments in intangible assets (2,014) (3,631) (3,573)
Proceeds from the sale of assets and business 0 166,568 6,119
Asset acquisitions, net of cash paid 0 (856) 0
Cash received from extinguishment of notes receivable 0 0 301
Business acquisition, net of cash acquired 0 (550,431) 0
Proceeds from the termination of intangible assets 0 44,711 0
Contributions to investments in affiliates (38,930) (3,148) (2,778)
Proceeds from the sale of affiliates 868 0 15,554
Purchases of investments for employee benefit plans (4,194) (4,185) (1,705)
Proceeds from sales of investments for employee benefit plans 1,609 1,908 2,609
Contributions to investments in affiliates (112,420) 0 0
Issuances of notes receivable (4,323) (5,647) (20,133)
Collections of notes receivable 10,852 975 213
Other items, net (797) 1,260 (1,239)
Net cash used in investing activities (265,626) (442,430) (78,926)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net (repayments) borrowings pursuant to revolving credit facilities (131,500) 360,000 0
Proceeds from issuance of Term Loan 500,000 0 0
Principal payments on long-term debt 0 (216,571) 0
Payments to extinguish acquired debt 0 (55,975) 0
Proceeds from acquired derivative 0 1,943 0
Debt issuance costs (1,553) (44) (365)
Purchases of treasury stock (362,772) (434,767) (13,365)
Dividends paid (56,457) (52,545) (25,044)
Proceeds from the exercise of stock options 6,345 3,809 11,054
Net cash used in financing activities (45,937) (394,150) (27,720)
Net change in cash and cash equivalents (15,009) (469,519) 277,050
Effect of foreign exchange rate changes on cash and cash equivalents 197 (520) (224)
Cash and cash equivalents, beginning of period 41,566 511,605 234,779
Cash and cash equivalents, end of period 26,754 41,566 511,605
Cash payments during the year for      
Income taxes, net of refunds 94,342 115,972 106,539
Interest, net of capitalized interest 60,773 46,908 43,939
Non-cash investing and financing activities      
Dividends declared but not paid 14,902 13,136 13,208
Asset acquisition from extinguishment of note receivable 0 20,446 21,133
Investment in property, equipment and intangible assets acquired in accounts payable and accrued liabilities $ 10,291 $ 5,383 $ 3,518