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Consolidated Statements Of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$ 85,610$ 83,298
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization5,9766,470
Provision for bad debts, net8452,421
Non-cash stock compensation and other charges10,2626,969
Non-cash interest and other (income) loss3,079(987)
Dividends received from equity method investments316618
Equity in net income of affiliates(262)(890)
Changes in assets and liabilities, net of acquisitions:  
Receivables(15,494)(14,511)
Receivable - marketing and reservation fees, net(1,474)(2,594)
Accounts payable4,4686,274
Accrued expenses(10,584)(1,210)
Income taxes payable/receivable14,35411,940
Deferred income taxes2,839(2,704)
Deferred revenue9,37519,443
Other assets(556)(11,755)
Other liabilities(2,861)5,457
Net cash provided by operating activities105,893108,239
CASH FLOWS FROM INVESTING ACTIVITIES:  
Investment in property and equipment(8,129)(17,673)
Equity method investments(3,600)0
Acquisitions, net of cash acquired0(466)
Issuance of notes receivable(4,320)(8,901)
Collections of notes receivable155,055
Purchases of investments, employee benefit plans(1,051)(1,396)
Proceeds from sale of investments, employee benefit plans5661,018
Other items, net(312)(296)
Net cash used in investing activities(16,831)(22,659)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net borrowings (repayments) pursuant to revolving credit facilities(200)(271,100)
Proceeds from issuance of long-term debt75247,733
Repayments of long-term debt(74)(20)
Settlement of forward starting interest rate swap agreement0(8,663)
Purchase of treasury stock(24,796)(11,171)
Dividends paid(32,923)(32,884)
Excess tax benefits from stock-based compensation1,108331
Debt issuance costs(2,356)(804)
Proceeds from exercise of stock options3,7261,321
Net cash used in financing activities(55,440)(75,257)
Net change in cash and cash equivalents33,62210,323
Effect of foreign exchange rate changes on cash and cash equivalents(147)1,355
Cash and cash equivalents at beginning of period91,25967,870
Cash and cash equivalents at end of period124,73479,548
Cash payments during the period for:  
Income taxes, net of refunds17,22226,561
Interest15,0981,924
Non-cash investing and financing activities:  
Declaration of dividends32,84632,886
Capital lease obligation1,0532,483
Issuance of restricted shares of common stock9,6049,233
Issuance of performance vested restricted stock units0256
Issuance of treasury stock to employee stock purchase plan$ 550$ 424