XML 19 R8.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows from Operating Activities:    
Net Income (includes noncontrolling interests) $ 49,176 $ 42,259
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation and amortization 11,851 10,402
Other amortization 21 11
Provision for deferred income taxes (184) 601
Stock-based compensation 3,363 2,655
Loss on disposition of property 1 170
Equity (gain) in investment (306) (37)
Impairment of investment and other assets 0 118
Change in assets and liabilities:    
Accounts receivable 4,931 6,154
Marketing fee receivable (903) 1,908
Income taxes receivable 23,123 20,383
Prepaid expenses (2,831) (3,966)
Other current assets 365 (372)
Accounts payable and accrued expenses (10,221) (13,239)
Marketing fee payable 917 (1,916)
Deferred revenue and other liabilities 10,819 11,200
Post-retirement benefit obligations (6) (5)
Income tax liability 1,250 1,249
Income tax payable 6,062 880
Net Cash Flows provided by Operating Activities 97,428 78,455
Cash Flows from Investing Activities:    
Capital and other assets expenditures (8,934) (7,536)
Acquisition of a majority interest in a business, net of cash received (14,257) 0
Investments (4,749) (30,469)
Other 27 246
Net Cash Flows used in Investing Activities (27,913) (37,759)
Cash Flows from Financing Activities:    
Payment of quarterly dividends (18,897) (17,725)
Excess tax benefit from stock-based compensation 1,142 1,194
Purchase of common stock from employees (4,119) (3,119)
Purchase of unrestricted common stock under announced program (42,412) (31,415)
Net Cash Flows used in Financing Activities (64,286) (51,065)
Net Increase/(Decrease) in Cash and Cash Equivalents 5,229 (10,369)
Cash and Cash Equivalents at Beginning of Period 102,253 147,927
Cash and Cash Equivalents at End of Period 107,482 137,558
Supplemental Disclosure of Cash Flow Information    
Cash paid for income taxes $ 0 $ 2,695