UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) | February 8, 2012 (February 8, 2012) |
Service Corporation International |
(Exact name of registrant as specified in its charter) |
Texas | 1-6402-1 | 74-1488375 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
1929 Allen Parkway Houston, Texas | 77019 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (713) 522-5141 |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
£ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
£ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
£ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On February 8, 2012, Service Corporation International issued a press release reporting its financial results for the fourth quarter of 2011. A copy of this press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
The attached Exhibit 99.1 is not filed, but is furnished to comply with Regulation FD. The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are included with this report
Exhibit No. | Description | |
99.1 | Press Release, dated February 8, 2012 reporting fourth quarter 2011 financial results |
2 |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
February 8, 2012 | Service Corporation International | |
By: | /s/ Eric D. Tanzberger | |
Eric D. Tanzberger | ||
Senior Vice President | ||
Chief Financial Officer and Treasurer |
3 |
Service Corporation International Announces Fourth Quarter 2011 Financial Results and Affirms Guidance for 2012
- Conference call on Thursday, February 9, 2012, at 9:00 a.m. Central Time.
HOUSTON, Feb. 8, 2012 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, today reported results for the fourth quarter 2011. Our unaudited condensed consolidated financial statements can be found at the end of this press release. The table below summarizes our key financial results:
(In millions, except for per share amounts) | Three Months Ended | Twelve Months Ended | |||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||
Revenues | $ | 586.6 | $ | 571.3 | $ | 2,316.0 | $ | 2,190.6 | |||||||||
Operating income | $ | 107.8 | $ | 104.0 | $ | 363.7 | $ | 354.0 | |||||||||
Net income attributable to common stockholders | $ | 44.6 | $ | 36.5 | $ | 144.9 | $ | 126.4 | |||||||||
Diluted earnings per share | $ | 0.20 | $ | 0.15 | $ | 0.61 | $ | 0.50 | |||||||||
Earnings from continuing operations excluding special items (1) | $ | 43.4 | $ | 45.0 | $ | 152.9 | $ | 149.0 | |||||||||
Diluted earnings per share from continuing operations excluding special items(1) | $ | 0.19 | $ | 0.18 | $ | 0.65 | $ | 0.59 | |||||||||
Diluted weighted average shares outstanding | 228.3 | 245.1 | 236.7 | 250.6 | |||||||||||||
Net cash provided by operating activities | $ | 96.8 | $ | 88.3 | $ | 388.1 | $ | 354.4 | |||||||||
(1) | Earnings from continuing operations excluding special items and diluted earnings per share from continuing operations excluding special items are non-GAAP financial measures. A reconciliation to net income and diluted earnings per share computed in accordance with GAAP can be found later in this press release under the heading "Non-GAAP Financial Measures". | |
Quarterly Highlights:
Tom Ryan, the Company's President and Chief Executive Officer, commented on the fourth quarter of 2011:
"We finished the year strong with results for the quarter and full year reaching the top end of our previous guidance. Continued favorable preneed sales production trends, higher average revenue per funeral service, and effective cost containment were keys to the fourth quarter's success. As we enter 2012 we are optimistic about our outlook and affirm our previous guidance of $.66 to $.74 of diluted earnings per share excluding special items and $375 to $425 million of recurring operating cash flow. We expect to maintain our momentum of growing preneed sales while refining our customer experience and developing a more productive operating platform. At the same time we will continue to apply a balanced approach to using our free cash flow to grow our company and to enhance shareholder value."
REVIEW OF RESULTS FOR FOURTH QUARTER 2011
Consolidated Segment Results | ||||||||||||||||||
(In millions, except funeral services performed and average revenue per funeral service) | Three Months Ended | Twelve Months Ended | ||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||
Funeral | ||||||||||||||||||
Funeral atneed revenue | $ | 239.2 | $ | 250.0 | $ | 971.3 | $ | 950.5 | ||||||||||
Funeral recognized preneed revenue | 120.6 | 117.3 | 478.3 | 462.9 | ||||||||||||||
Other funeral revenue (1) | 35.4 | 19.9 | 123.9 | 79.5 | ||||||||||||||
Total funeral revenues | $ | 395.2 | $ | 387.2 | $ | 1,573.5 | $ | 1,492.9 | ||||||||||
Gross profit | $ | 86.9 | $ | 85.9 | $ | 330.7 | $ | 317.0 | ||||||||||
Gross margin percentage | 22.0 | % | 22.2 | % | 21.0 | % | 21.2 | % | ||||||||||
Funeral services performed | 70,110 | 69,679 | 277,983 | 270,351 | ||||||||||||||
Average revenue per funeral service | $ | 5,132 | $ | 5,271 | $ | 5,215 | $ | 5,228 | ||||||||||
Cemetery | ||||||||||||||||||
Cemetery atneed revenue | $ | 58.0 | $ | 58.4 | $ | 236.8 | $ | 240.4 | ||||||||||
Cemetery recognized preneed revenue | 109.9 | 103.5 | 411.5 | 373.6 | ||||||||||||||
Other cemetery revenue (2) | 23.5 | 22.2 | 94.2 | 83.7 | ||||||||||||||
Total cemetery revenues | $ | 191.4 | $ | 184.1 | $ | 742.5 | $ | 697.7 | ||||||||||
Gross profit | $ | 43.1 | $ | 39.0 | $ | 147.8 | $ | 132.2 | ||||||||||
Gross margin percentage | 22.5 | % | 21.2 | % | 19.9 | % | 18.9 | % | ||||||||||
(1) | Other funeral revenue consist primarily of General Agency revenues, which are commissions we receive from third-party insurance companies for life insurance policies or annuities sold to preneed customers for the purpose of funding preneed funeral arrangements. It also includes preneed sales of The Neptune Society that are delivered at the time of sale, including memorial merchandise and travel protection insurance. | |
(2) | Other cemetery revenue is primarily related to cemetery merchandise and service trust fund income, endowment care trust fund income, royalty income, and interest and finance charges earned from customer receivables on preneed installment contracts. | |
Comparable Funeral Results
The table below details comparable funeral results of operations ("same store") for the three months ended December 31, 2011 and 2010. We consider comparable operations to be those owned for the entire period beginning January 1, 2010 and ending December 31, 2011.
(In millions, except average revenue per funeral service and average revenue per contract sold) | Three Months Ended | |||||||||
2011 | 2010 | |||||||||
Comparable funeral revenue: | ||||||||||
Atneed revenue | 216.1 | 228.4 | ||||||||
Recognized preneed revenue | 112.9 | 111.9 | ||||||||
Other funeral revenue(1) | 21.6 | 18.6 | ||||||||
Total comparable funeral revenues | $ | 350.6 | $ | 358.9 | ||||||
Comparable gross profit | $ | 79.3 | $ | 80.2 | ||||||
Comparable gross margin percentage | 22.6 | % | 22.3 | % | ||||||
Comparable funeral services performed: | ||||||||||
Preneed | 22,236 | 22,768 | ||||||||
Atneed | 38,773 | 41,959 | ||||||||
Total | 61,009 | 64,727 | ||||||||
Comparable average revenue per funeral service | $ | 5,393 | $ | 5,257 | ||||||
Comparable preneed funeral production: | ||||||||||
Sales | $ | 128.2 | $ | 111.5 | ||||||
Total preneed funeral contracts sold | 23,083 | 20,497 | ||||||||
Average revenue per contract sold | $ | 5,554 | $ | 5,440 | ||||||
(1) | Other funeral revenue consists primarily of General Agency revenues, which are commissions we receive from third-party insurance companies for life insurance policies or annuities sold to preneed customers for the purpose of funding preneed funeral arrangements. | |
Comparable Cemetery Results
The table below details comparable cemetery results of operations ("same store") for the three months ended December 31, 2011 and 2010. We consider comparable operations to be those owned for the entire period beginning January 1, 2010 and ending December 31, 2011.
(Dollars in millions) | Three Months Ended | |||||||||
2011 | 2010 | |||||||||
Comparable cemetery revenue: | ||||||||||
Atneed revenue | $ | 57.4 | $ | 57.6 | ||||||
Recognized preneed revenue | 109.1 | 101.5 | ||||||||
Other cemetery revenue (1) | 23.4 | 21.9 | ||||||||
Total comparable cemetery revenues | $ | 189.9 | $ | 181.0 | ||||||
Comparable gross profit | $ | 43.2 | $ | 38.7 | ||||||
Comparable gross margin percentage | 22.7 | % | 21.4 | % | ||||||
Comparable preneed and atneed cemetery sales production: | ||||||||||
Property | $ | 98.0 | $ | 95.2 | ||||||
Merchandise and services | 87.9 | 86.3 | ||||||||
Discounts | (19.7) | (16.2) | ||||||||
Preneed and atneed cemetery sales production | $ | 166.2 | $ | 165.3 | ||||||
Recognition rate (2) | 100 | % | 96 | % | ||||||
(1) | Other cemetery revenue is primarily related to cemetery merchandise and service trust fund income, endowment care trust fund income, royalty income, and interest and finance charges earned from customer receivables on preneed installment contracts. | |
(2) | Represents the ratio of current period revenue recognition stated as a percentage of current period sales production. | |
Other Financial Results
Cash Flow and Capital Spending
Capital Expenditures (In millions) | Three Months Ended | Twelve Months
Ended | ||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Capital improvements at existing locations | $ | 18.2 | $ | 18.8 | $ | 66.2 | $ | 58.7 | ||||||||
Development of cemetery property | 12.5 | 10.9 | 42.9 | 35.4 | ||||||||||||
Construction of new funeral home facilities | 1.7 | 0.8 | 9.3 | 3.8 | ||||||||||||
Total capital expenditures | $ | 32.4 | $ | 30.5 | $ | 118.4 | $ | 97.9 | ||||||||
TRUST FUND RETURNS
Total trust fund returns include realized and unrealized gains and losses and dividends. A summary of our consolidated trust fund returns for the three and twelve months ended December 31, 2011 is set forth below:
Three Months | Twelve Months | ||||||
Preneed Funeral | 6.3 | % | 0.7 | % | |||
Preneed Cemetery | 6.5 | % | 0.7 | % | |||
Cemetery Perpetual Care | 4.4 | % | 5.2 | % | |||
Combined Trust Funds | 5.7 | % | 2.2 | % | |||
NON-GAAP FINANCIAL MEASURES
Earnings from continuing operations excluding special items and diluted earnings per share from continuing operations excluding special items are non-GAAP financial measures. We believe these non-GAAP financial measures provide a consistent basis for comparison between quarters and better reflect the performance of our core operations, as they are not influenced by certain income or expense items not affecting continuing operations. We also believe these measures help facilitate comparisons to our competitors' operating results.
Set forth below is a reconciliation of earnings from continuing operations excluding special items to our reported net income attributable to common stockholders and diluted earnings per share from continuing operations excluding special items to our GAAP diluted earnings per share. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
Three Months Ended December 31, | ||||||||||||||||
(In millions, except diluted EPS) | 2011 | 2010 | ||||||||||||||
Net Income | Diluted EPS | Net Income | Diluted EPS | |||||||||||||
Net income attributable to common stockholders, as reported | $ | 44.6 | $ | 0.20 | $ | 36.5 | $ | 0.15 | ||||||||
After-tax reconciling items: | ||||||||||||||||
Gains on divestitures and impairment charges, net | (1.1) | (0.01) | (0.9) | — | ||||||||||||
Acquisition and transition costs | 0.1 | — | 3.0 | 0.01 | ||||||||||||
Losses on early extinguishment of debt, net | — | — | 0.4 | — | ||||||||||||
Change in certain tax reserves | (0.2) | — | 6.0 | 0.02 | ||||||||||||
Earnings from continuing operations excluding special items | $ | 43.4 | $ | 0.19 | $ | 45.0 | $ | 0.18 | ||||||||
Diluted weighted average shares outstanding (in thousands) | 228,281 | 245,066 | ||||||||||||||
Twelve Months Ended December 31, | ||||||||||||
(In millions, except diluted EPS) | 2011 | 2010 | ||||||||||
Net Income | Diluted EPS | Net Income | Diluted EPS | |||||||||
Net income attributable to common stockholders, as reported | $ | 144.9 | $ | 0.61 | $ | 126.4 | $ | 0.50 | ||||
After-tax reconciling items: | ||||||||||||
Losses on divestitures and impairment charges, net | 1.8 | 0.01 | 2.2 | 0.01 | ||||||||
Acquisition and transition costs | 1.4 | 0.01 | 9.4 | 0.04 | ||||||||
Losses on early extinguishment of debt, net | 2.2 | 0.01 | 5.9 | 0.02 | ||||||||
Change in certain tax reserves | 2.6 | 0.01 | 5.1 | 0.02 | ||||||||
Earnings from continuing operations excluding special items | $ | 152.9 | $ | 0.65 | $ | 149.0 | $ | 0.59 | ||||
Diluted weighted average shares outstanding (in thousands) | 236,669 | 250,602 | ||||||||||
Conference Call and Webcast
We will host a conference call on Thursday, February 9, 2012, at 9:00 a.m. Central Time. A question and answer session will follow a brief presentation made by management. The conference call dial-in number is (857) 350-1595 with the passcode of 99535117. The conference call will also be broadcast live via the Internet and can be accessed through our website at www.sci-corp.com. A replay of the conference call will be available through April 23, 2012 and can be accessed at (617) 801-6888 with the passcode of 23614854. Additionally, a replay of the conference call will be available on our website for approximately ninety days.
Cautionary Statement on Forward-Looking Statements
The statements in this press release that are not historical facts are forward-looking statements made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words such as "believe," "estimate," "project," "expect," "anticipate" or "predict," that convey the uncertainty of future events or outcomes. These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by us, or on our behalf. Important factors, which could cause actual results to differ materially from those in forward-looking statements include, among others, the following:
For further information on these and other risks and uncertainties, see our Securities and Exchange Commission filings included in our upcoming 2011 Annual Report on Form 10-K. Copies of this document as well as other SEC filings can be obtained from our website at www.sci-corp.com. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events or otherwise.
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of deathcare products and services. At December 31, 2011, we owned and operated 1,423 funeral homes and 374 cemeteries (of which 214 are combination locations) in 43 states, eight Canadian provinces and the District of Columbia. Through our businesses, we market the Dignity Memorial® brand which offers assurance of quality, value, caring service, and exceptional customer satisfaction. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial®, please visit www.dignitymemorial.com.
For additional information contact: | |||||
Investors: | Debbie Young - Director / Investor Relations | (713) 525-9088 | |||
Media: | Lisa Marshall - Managing Director / Corporate Communications | (713) 525-3066 | |||
SERVICE CORPORATION INTERNATIONAL CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues | $ | 586,568 | $ | 571,251 | $ | 2,316,040 | $ | 2,190,552 | ||||||||
Costs and expenses | (456,551) | (446,331) | (1,837,504) | (1,741,329) | ||||||||||||
Gross profit | 130,017 | 124,920 | 478,536 | 449,223 | ||||||||||||
General and administrative expenses | (26,479) | (23,603) | (103,860) | (103,689) | ||||||||||||
Gains (losses) on divestitures and impairment charges, net | 4,287 | 2,681 | (10,977) | 8,512 | ||||||||||||
Operating income | 107,825 | 103,998 | 363,699 | 354,046 | ||||||||||||
Interest expense | (33,306) | (31,915) | (133,782) | (128,196) | ||||||||||||
Losses on early extinguishment of debt, net | (5) | (43 | (3,509) | (9,400) | ||||||||||||
Other (expense) income, net | (1,741) | (68 | (772) | 3,009 | ||||||||||||
Income from continuing operations before income taxes | 72,773 | 71,972 | 225,636 | 219,459 | ||||||||||||
Provision for income taxes | (28,223) | (35,203) | (79,404) | (92,458) | ||||||||||||
Net income | 44,550 | 36,769 | 146,232 | 127,001 | ||||||||||||
Net income attributable to noncontrolling interests | — | (314) | (1,329) | (584) | ||||||||||||
Net income attributable to common stockholders | $ | 44,550 | $ | 36,455 | $ | 144,903 | $ | 126,417 | ||||||||
Basic earnings per share | $ | 0.20 | $ | 0.15 | $ | 0.62 | $ | 0.51 | ||||||||
Diluted earnings per share | $ | 0.20 | $ | 0.15 | $ | 0.61 | $ | 0.50 | ||||||||
Basic weighted average number of shares | 225,950 | 243,260 | 234,242 | 248,871 | ||||||||||||
Diluted weighted average number of shares | 228,281 | 245,066 | 236,669 | 250,602 | ||||||||||||
SERVICE CORPORATION INTERNATIONAL CONSOLIDATED BALANCE SHEET (In thousands, except share amounts) | ||||||||
December 31, 2011 | December 31, 2010 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 128,569 | $ | 170,846 | ||||
Receivables, net | 103,892 | 107,185 | ||||||
Deferred tax asset | 44,316 | 41,371 | ||||||
Inventories, net | 25,513 | 27,372 | ||||||
Other | 25,803 | 27,746 | ||||||
Total current assets | 328,093 | 374,520 | ||||||
Preneed funeral receivables, net and trust investments | 1,478,865 | 1,424,557 | ||||||
Preneed cemetery receivables, net and trust investments | 1,595,940 | 1,563,893 | ||||||
Cemetery property, at cost | 1,497,703 | 1,508,787 | ||||||
Property and equipment, net | 1,618,361 | 1,627,698 | ||||||
Goodwill | 1,361,493 | 1,307,484 | ||||||
Deferred charges and other assets | 430,851 | 396,582 | ||||||
Cemetery perpetual care trust investments | 1,016,506 | 987,019 | ||||||
$ | 9,327,812 | $ | 9,190,540 | |||||
LIABILITIES & EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 358,904 | $ | 342,651 | ||||
Current maturities of long-term debt | 23,554 | 22,502 | ||||||
Income taxes | 3,150 | 1,474 | ||||||
Total current liabilities | 385,608 | 366,627 | ||||||
Long-term debt | 1,861,116 | 1,832,380 | ||||||
Deferred preneed funeral revenues | 575,546 | 580,223 | ||||||
Deferred preneed cemetery revenues | 833,303 | 813,493 | ||||||
Deferred tax liability | 405,615 | 323,303 | ||||||
Other liabilities | 414,773 | 399,620 | ||||||
Deferred preneed funeral and cemetery receipts held in trust | 2,424,356 | 2,408,074 | ||||||
Care trusts' corpus | 1,015,300 | 986,872 | ||||||
Stockholders' Equity: | ||||||||
Common stock, $1 per share par value, 500,000,000 shares authorized, | 222,956 | 241,035 | ||||||
Capital in excess of par value | 1,430,330 | 1,603,112 | ||||||
Accumulated deficit | (367,044) | (477,459) | ||||||
Accumulated other comprehensive income | 105,852 | 112,768 | ||||||
Total common stockholders' equity | 1,392,094 | 1,479,456 | ||||||
Noncontrolling interests | 20,101 | 492 | ||||||
Total Equity | 1,412,195 | 1,479,948 | ||||||
$ | 9,327,812 | $ | 9,190,540 | |||||
SERVICE CORPORATION INTERNATIONAL CONSOLIDATED STATEMENT OF CASH FLOWS (In thousands) | ||||||||
Twelve Months Ended | ||||||||
2011 | 2010 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 146,232 | $ | 127,001 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Losses on early extinguishment of debt, net | 3,509 | 9,400 | ||||||
Depreciation and amortization | 118,047 | 116,391 | ||||||
Amortization of intangible assets | 25,591 | 25,197 | ||||||
Amortization of cemetery property | 40,046 | 32,418 | ||||||
Amortization of loan costs | 4,436 | 4,266 | ||||||
Provision for doubtful accounts | 9,251 | 8,155 | ||||||
Provision for deferred income taxes | 66,512 | 76,934 | ||||||
Losses (gains) on divestitures and impairment charges, net | 10,977 | (8,512) | ||||||
Share-based compensation | 9,144 | 8,878 | ||||||
Change in assets and liabilities, net of effects from acquisitions and divestitures: | ||||||||
Increase in receivables | (3,322) | (14,561) | ||||||
Decrease in other assets | 6,815 | 2,603 | ||||||
Increase in payables and other liabilities | 14,610 | 16,374 | ||||||
Effect of preneed funeral production and maturities: | ||||||||
Decrease in preneed funeral receivables, net and trust investments | 69,688 | 45,988 | ||||||
Decrease in deferred preneed funeral revenue | (32,158) | (14,778) | ||||||
Decrease in deferred preneed funeral receipts held in trust | (50,591) | (36,322) | ||||||
Effect of cemetery production and deliveries: | ||||||||
Increase in preneed cemetery receivables, net and trust investments | (65,581) | (53,224) | ||||||
Increase in deferred preneed cemetery revenue | 23,636 | 10,558 | ||||||
Decrease in deferred preneed cemetery receipts held in trust | (9,419) | (648) | ||||||
Other | 689 | (1,739) | ||||||
Net cash provided by operating activities | 388,112 | 354,379 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (118,375) | (97,899) | ||||||
Acquisitions | (99,570) | (299,083) | ||||||
Proceeds from divestitures and sales of property and equipment, net | 24,529 | 90,835 | ||||||
Net withdrawals of restricted funds and other | 3,159 | 26,437 | ||||||
Net cash used in investing activities | (190,257) | (279,710) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from the issuance of long-term debt | 85,000 | 510,000 | ||||||
Debt issuance costs | — | (11,828) | ||||||
Payments of debt | (22,774) | (263,063) | ||||||
Early extinguishment of debt | (43,194) | (119,105) | ||||||
Principal payments on capital leases | (23,030) | (46,214) | ||||||
Proceeds from exercise of stock options | 8,227 | 1,759 | ||||||
Purchase of Company common stock | (197,302) | (116,878) | ||||||
Payments of dividends | (44,795) | (40,001) | ||||||
Bank overdrafts and other | (798) | (2,856) | ||||||
Net cash used in by financing activities | (238,666) | (88,186) | ||||||
Effect of foreign currency | (1,466) | 4,618 | ||||||
Net decrease in cash and cash equivalents | (42,277) | (8,899) | ||||||
Cash and cash equivalents at beginning of period | 170,846 | 179,745 | ||||||
Cash and cash equivalents at end of period | $ | 128,569 | $ | 170,846 | ||||