XML 22 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating activities    
Net income $ 145,286 $ 127,517
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 110,128 107,388
Amortization of items charged to interest expense 3,290 6,189
Gain on sale of fixed assets (1,037) (234)
(Gain) loss from unconsolidated affiliates (2,739) 1,923
Deferred income taxes (14,383) 27,592
Charge for stock-based compensation 15,307 12,349
(Increase) decrease, net of businesses acquired    
Accounts receivable (505) (2,431)
Insurance receivable 1,072 (709)
Prepaid expenses and other current assets 11,316 42,808
Other assets (5,191) (1,515)
(Decrease) increase, net of businesses acquired    
Accounts payable (2,647) 1,138
Accrued expenses (7,026) (12,531)
Accrued interest (646) (2,731)
Accrued salaries and wages (9,895) (7,053)
Gaming, pari-mutuel, property and other taxes (4,008) (7,995)
Income taxes (15,278)  
Other current and noncurrent liabilities 4,506 5,320
Other noncurrent tax liabilities 3,336 (6,048)
Net cash provided by operating activities 230,886 290,977
Investing activities    
Expenditures for property and equipment, net of reimbursements (254,178) (107,250)
Proceeds from sale of property and equipment 2,803 610
Investment in joint ventures (39,600) (80,725)
Decrease in cash in escrow 15,500 30,000
Acquisitions of businesses and licenses, net of cash acquired (50,000) 12,585
Net cash used in investing activities (325,475) (144,780)
Financing activities    
Proceeds from exercise of options 8,534 7,695
Proceeds from issuance of long-term debt, net of issuance costs 151,932 28,670
Principal payments on long-term debt (93,305) (103,095)
Proceeds from insurance financing   892
Payments on insurance financing (9,364) (6,817)
Tax benefit from stock options exercised 2,478 2,058
Net cash provided by (used in) financing activities 60,275 (70,597)
Net (decrease) increase in cash and cash equivalents (34,314) 75,600
Cash and cash equivalents at beginning of year 238,440 246,385
Cash and cash equivalents at end of period 204,126 321,985
Supplemental disclosure    
Cash paid for interest 38,966 53,313
Cash paid for income taxes $ 115,054 $ 28,619