FINANCIAL INFORMATION

FINANCIAL INFORMATION

In millions of USD (except for per share items)

Copyright Thomson Reuters Corporation

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 58,007 $ 90,750 $ 77,266
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 18,807 18,614 22,359
Non-cash stock-based expense 9,951 10,887 10,034
Loss on extinguishment of debt 3,758 1,754 0
Loss (gain) on sale of assets 10 (40) (42)
Deferred income taxes (17,635) (33,311) 12,571
Distributions from long-term investments 1,472 1,436 1,347
Equity in (earnings) losses from long-term investments (3,158) 765 2,754
Net losses on investment securities 9,570 660 3,487
Equity in earnings from real estate ventures (14,446) (21,395) (5,200)
Distributions from real estate ventures 25,935 37,995 23,446
Non-cash interest expense 52,048 29,620 10,549
Excess tax benefit of stock compensation 18,412 1,143 0
Impairment of long-term investments 0 50 385
Changes in assets and liabilities:      
Receivables (13,372) (17,492) (5,809)
Inventories (1,207) 43 (3,317)
Accounts payable and accrued liabilities 4,443 14,218 (22,922)
Payments due under the Master Settlement Agreement 19,081 (4,679) (10,968)
Other assets and liabilities, net 10,158 568 (18,304)
Net cash provided by operating activities 181,834 131,586 97,636
Cash flows from investing activities:      
Sale of investment securities 18,628 28,761 116,070
Maturities of investment securities 24,719 101,097 10,822
Purchase of investment securities (34,445) (132,654) (117,211)
Proceeds from sale or liquidation of long-term investments 19,487 966 4,552
Purchase of long-term investments (415) (32,510) (50)
Decrease in restricted assets 526 2,250 410
Investments in real estate ventures (9,728) (38,807) (44,107)
Distributions from real estate ventures 54,233 61,718 33,204
Issuance of notes receivable (450) (1,633) 0
Cash acquired in purchase of subsidiaries 654 0 0
Proceeds from sale of fixed assets 9 76 45
Capital expenditures (17,682) (19,869) (26,691)
Increase in cash surrender value of life insurance policies (764) (802) (484)
Purchase of subsidiaries (10,404) (6,569) (250)
Repayment of notes receivable 67 0 4,410
Pay downs of investment securities 1,611 2,633 9,212
Investments in real estate, net (2,583) (619) (245)
Net cash provided by (used in) investing activities 43,463 (35,962) (10,313)
Cash flows from financing activities:      
Proceeds from issuance of debt 325,000 850,021 243,620
Repayments of debt (28,689) (837,205) (5,365)
Deferred financing costs (9,400) (19,200) (6,600)
Borrowings under revolver 307,023 157,630 144,294
Repayments on revolver (310,551) (163,474) (110,614)
Dividends and distributions on common stock (225,367) (211,488) (198,947)
Distributions to non-controlling interest (2,521) (2,779) (11,545)
Contributions from non-controlling interest 0 0 248
Proceeds from the issuance of Vector stock 0 43,230 0
Proceeds from exercise of Vector options 0 0 398
Tax benefit of options exercised 0 0 579
Net cash provided by (used in) financing activities 55,495 (183,265) 56,068
Net increase (decrease) in cash, cash equivalents and restricted cash 280,792 (87,641) 143,391
Cash, cash equivalents and restricted cash, beginning of year 310,937 398,578 255,187
Cash and cash equivalents and restricted cash, end of year $ 591,729 $ 310,937 $ 398,578