FINANCIAL INFORMATION

FINANCIAL INFORMATION

In millions of USD (except for per share items)

Copyright Thomson Reuters Corporation

v3.19.3

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 101,015 $ 58,007 $ 90,750
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,851 18,807 18,614
Non-cash stock-based expense 9,469 9,951 10,887
Loss on extinguishment of debt 2,944 3,758 1,754
Loss (gain) on sale of assets (42) 10 (40)
Deferred income taxes (11,198) (17,635) (33,311)
Distributions from long-term investments 17,940 1,472 1,436
Equity in (earnings) losses from long-term investments (17,000) (3,158) 765
Net (gains) losses on investment securities (7,440) 9,570 660
Equity in losses (earnings) from real estate ventures 19,288 (14,446) (21,395)
Distributions from real estate ventures 7,028 25,935 37,995
Non-cash interest expense 2,052 52,048 29,620
Non-cash lease expense 21,088 0 0
Excess tax benefit of stock compensation 1,488 18,412 1,143
Impairment of long-term investments 0 0 50
Changes in assets and liabilities:      
Receivables (7,950) (13,372) (17,492)
Inventories (7,767) (1,207) 43
Accounts payable and accrued liabilities (3,983) 4,443 14,218
Payments due under the Master Settlement Agreement (1,553) 19,081 (4,679)
Other assets and liabilities, net (19,159) 10,158 568
Net cash provided by operating activities 124,071 181,834 131,586
Cash flows from investing activities:      
Sale of investment securities 21,879 18,628 28,761
Maturities of investment securities 68,859 24,719 101,097
Purchase of investment securities (87,766) (34,445) (132,654)
Proceeds from sale or liquidation of long-term investments 8,256 19,487 966
Purchase of long-term investments (9,223) (415) (32,510)
Decrease in restricted assets 994 526 2,250
Investments in real estate ventures (52,529) (9,728) (38,807)
Distributions from investments in real estate ventures 41,300 54,233 61,718
Issuance of notes receivable 0 (450) (1,633)
Cash acquired in purchase of subsidiaries 0 654 0
Proceeds from sale of fixed assets 17 9 76
Capital expenditures (12,575) (17,682) (19,869)
Increase in cash surrender value of life insurance policies (719) (764) (802)
Purchase of subsidiaries (380) (10,404) (6,569)
Repayments of notes receivable 0 67 0
Pay downs of investment securities 1,083 1,611 2,633
Investments in real estate, net (2,295) (2,583) (619)
Net cash (used in) provided by investing activities (23,099) 43,463 (35,962)
Cash flows from financing activities:      
Proceeds from issuance of debt 230,000 325,000 850,021
Repayments of debt (293,419) (28,689) (837,205)
Deferred financing costs (9,802) (9,400) (19,200)
Borrowings under revolver 243,688 307,023 157,630
Repayments on revolver (239,526) (310,551) (163,474)
Dividends and distributions on common stock (238,249) (225,367) (211,488)
Distributions to non-controlling interest (286) (2,521) (2,779)
Proceeds from the issuance of Vector stock 0 0 43,230
Tax withholdings related to net share settlements of stock option exercise (5,415) 0 0
Other (216) 0 0
Net cash (used in) provided by financing activities (313,225) 55,495 (183,265)
Net (decrease) increase in cash, cash equivalents and restricted cash (212,253) 280,792 (87,641)
Cash, cash equivalents and restricted cash, beginning of year 591,729 310,937 398,578
Cash and cash equivalents and restricted cash, end of year $ 379,476 $ 591,729 $ 310,937