FINANCIAL INFORMATION

In millions of USD (except for per share items)

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