FINANCIAL INFORMATION

FINANCIAL INFORMATION

In millions of USD (except for per share items)

Copyright Refinitiv

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 92,938 $ 101,015 $ 58,007
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,629 17,851 18,807
Non-cash stock-based expense 9,483 9,469 9,951
Loss on extinguishment of debt 0 2,944 3,758
Impairments of goodwill and intangible assets 58,252 0 0
(Gain) loss on sale of assets (1,114) (42) 10
Deferred income taxes (673) (11,198) (17,635)
Distributions from long-term investments 54,004 17,940 1,472
Equity in earnings from long-term investments (56,268) (17,000) (3,158)
Net (gains) losses on investment securities (1,818) (7,440) 9,570
Equity in losses (earnings) from real estate ventures 44,698 19,288 (14,446)
Distributions from real estate ventures 1,933 7,028 25,935
Non-cash interest expense 4,331 2,052 52,048
Non-cash lease expense 20,496 21,088 0
Non-cash portion of restructuring charges 1,214 0 0
Excess tax benefit of stock compensation 264 1,488 18,412
Provision for credit losses 14,288 1,206 1,504
Other (581) 0 0
Changes in assets and liabilities:      
Receivables (8,371) (7,950) (13,372)
Inventories 1,217 (7,767) (1,207)
Accounts payable and accrued liabilities 3,237 (3,983) 4,443
Payments due under the Master Settlement Agreement 5,309 (1,553) 19,081
Other assets and liabilities, net (5,370) (20,365) 8,654
Investments in real estate, net 12,449 0 0
Net cash provided by operating activities 267,547 124,071 181,834
Cash flows from investing activities:      
Sale of investment securities 30,458 21,879 18,628
Maturities of investment securities 61,230 68,859 24,719
Purchase of investment securities (99,871) (87,766) (34,445)
Proceeds from sale or liquidation of long-term investments 32,572 8,256 19,487
Purchase of long-term investments (9,687) (9,223) (415)
Decrease in restricted assets 436 994 526
Investments in real estate ventures (14,922) (52,529) (9,728)
Distributions from investments in real estate ventures 18,818 41,300 54,233
Issuance of notes receivable 0 0 (450)
Cash acquired in purchase of subsidiaries 2,760 0 654
Proceeds from sale of fixed assets 5,162 17 9
Capital expenditures (19,063) (12,575) (17,682)
Increase in cash surrender value of life insurance policies (642) (719) (764)
Purchase of subsidiaries (722) (380) (10,404)
Repayments of notes receivable 0 0 67
Pay downs of investment securities 812 1,083 1,611
Investments in real estate, net 0 (2,295) (2,583)
Net cash provided by (used in) investing activities 7,341 (23,099) 43,463
Cash flows from financing activities:      
Proceeds from issuance of debt 0 230,000 325,000
Repayments of debt (174,989) (293,419) (28,689)
Deferred financing costs 0 (9,802) (9,400)
Borrowings under revolver 130,741 243,688 307,023
Repayments on revolver (165,693) (239,526) (310,551)
Dividends and distributions on common stock (128,231) (238,249) (225,367)
Distributions to non-controlling interest (448) (286) (2,521)
Proceeds from the issuance of common stock 52,563 0 0
Tax withholdings related to net share settlements (2,630) (5,415) 0
Other 0 (216) 0
Net cash (used in) provided by financing activities (288,687) (313,225) 55,495
Net (decrease) increase in cash, cash equivalents and restricted cash (13,799) (212,253) 280,792
Cash, cash equivalents and restricted cash, beginning of year 379,476 591,729 310,937
Cash, cash equivalents and restricted cash, end of year $ 365,677 $ 379,476 $ 591,729