Washington Post 2014 Annual Report Download - page 76

GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(In thousands) 2014 2013 2012
Cash Flows from Operating Activities
Net Income .................................................................... $1,293,260 $ 237,345 $ 132,187
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment ........................................ 205,284 251,262 269,992
Amortization of intangible assets ................................................... 19,097 13,598 21,444
Goodwill and other long-lived asset impairment charges .................................. 25,076 3,250 111,593
Net pension (benefit) expense ..................................................... (69,406) 1,927 16,044
Early retirement program expense .................................................. 8,374 22,700 8,508
Stock-based compensation expense, net ............................................. 17,577 25,163 14,662
Foreign exchange loss (gain) ...................................................... 11,129 13,382 (3,132)
Net gain on sales and disposition of businesses ........................................ (351,133) (157,449) (23,759)
Net (gain) loss on dispositions, sales or write-downs of marketable equity securities and cost method
investments ................................................................. (263,595) 11,325 10,925
Gain on sale of an equity affiliate .................................................. (396,553) ——
Equity in (earnings) losses of affiliates, including impairment charges, net of distributions ........... (96,517) 1,661 (1,148)
Provision (benefit) for deferred income taxes ........................................... 49,143 11,595 (64,383)
Net (gain) loss on sales of property, plant and equipment ................................. (119,399) 4,746 1,896
Net gain on sale of intangible assets ................................................ (75,249) ——
Change in assets and liabilities:
Decrease (increase) in restricted cash .............................................. 58,871 (55,231) (3,251)
Increase in accounts receivable, net ............................................... (96,844) (81,989) (14,846)
(Increase) decrease in inventories ................................................. (2,413) 851 (1,871)
(Decrease) increase in accounts payable and accrued liabilities .......................... (39,199) 20,290 (27,531)
Increase (decrease) in deferred revenue ............................................ 37,291 (3,434) 24,482
Increase in income taxes payable and (increase) in income taxes receivable ................. 146,692 (18,352) 11,936
Decrease (increase) in other assets and other liabilities, net .............................. 8,791 3,491 (2,116)
Other ....................................................................... 2,093 4,097 2,275
Net Cash Provided by Operating Activities ......................................... 372,370 310,228 483,907
Cash Flows from Investing Activities
Net proceeds from sales of businesses, property, plant and equipment and other assets ........... 644,342 248,105 76,863
Investments in commercial paper ................................................... (249,795) ——
Proceeds from maturities of commercial paper ......................................... 249,795 ——
Purchases of property, plant and equipment ........................................... (237,292) (206,457) (224,688)
Investments in certain businesses, net of cash acquired ................................... (206,035) (20,027) (40,339)
Net distribution from equity affiliate ................................................. 93,481 ——
Purchases of marketable equity securities and other investments ............................. (60,281) (28,073) (48,031)
Other ....................................................................... (5,200) (1,313) 1,459
Net Cash Used in Investing Activities .............................................. 229,015 (7,765) (234,736)
Cash Flows from Financing Activities
Common shares repurchased, including the Berkshire Exchange transaction .................... (327,718) (4,196) (103,196)
Dividends paid ................................................................ (68,114) (863) (147,327)
Proceeds from exercise of stock options .............................................. 7,462 5,682 —
(Repayment) issuance of borrowings ................................................ (1,538) (240,121) 130,450
Other ....................................................................... 1,292 (3,932) (1,772)
Net Cash Used in Financing Activities ............................................. (388,616) (243,430) (121,845)
Effect of Currency Exchange Rate Change ............................................ (8,502) (1,745) 4,006
Net Increase in Cash and Cash Equivalents ........................................... 204,267 57,288 131,332
Cash and Cash Equivalents at Beginning of Year ...................................... 569,719 512,431 381,099
Cash and Cash Equivalents at End of Year ........................................... $ 773,986 $ 569,719 $ 512,431
Supplemental Cash Flow Information
Cash paid during the year for:
Income taxes ............................................................... $ 188,000 $ 144,500 $ 50,531
Interest .................................................................... $ 35,000 $ 35,500 $ 35,500
See accompanying Notes to Consolidated Financial Statements.
60 GRAHAM HOLDINGS COMPANY