Washington Post 2015 Annual Report Download - page 89

GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31
(In thousands) 2015 2014 2013
Cash Flows from Operating Activities
Net (Loss) Income ................................................................. $ (99,220) $1,293,260 $ 237,345
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment ........................................ 149,659 205,284 251,262
Amortization of intangible assets .................................................. 19,078 19,097 13,598
Goodwill and other long-lived asset impairment charges ................................ 259,700 25,076 3,250
Net pension (benefit) expense ..................................................... (65,433) (69,406) 1,927
Early retirement and special separation benefit program expense ......................... 4,606 8,374 22,700
Stock-based compensation expense, net ............................................. 48,033 17,577 25,163
Foreign exchange loss ........................................................... 15,564 11,129 13,382
Net loss (gain) on sales and disposition of businesses .................................. 18,095 (351,133) (157,449)
Net loss (gain) on dispositions, sales or write-downs of marketable equity securities and cost
method investments ........................................................... 1,378 (263,595) 11,325
Gain on sale of an equity affiliate .................................................. (4,827) (396,553) –
Equity in losses (earnings) of affiliates, including impairment charges, net of distributions ..... 1,118 (96,517) 1,661
Provision for deferred income taxes ................................................ 4,060 49,143 11,595
Net (gain) loss on sales or write-downs of property, plant and equipment ................... (18,265) (119,399) 4,746
Net gain on sale of intangible assets ................................................ –(75,249) –
Change in assets and liabilities:
Decrease (increase) in restricted cash ........................................... 4,153 58,871 (55,231)
Increase in accounts receivable, net ............................................ (87,165) (96,844) (81,989)
(Increase) decrease in inventories .............................................. (1,778) (2,413) 851
Increase (decrease) in accounts payable and accrued liabilities ....................... 62,901 (39,199) 20,290
(Decrease) increase in deferred revenue ......................................... (51,825) 37,291 (3,434)
(Increase) in income taxes receivable and increase in income taxes payable ............. (174,326) 146,692 (18,352)
(Increase) decrease in other assets and other liabilities, net .......................... (11,972) 8,791 3,491
Other ........................................................................ 1,270 2,093 4,097
Net Cash Provided by Operating Activities ...................................... 74,804 372,370 310,228
Cash Flows from Investing Activities
Investments in certain businesses, net of cash acquired ................................. (159,320) (206,035) (20,027)
Purchases of marketable equity securities ............................................ (145,807) (49,998) (14,997)
Purchases of property, plant and equipment .......................................... (136,859) (237,292) (206,457)
Investments in equity affiliates and cost method investments ............................ (25,340) (10,283) (13,076)
Net proceeds from sales of businesses, property, plant and equipment and other assets ........ 41,683 644,342 248,105
Investments in commercial paper .................................................. –(249,795) –
Proceeds from maturities of commercial paper ........................................ –249,795 –
Net distribution from equity affiliate ................................................ –93,481 –
Other ........................................................................ 73 (5,200) (1,313)
Net Cash (Used in) Provided by Investing Activities ............................... (425,570) 229,015 (7,765)
Cash Flows from Financing Activities
Issuance of borrowings .......................................................... 550,000 ––
Cash distributed to Cable ONE in spin-off ........................................... (94,115) ––
Dividends paid ................................................................. (53,721) (68,114) (863)
Repayments of borrowings ....................................................... (44,815) (1,538) (240,121)
Common shares repurchased, including the Berkshire Exchange transaction ................ (22,979) (327,718) (4,196)
Proceeds from exercise of stock options ............................................. 15,312 7,462 5,682
Excess tax benefit on share-based payment awards .................................... 11,828 1,901 684
Redemption of redeemable preferred stock ........................................... (10,510) ––
Payments of financing costs ...................................................... (9,944) ––
Other ........................................................................ 1,095 (609) (4,616)
Net Cash Provided by (Used in) Financing Activities .............................. 342,151 (388,616) (243,430)
Effect of Currency Exchange Rate Change ............................................ (11,164) (8,502) (1,745)
Net (Decrease) Increase in Cash and Cash Equivalents .................................. (19,779) 204,267 57,288
Cash and Cash Equivalents at Beginning of Year ....................................... 773,986 569,719 512,431
Cash and Cash Equivalents at End of Year ............................................ $ 754,207 $ 773,986 $ 569,719
Supplemental Cash Flow Information
Cash paid during the year for:
Income taxes .............................................................. $ 209,000 $ 188,000 $ 144,500
Interest ................................................................... $ 33,000 $ 35,000 $ 35,500
See accompanying Notes to Consolidated Financial Statements.
2015 FORM 10-K 74