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SEC Filings

10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 02/23/2018
Entire Document
 


GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Year Ended December 31
(In thousands)
2017
 
2016
 
2015
Cash Flows from Operating Activities
 
 
 
 
 
Net Income (Loss)
$
302,489

 
$
169,458

 
$
(99,220
)
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation, amortization and goodwill and other long-lived asset impairment
113,310

 
92,894

 
428,437

Net pension benefit
(59,039
)
 
(67,097
)
 
(65,433
)
Early retirement and special separation benefit program expense
1,825

 

 
4,606

Stock-based compensation expense, net
10,169

 
13,418

 
48,033

Foreign exchange (gain) loss
(3,310
)
 
39,890

 
15,564

Net loss (gain) on sales and disposition of businesses
569

 
(22,163
)
 
18,095

Net loss on dispositions, sales or write-downs of marketable equity securities and cost method investments
200

 
30,449

 
1,378

Gain on sale of an equity affiliate

 

 
(4,827
)
Equity in losses of affiliates, net of distributions
3,646

 
8,859

 
1,118

(Benefit from) provision for deferred income taxes
(146,452
)
 
10,070

 
4,060

Net loss (gain) on sales or write-downs of property, plant and equipment
413

 
(32,362
)
 
(18,265
)
Change in operating assets and liabilities:
 
 
 
 
 

Accounts receivable, net
11,086

 
(47,892
)
 
(87,165
)
Inventories
(541
)
 
(2,422
)
 
(1,778
)
Accounts payable and accrued liabilities
19,380

 
58,147

 
62,901

Deferred revenue
13,903

 
16,552

 
(51,825
)
Income taxes receivable/payable
24,739

 
5,115

 
(174,326
)
Other assets and other liabilities, net
(25,469
)
 
(12,265
)
 
(11,972
)
Other
1,137

 
605

 
1,270

Net Cash Provided by Operating Activities
268,055

 
261,256

 
70,651

Cash Flows from Investing Activities
 
 
 
 
 
Investments in certain businesses, net of cash acquired
(299,938
)
 
(245,084
)
 
(159,320
)
Investments in equity affiliates, cost method and other investments
(82,944
)
 
(6,273
)
 
(25,267
)
Purchases of property, plant and equipment
(60,358
)
 
(66,612
)
 
(136,859
)
Disbursement of loan to affiliate
(6,771
)
 
(14,244
)
 

Return of investment in equity affiliate
4,727

 

 

Net proceeds from sales of businesses, property, plant and equipment and other assets
3,265

 
69,192

 
41,683

Purchases of marketable equity securities

 
(48,265
)
 
(145,807
)
Net Cash Used in Investing Activities
(442,019
)
 
(311,286
)
 
(425,570
)
Cash Flows from Financing Activities
 
 
 
 
 
Common shares repurchased
(50,770
)
 
(108,948
)
 
(22,979
)
Dividends paid
(28,329
)
 
(27,325
)
 
(53,721
)
(Repayments of) proceeds from bank overdrafts
(9,505
)
 
14,429

 
1,095

Repayments of borrowings
(7,715
)
 

 
(44,815
)
Deferred payments of acquisition and noncontrolling interest
(5,187
)
 

 

Proceeds from exercise of stock options
1,400

 
1,247

 
15,312

Issuance of borrowings

 
98,610

 
550,000

Cash distributed to Cable ONE in spin-off

 

 
(94,115
)
Purchase of noncontrolling interest

 
(21,000
)
 

Excess tax benefit on share-based payment awards

 
558

 
11,828

Redemption of redeemable preferred stock

 

 
(10,510
)
Payments of financing costs

 
(648
)
 
(9,944
)
Net Cash (Used in) Provided by Financing Activities
(100,106
)
 
(43,077
)
 
342,151

Effect of Currency Exchange Rate Change
10,820

 
(11,029
)
 
(11,164
)
Net Decrease in Cash and Cash Equivalents and Restricted Cash
(263,250
)
 
(104,136
)
 
(23,932
)
Cash and Cash Equivalents and Restricted Cash at Beginning of Year
670,816

 
774,952

 
798,884

Cash and Cash Equivalents and Restricted Cash at End of Year
$
407,566

 
$
670,816

 
$
774,952

Supplemental Cash Flow Information
 
 
 
 
 
Cash paid during the year for:
 
 
 
 
 
Income taxes
$
4,000

 
$
65,000

 
$
209,000

Interest
$
33,000

 
$
30,000

 
$
33,000

See accompanying Notes to Consolidated Financial Statements.

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