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SEC Filings

10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 05/03/2017
Entire Document
 


GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
  
Three Months Ended 
 March 31
(in thousands)
2017
 
2016
Cash Flows from Operating Activities
  
 
  
Net Income
$
21,086

 
$
38,215

Adjustments to reconcile net income to net cash provided by operating activities:
  
 
  
Depreciation and amortization
21,488

 
23,023

Net pension benefit
(14,688
)
 
(12,059
)
Stock-based compensation expense, net
2,866

 
3,254

Loss (gain) on disposition of businesses, property, plant and equipment, investments and other assets, net
335

 
(20,449
)
Foreign exchange (gain) loss
(1,728
)
 
5,443

Equity in earnings of affiliates, net of distributions
(649
)
 
(1,004
)
Provision for deferred income taxes
7,443

 
2,037

Change in operating assets and liabilities:
 
 
 
Accounts receivable, net
122,605

 
41,749

Accounts payable and accrued liabilities
(55,584
)
 
(45,930
)
Deferred revenue
4,603

 
17,695

Income taxes receivable
(6,490
)
 
17,926

Other assets and other liabilities, net
(9,489
)
 
(9,187
)
Other
103

 
169

Net Cash Provided by Operating Activities
91,901

 
60,882

Cash Flows from Investing Activities
  
 
  
Investments in certain businesses, net of cash acquired
(85,415
)
 
(198,179
)
Purchases of property, plant and equipment
(15,664
)
 
(10,690
)
Net proceeds from disposition of businesses, property, plant and equipment, investments and other assets
1,748

 
21,285

Proceeds from sales of marketable equity securities

 
4,392

Purchases of marketable equity securities

 
(13,271
)
Investments in equity affiliates and cost method investments
(865
)
 
(389
)
Return of investment in equity affiliate
200

 

Net Cash Used in Investing Activities
(99,996
)
 
(196,852
)
Cash Flows from Financing Activities
  
 
  
Dividends paid
(7,102
)
 
(6,938
)
Common shares repurchased
(395
)
 
(81,346
)
Other
(2,092
)
 
13,427

Net Cash Used in Financing Activities
(9,589
)
 
(74,857
)
Effect of Currency Exchange Rate Change
4,210

 
1,095

Net Decrease in Cash and Cash Equivalents and Restricted Cash
(13,474
)
 
(209,732
)
Beginning Cash and Cash Equivalents and Restricted Cash
670,816

 
774,952

Ending Cash and Cash Equivalents and Restricted Cash
$
657,342

 
$
565,220


See accompanying Notes to Condensed Consolidated Financial Statements.

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