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SEC Filings

10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 08/02/2017
Entire Document
 


GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
  
Six Months Ended 
 June 30
(in thousands)
2017
 
2016
Cash Flows from Operating Activities
  
 
  
Net Income
$
63,085

 
$
99,414

Adjustments to reconcile net income to net cash provided by operating activities:
  
 
  
Depreciation, amortization and goodwill and other long-lived asset impairment
57,113

 
45,346

Net pension benefit
(29,517
)
 
(24,325
)
Stock-based compensation expense, net
5,204

 
7,152

Loss (gain) on disposition of businesses, property, plant and equipment, investments and other assets, net
402

 
(62,273
)
Foreign exchange (gain) loss
(5,194
)
 
29,527

Equity in earnings of affiliates, net of distributions
(1,966
)
 
(113
)
Provision (benefit) for deferred income taxes
14,370

 
(6,806
)
Change in operating assets and liabilities:
 
 
 
Accounts receivable, net
122,122

 
49,786

Accounts payable and accrued liabilities
(63,654
)
 
4,612

Deferred revenue
(29,706
)
 
(19,751
)
Income taxes receivable
6,374

 
38,989

Other assets and other liabilities, net
(7,425
)
 
(15,459
)
Other
360

 
502

Net Cash Provided by Operating Activities
131,568

 
146,601

Cash Flows from Investing Activities
  
 
  
Investments in certain businesses, net of cash acquired
(299,938
)
 
(200,336
)
Purchases of property, plant and equipment
(29,947
)
 
(22,202
)
Investments in equity affiliates and cost method investments
(10,527
)
 
(2,387
)
Return of investment in equity affiliate
3,527

 

Net proceeds from disposition of businesses, property, plant and equipment, investments and other assets
1,760

 
36,771

Proceeds from sales of marketable equity securities

 
22,837

Purchases of marketable equity securities

 
(18,274
)
Net Cash Used in Investing Activities
(335,125
)
 
(183,591
)
Cash Flows from Financing Activities
  
 
  
Dividends paid
(14,201
)
 
(13,736
)
Common shares repurchased
(395
)
 
(89,062
)
Purchase of noncontrolling interest

 
(21,000
)
Other
(4,543
)
 
19,896

Net Cash Used in Financing Activities
(19,139
)
 
(103,902
)
Effect of Currency Exchange Rate Change
7,026

 
(1,842
)
Net Decrease in Cash and Cash Equivalents and Restricted Cash
(215,670
)
 
(142,734
)
Beginning Cash and Cash Equivalents and Restricted Cash
670,816

 
774,952

Ending Cash and Cash Equivalents and Restricted Cash
$
455,146

 
$
632,218


See accompanying Notes to Condensed Consolidated Financial Statements.

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