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SEC Filings

10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 11/01/2017
Entire Document
 


GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
  
Nine Months Ended 
 September 30
(in thousands)
2017
 
2016
Cash Flows from Operating Activities
  
 
  
Net Income
$
87,929

 
$
132,540

Adjustments to reconcile net income to net cash provided by operating activities:
  
 
  
Depreciation, amortization and goodwill and other long-lived asset impairment
84,351

 
68,063

Net pension benefit
(44,281
)
 
(36,714
)
Early retirement program expense
932

 

Stock-based compensation expense, net
7,528

 
10,319

Loss (gain) on disposition of businesses, property, plant and equipment, investments and other assets, net
504

 
(62,132
)
Foreign exchange (gain) loss
(6,608
)
 
33,324

Write-down of cost method investments
200

 
15,161

Equity in (earnings) losses of affiliates, net of distributions
(1,434
)
 
895

Provision (benefit) for deferred income taxes
16,306

 
(17,281
)
Change in operating assets and liabilities:
 
 
 
Accounts receivable, net
106,230

 
5,980

Accounts payable and accrued liabilities
(63,255
)
 
(38,099
)
Deferred revenue
27,254

 
28,014

Income taxes receivable
14,477

 
27,206

Other assets and other liabilities, net
(9,795
)
 
(16,492
)
Other
519

 
671

Net Cash Provided by Operating Activities
220,857

 
151,455

Cash Flows from Investing Activities
  
 
  
Investments in certain businesses, net of cash acquired
(299,938
)
 
(242,472
)
Investments in equity affiliates, cost method and other investments
(66,097
)
 
(4,550
)
Purchases of property, plant and equipment
(43,863
)
 
(41,373
)
Disbursement of loan to affiliate
(6,771
)
 
(7,730
)
Return of investment in equity affiliate
3,527

 

Net proceeds from disposition of businesses, property, plant and equipment, investments and other assets
2,672

 
36,777

Proceeds from sales of marketable equity securities

 
22,837

Purchases of marketable equity securities

 
(48,265
)
Net Cash Used in Investing Activities
(410,470
)
 
(284,776
)
Cash Flows from Financing Activities
  
 
  
Common shares repurchased
(35,394
)
 
(90,328
)
Dividends paid
(21,304
)
 
(20,532
)
Repayments of borrowings
(7,712
)
 

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

Issuance of borrowings

 
98,610

Purchase of noncontrolling interest

 
(21,000
)
Payments of financing costs

 
(648
)
Other
(4,962
)
 
16,608

Net Cash Used in Financing Activities
(74,559
)
 
(17,290
)
Effect of Currency Exchange Rate Change
9,768

 
(3,147
)
Net Decrease in Cash and Cash Equivalents and Restricted Cash
(254,404
)
 
(153,758
)
Beginning Cash and Cash Equivalents and Restricted Cash
670,816

 
774,952

Ending Cash and Cash Equivalents and Restricted Cash
$
416,412

 
$
621,194


See accompanying Notes to Condensed Consolidated Financial Statements.

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