Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities      
Net income $ 256,827 $ 218,728 $ 193,999
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 207,091 186,898 173,138
Amortization of intangible and other assets and favorable/unfavorable leases 1,980 2,308 2,518
Amortization of long-term prepaid rents 1,826 2,361 1,542
Amortization of debt issue costs 5,492 5,151 5,245
Amortization of deferred revenues, deferred lease incentives and other (16,731) (17,163) (13,665)
Impairment of long-lived assets 2,836 8,801 6,647
Share based awards compensation expense 13,394 15,758 12,818
Loss on sale of assets and other 20,459 8,143 15,715
Write-off of unamortized debt issue costs associated with early retirement of debt 2,369    
Deferred lease expenses (990) (1,806) 2,536
Equity in income of affiliates (31,962) (28,126) (22,743)
Deferred income tax expenses (5,467) 11,095 526
Distributions from equity investees [1] 21,916 19,027 19,172
Changes in other assets and liabilities:      
Inventories (1,007) (2,535) 400
Accounts receivable (706) (26,370) 33,804
Income tax receivable 15,510 (3,527) (18,681)
Prepaid expenses and other (2,267) (2,557) 4,011
Deferred charges and other assets - net (1,619) 8,126 19,713
Accounts payable and accrued expenses (30,516) 43,827 32,570
Income tax payable (2,261) 936 (15,685)
Liabilities for uncertain tax positions 1,182 1,315 (4,437)
Other long-term liabilities (5,522) 5,481 5,491
Net cash provided by operating activities 451,834 455,871 454,634
Investing activities      
Additions to theatre properties and equipment and other (326,908) (331,726) (244,705)
Proceeds from sale of theatre properties and equipment and other 3,570 9,966 2,545
Acquisition of screen advertising business (1,450)   (1,040)
Proceeds from sale of marketable securities 13,451    
Investment in joint ventures and other (1,132) (3,711) (2,188)
Net cash used for investing activities (327,769) (328,122) (253,339)
Financing activities      
Proceeds from stock option exercises     112
Payroll taxes paid as a result of restricted stock withholdings (6,834) (4,770) (9,861)
Dividends paid to stockholders (125,490) (115,863) (115,625)
Proceeds from issuance of other Senior Notes, net of discount 222,750    
Retirement of Senior Subordinated Notes (200,000)    
Repayments of long-term debt (16,605) (8,420) (9,846)
Payment of debt issue costs (7,217) (6,957)  
Payments on capital leases (19,343) (16,513) (14,035)
Purchases of non-controlling interests (450)    
Other 554 1,376 2,422
Net cash used for financing activities (152,635) (151,147) (146,833)
Effect of exchange rates on cash and cash equivalents 1,266 (26,932) (15,522)
Increase (decrease) in cash and cash equivalents (27,304) (50,330) 38,940
Cash and cash equivalents:      
Beginning of period 588,539 638,869 599,929
End of period 561,235 588,539 638,869
Brazil      
Investing activities      
Acquisition of theatres   $ (2,651)  
U.S.      
Investing activities      
Acquisition of theatres $ (15,300)   $ (7,951)
[1] Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. In an effort to more closely align our reported Adjusted EBITDA with our operating cash flow, which provides our chief operating decision maker with more comprehensive cash flow information, beginning with the year ended December 31, 2016, Adjusted EBITDA now includes total cash distributions received from equity investees, including the cash distributions recorded as a reduction of the respective investment balance. Adjusted EBITDA for the years ended December 31, 2014 and 2015 has been adjusted to reflect comparable presentations.