Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net income $ 266,019 $ 256,827 $ 218,728
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 235,093 207,091 186,898
Amortization of intangible and other assets and favorable/unfavorable leases 2,420 1,980 2,308
Amortization of long-term prepaid rents 2,274 1,826 2,361
Amortization of debt issue costs 6,197 5,492 5,151
Amortization of deferred revenues, deferred lease incentives and other (16,211) (16,731) (17,163)
Impairment of long-lived assets 15,084 2,836 8,801
Share based awards compensation expense 12,681 13,394 15,758
Loss on sale of assets and other 22,812 20,459 8,143
Write-off of unamortized debt issue costs associated with early retirement of debt   2,369  
Deferred lease expenses (1,268) (990) (1,806)
Reclassification of cumulative translation adjustments for a former Canadian subsidiary (1,551)    
Equity in income of affiliates (35,985) (31,962) (28,126)
Deferred income tax expenses (15,015) (5,467) 11,095
Distributions from equity investees [1] 25,973 21,916 19,027
Changes in other assets and liabilities:      
Inventories (541) (1,007) (2,535)
Accounts receivable (13,195) (706) (26,370)
Income tax receivable (4,363) 15,510 (3,527)
Prepaid expenses and other (775) (2,267) (2,557)
Deferred charges and other assets - net (4,956) (1,619) 8,126
Accounts payable and accrued expenses 23,405 (30,516) 43,827
Income tax payable 438 (2,261) 936
Liabilities for uncertain tax positions 2,041 1,182 1,315
Other long-term liabilities 7,900 (5,522) 5,481
Net cash provided by operating activities 528,477 451,834 455,871
Investing activities      
Additions to theatre properties and equipment and other (380,862) (326,908) (331,726)
Proceeds from sale of theatre properties and equipment and other 15,098 3,570 9,966
Acquisitions of theatres in the U.S. and international markets, net of cash acquired (40,997) (15,300) (2,651)
Acquisition of screen advertising business   (1,450)  
Proceeds from sale of marketable securities   13,451  
Investment in joint ventures and other (3,715) (1,132) (3,711)
Net cash used for investing activities (410,476) (327,769) (328,122)
Financing activities      
Dividends paid to stockholders (135,079) (125,490) (115,863)
Payroll taxes paid as a result of restricted stock withholdings (2,943) (6,834) (4,770)
Proceeds from issuance of Senior Notes, net of discount   222,750  
Retirement of Senior Subordinated Notes   (200,000)  
Repayments of long-term debt (5,671) (16,605) (8,420)
Payment of debt issue costs (1,146) (7,217) (6,957)
Payments on capital leases (21,725) (19,343) (16,513)
Proceeds from financing lease 10,200    
Purchases of non-controlling interests   (450)  
Other (1,123) 554 1,376
Net cash used for financing activities (157,487) (152,635) (151,147)
Effect of exchange rate changes on cash and cash equivalents 798 1,266 (26,932)
Decrease in cash and cash equivalents (38,688) (27,304) (50,330)
Cash and cash equivalents:      
Beginning of period 561,235 588,539 638,869
End of period $ 522,547 $ 561,235 $ 588,539
[1] Includes distributions received from equity investees that were recorded as a reduction of the respective investment balances.