Unaudited Condensed Consolidated Statement of Cash Flows Statement - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 110,888
|
$ 162,484
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Loss from discontinued operations, net of tax |
0
|
390
|
| Loss on early extinguishment of debt |
22,503
|
6,918
|
| Premiums paid on early extinguishment of debt |
(20,524)
|
(6,549)
|
| Depreciation and amortization |
109,531
|
103,816
|
| Amortization of intangible assets |
22,210
|
23,536
|
| Amortization of cemetery property |
42,573
|
40,422
|
| Amortization of loan costs |
4,406
|
7,221
|
| Provision for doubtful accounts |
4,048
|
4,663
|
| (Benefit) provision for deferred income taxes |
(11,421)
|
13,761
|
| Loss (gain) on divestitures and impairment charges, net |
30,432
|
(3,403)
|
| Share-based compensation |
10,199
|
10,717
|
| Excess tax benefits from share-based awards |
(11,512)
|
(17,266)
|
| Change in assets and liabilities, net of effects from acquisitions and divestitures: |
|
|
| Decrease in receivables |
11,447
|
11,724
|
| Increase in other assets |
(7,660)
|
(627)
|
| Increase in payables and other liabilities |
37,565
|
39,546
|
| Effect of preneed funeral production and maturities: |
|
|
| Decrease in preneed funeral receivables, net and trust investments |
11,167
|
20,846
|
| Increase deferred preneed funeral revenue |
10,122
|
9,922
|
| Decrease in deferred preneed funeral receipts held in trust |
(31,790)
|
(47,365)
|
| Effect of cemetery production and deliveries: |
|
|
| Increase in preneed cemetery receivables, net and trust investments |
(60,004)
|
(55,777)
|
| Increase in deferred preneed cemetery revenue |
57,855
|
70,995
|
| Increase in deferred preneed cemetery receipts held in trust |
16,475
|
644
|
| Net cash provided by operating activities |
358,510
|
396,618
|
| Cash flows from investing activities: |
|
|
| Capital expenditures |
(131,195)
|
(104,732)
|
| Acquisitions |
(66,109)
|
(41,430)
|
| Proceeds from divestitures and sales of property and equipment |
13,044
|
11,329
|
| Net withdrawals of restricted funds |
5,120
|
8,066
|
| Net cash used in investing activities from continuing operations |
(179,140)
|
(126,767)
|
| Net cash provided by investing activities from discontinued operations |
0
|
987
|
| Net cash used in investing activities |
(179,140)
|
(125,780)
|
| Cash flows from financing activities: |
|
|
| Proceeds from issuance of long-term debt |
1,035,000
|
401,250
|
| Debt issuance costs |
(5,232)
|
(5,830)
|
| Payments of debt |
(27,632)
|
(145,171)
|
| Early extinguishment of debt |
(875,110)
|
(197,377)
|
| Principal payments on capital leases |
25,220
|
20,421
|
| Proceeds from exercise of stock options |
16,029
|
30,491
|
| Excess tax benefits from share-based awards |
11,512
|
17,266
|
| Purchase of Company common stock |
(192,991)
|
(305,488)
|
| Payments of dividends |
(73,665)
|
(64,068)
|
| Purchase of noncontrolling interest |
1,961
|
0
|
| Bank overdrafts and other |
(1,066)
|
(9,095)
|
| Net cash used in financing activities |
(140,336)
|
(298,443)
|
| Effect of foreign currency on cash and cash equivalents |
3,938
|
(7,780)
|
| Net increase (decrease) in cash and cash equivalents |
42,972
|
(35,385)
|
| Cash and cash equivalents at beginning of period |
134,599
|
177,335
|
| Cash and cash equivalents at end of period |
$ 177,571
|
$ 141,950
|