|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 63,765 |
$ 81,277 |
$ 46,446 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
| Net investment (gains) losses |
(15,722) |
4,352 |
(24,050) |
| (Recovery of) provision for loan losses |
(415) |
8 |
(420) |
| Income (Loss) of associated companies, net of taxes |
14,204 |
(13,823) |
10,305 |
| Loss from other investments - related party |
8,329 |
15,743 |
3,220 |
| (Income) Loss from investments held at fair value |
(18,967) |
183 |
411 |
| Gain on sale of discontinued operations |
(7,163) |
(971) |
(31,292) |
| Long-term interest on related party debt |
0 |
0 |
4,275 |
| Deferred income taxes |
15,966 |
16,161 |
46 |
| Income tax benefit from release of deferred tax valuation allowance |
(5,500) |
(82,731) |
0 |
| Non-cash interest and dividend income |
0 |
0 |
(1,876) |
| Non-cash income from derivatives |
(1,379) |
(811) |
0 |
| Accrued interest not paid in cash |
(125) |
1,802 |
0 |
| Depreciation and amortization |
28,962 |
22,410 |
13,427 |
| (Gain) Loss on extinguishment of debt |
0 |
(189) |
1,210 |
| Amortization of debt related costs |
2,551 |
2,216 |
1,226 |
| Reclassification of net cash settlements on derivative instruments |
(193) |
1,047 |
5,124 |
| Stock based compensation |
7,452 |
4,509 |
528 |
| Impairment charges |
1,602 |
1,505 |
0 |
| Bargain purchase gain |
0 |
(8,978) |
0 |
| Other |
2,237 |
(814) |
(1,268) |
| Net change in operating assets and liabilities: |
|
|
|
| Receivables |
18,684 |
(11,529) |
27,400 |
| Receivables from related parties |
428 |
1,347 |
0 |
| Inventories |
932 |
(147) |
8,194 |
| Dividends and interest receivable |
0 |
0 |
1,379 |
| Prepaid and other assets |
1,203 |
618 |
(1,350) |
| Accounts payable, accrued and other liabilities |
(12,895) |
(29,935) |
(6,779) |
| Payable to related parties |
(3,745) |
660 |
606 |
| Dividends and interest payable |
0 |
0 |
(319) |
| Increase (decrease) in deferred fee liability to related party |
11,448 |
(6,107) |
6,268 |
| Net increase in loans held for sale |
(20,142) |
(18,460) |
(3,499) |
| Net cash provided by (used in) operating activities of discontinued operations |
2,389 |
(1,501) |
8,059 |
| Net cash provided by operating activities |
65,498 |
5,488 |
46,661 |
| Cash flows from investing activities: |
|
|
|
| Purchases of investments |
(216,669) |
(187,459) |
(359,575) |
| Proceeds from sales of investments |
263,334 |
46,220 |
501,067 |
| Net increase in time deposits placed and other short-term investments |
0 |
851 |
0 |
| Proceeds from sale of loans |
0 |
0 |
2,054 |
| Net decrease in loans receivable |
(3,796) |
2,447 |
3,616 |
| Purchases of property and equipment |
(36,256) |
(21,391) |
(7,296) |
| Reclassification of restricted cash |
(1,006) |
119,962 |
(19,493) |
| Net cash settlements on derivative instruments |
193 |
(1,047) |
(5,124) |
| Proceeds from sale of assets |
7,731 |
1,648 |
457 |
| Acquisitions, net of cash acquired |
29,941 |
(35,751) |
2,115 |
| Purchase of subsidiary shares from noncontrolling interests |
(5,452) |
(8,827) |
(14,134) |
| Investments in associated companies |
(16,628) |
(23,072) |
(51,675) |
| Proceeds from sales of discontinued operations |
33,505 |
26,532 |
64,693 |
| Net cash (used in) provided by investing activities of discontinued operations |
0 |
(787) |
1,520 |
| Other |
(666) |
(388) |
0 |
| Net cash provided by (used in) investing activities |
54,231 |
(81,062) |
118,225 |
| Cash flows from financing activities: |
|
|
|
| Common unit cash distributions |
0 |
(29,868) |
(49,102) |
| Proceeds from term loans |
116,838 |
67,981 |
46,000 |
| Repurchases of Subordinated Notes |
(10,847) |
0 |
0 |
| Net revolver borrowings |
(23,849) |
(18,785) |
11,136 |
| Net borrowings of term loans - foreign |
1,547 |
0 |
0 |
| Repayments of term loans - foreign |
0 |
(707) |
(1,970) |
| Repayments of term loans - domestic |
(95,833) |
(26,874) |
(86,018) |
| Repayments of term loans - related party |
0 |
0 |
(5,563) |
| Return of capital paid to noncontrolling interest holders |
(10,316) |
0 |
0 |
| Repurchases of common stock |
(2,776) |
0 |
0 |
| Deferred finance charges |
(2,743) |
(2,395) |
(3,842) |
| Net change in overdrafts |
(1,365) |
95 |
2,088 |
| Net (decrease) increase in deposits |
(16,273) |
33,189 |
11,604 |
| Repayment of debt of discontinued operations |
0 |
0 |
(22,772) |
| Net cash used in financing activities of discontinued operations |
0 |
(219) |
0 |
| Other |
(3,380) |
(225) |
0 |
| Net cash (used in) provided by financing activities |
(48,997) |
22,192 |
(98,439) |
| Net change for the period |
70,732 |
(53,382) |
66,447 |
| Effect of exchange rate changes on cash and cash equivalents |
268 |
(275) |
(10) |
| Cash and cash equivalents at beginning of period |
127,027 |
180,684 |
114,247 |
| Cash and cash equivalents at end of period |
198,027 |
127,027 |
180,684 |
| Cash paid during the period for: |
|
|
|
| Interest |
13,185 |
13,591 |
17,067 |
| Taxes |
6,611 |
5,053 |
4,026 |
| Non-cash investing activities: |
|
|
|
| Reclassification of investment in associated company to cost of an acquisition |
137,532 |
34,066 |
26,084 |
| Purchase of available-for-sale securities with funds on deposit |
0 |
0 |
5,932 |
| Net (increase) decrease in restricted cash from purchase of foreign currency financial instruments |
(1,006) |
114,087 |
(137,823) |
| Net transfers between loans and other assets |
0 |
569 |
1,157 |
| Reclassification from loans to other non-current assets |
0 |
0 |
2,729 |
| Purchase of equipment through capital lease obligations |
0 |
969 |
0 |
| Non-cash financing activities: |
|
|
|
| Sale of property for mortgage note receivable |
842 |
0 |
630 |
| Common units issued for directors compensation |
$ 0 |
$ 275 |
$ 543 |