Consolidated Statements of Cash Flows |
(In thousands) Year Ended December 31, | 1996 | 1995 | 1994 | ||||
Operating Activities | NET INCOME | $ | 150,866 | $ | 148,958 | $ | 136,625 |
ADJUSTMENTS | |||||||
Depreciation and amortization | 91,185 | 80,071 | 77,892 | ||||
Gain on sale of assets | (10,306) | (19,151) | | ||||
Extraordinary item | | | 5,700 | ||||
CHANGES IN OPERATING ASSETS AND LIABILITIES | |||||||
(Increase) in trade and other receivables, net | (3,364) | (2,747) | (1,961) | ||||
(Increase) in inventories | (5,835) | (3,275) | (3,175) | ||||
(Increase) decrease in prepaid expenses | (7,065) | (5,396) | 8,641 | ||||
Increase (decrease) in accounts payable | (2,437) | 8,347 | 219 | ||||
Increase (decrease) in accrued liabilities | 22,451 | (3,586) | 6,721 | ||||
Increase (decrease) in customer deposits | 61,408 | 19,179 | (15,582) | ||||
Other | 2,611 | 2,230 | 2,446 | ||||
Net cash provided by operating activities | 299,514 | 224,630 | 217,526 | ||||
Investing Activities | Purchase of property and equipment | (722,389) | (427,535) | (145,453) | |||
Proceeds from sale of assets | 40,000 | 59,500 | | ||||
Other | (6,039) | (5,755) | (349) | ||||
Net cash used in investing activities | (688,428) | (373,790) | (145,802) | ||||
Financing Activities | Proceeds from issuance of long-term debt | 452,668 | 557,747 | 643,151 | |||
Repayment of long-term debt | (22,025) | (369,552) | (694,498) | ||||
Dividends | (34,384) | (30,489) | (25,355) | ||||
Other | 1,818 | (1,210) | (3,445) | ||||
Net cash provided by (used in) financing activities | 398,077 | 156,496 | (80,147) | ||||
Cash Balance | NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 9,163 | 7,336 | (8,423) | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 31,256 | 23,920 | 32,343 | ||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 40,419 | $ | 31,256 | $ | 23,920 | |
Supplemental Disclosure | Interest paid, net of amount capitalized | $ | 65,110 | $ | 54,703 | $ | 40,376 |
The accompanying notes are an integral part of these financial statements.