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 $ 179,124 $ 167,369 $ 152,149
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and other non-cash charges 55,533 49,894 42,139
Provision for deferred income taxes 18,636 (3,248) 3,493
Stock based compensation expense 12,399 12,415 12,110
Excess tax benefits from share-based payments 0 (3,699) (1,946)
Provision for bad debts 10,455 11,257 10,113
Changes in assets and liabilities:      
Trade accounts receivables and other accounts receivables (13,661) (15,868) (12,494)
Financing receivables (6,527) (6,133) (3,630)
Materials and supplies (837) (671) 814
Other current assets 1,448 (1,464) (2,144)
Other non-current assets (5,137) (1,934) 154
Accounts payable and accrued expenses (25,691) 13,327 (2,039)
Unearned revenue 1,222 2,842 2,822
Accrued insurance 4,039 2,949 126
Pension funding 0 (3,256) (5,000)
Long-term accrued liabilities 4,367 2,745 (311)
Net cash provided by operating activities 235,370 226,525 196,356
INVESTING ACTIVITIES      
Cash used for acquisitions of companies, net of cash acquired (130,189) (46,308) (33,462)
Capital expenditures (24,680) (33,081) (39,495)
Cash from sale of franchises 519 699 767
Derivative Investments (264) 0 0
Proceeds from sale of assets 370 1,663 2,752
Investment tax credits 69 185 (504)
Net cash used in investing activities (154,175) (76,842) (69,942)
FINANCING ACTIVITIES      
Payment of dividends (122,017) (109,002) (91,755)
Cash paid for common stock purchased (8,246) (31,068) (7,407)
Excess tax benefits from share-based payments 0 3,699 1,946
Net cash used in financing activities (130,263) (136,371) (97,216)
Effect of exchange rate changes on cash 13,333 (5,101) (2,996)
Net increase (decrease) in cash and cash equivalents (35,735) 8,211 26,202
Cash and cash equivalents at beginning of year 142,785 134,574 108,372
Cash and cash equivalents at end of year 107,050 142,785 134,574
Supplemental disclosure of cash flow information      
Cash paid for interest 0 13 0
Cash paid for income taxes, net 90,702 88,766 82,690
Supplemental Disclosures of Non-Cash Items      
Non-cash (increases) decreases in the minimum pension liability 19,000 3,000 14,800
Non-cash acquisition of assets in business combinations $ 34,000 $ 11,400 $ 100
Business acquisition, shares issued (in shares)     873,349
Business acquisition, stock price (in dollars per share)     $ 18.79
Business acquisition, shares issued     $ 16,400