XML 22 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Statements of Consolidated Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net earnings/(losses) $ 36,433,000 $ 15,854,000 $ (1,735,000)
Less: Net earnings/(losses) from discontinued operations, net of tax 1,032,000 (1,534,000) (3,782,000)
Net earnings from continuing operations 35,401,000 17,388,000 2,047,000
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 52,396,000 50,513,000 52,004,000
Impairment of goodwill 0 9,796,000 0
Impairment of property, plant and equipment 1,007,000 0 1,211,000
Gain on disposal of property, plant and equipment and equity method investments (938,000) (20,275,000) (4,128,000)
(Gain)/loss on extinguishment of debt (1,200,000) 0 14,506,000
Earnings from unconsolidated companies, net of tax (11,013,000) (9,075,000) (9,484,000)
Amortization of debt issuance costs and discount on secured term loan 3,044,000 2,903,000 3,921,000
Share-based compensation 6,272,000 6,707,000 7,928,000
Change in provisions for uncertain tax positions (3,350,000) 279,000 496,000
Benefit from deferred income tax (305,000) (124,000) (11,246,000)
Other non-cash movements 567,000 (1,076,000) 3,950,000
Effect of exchange rates on net earnings/(losses) (12,258,000) 896,000 (4,518,000)
Change in assets and liabilities, net of effects from acquisitions:      
Accounts receivable 1,961,000 (536,000) 1,593,000
Due from unconsolidated companies (788,000) 1,167,000 (2,784,000)
Prepaid expense and other 668,000 (725,000) (2,500,000)
Inventories (504,000) 1,962,000 2,251,000
Escrow and prepaid customer deposits 379,000 (1,284,000) (615,000)
Accounts payable 877,000 (5,703,000) 3,178,000
Accrued liabilities 245,000 10,127,000 (2,059,000)
Deferred revenue (1,434,000) 5,877,000 227,000
Other liabilities (14,121,000) 0 0
Other, net 148,000 (3,008,000) 48,000
Other cash movements:      
Dividends from equity method investees 4,449,000 3,649,000 3,725,000
Proceeds from insurance settlements 0 0 887,000
Payment of key money 0 0 (3,000,000)
Payment of swap termination costs 0 0 (3,985,000)
Net cash provided by operating activities from continuing operations 61,503,000 69,458,000 53,653,000
Net cash provided by/(used in) operating activities from discontinued operations 38,000 (1,534,000) (2,317,000)
Net cash provided by operating activities 61,541,000 67,924,000 51,336,000
Cash flows from investing activities:      
Capital expenditure to acquire property, plant and equipment (55,104,000) (56,395,000) (63,454,000)
Capital expenditure to acquire intangible assets 0 (714,000) (269,000)
Investments in unconsolidated companies 0 (4,061,000) (4,082,000)
Increase in restricted cash (6,000) 0 (526,000)
Release of restricted cash 0 519,000 11,324,000
Change in deferred revenue for asset sale deposits 0 (500,000) (3,500,000)
Proceeds from insurance settlements 0 0 297,000
Proceeds from sale of property, plant and equipment and equity method investments 2,746,000 43,742,000 37,842,000
Net cash used in investing activities from continuing operations (52,364,000) (17,409,000) (22,368,000)
Net cash provided by investing activities from discontinued operations 0 0 0
Net cash used in investing activities (52,364,000) (17,409,000) (22,368,000)
Cash flows from financing activities:      
Payments on working capital facilities 0 0 (133,000)
Repurchase of shares (1,992,000) (37,565,000) 0
Exercised stock options and vested share awards 17,000 35,000 19,000
Dividend to non-controlling interest (15,000) (20,000) 0
Issuance of long-term debt 26,000,000 0 572,046,000
Debt issuance costs (465,000) (856,000) (17,798,000)
Principal payments under long-term debt (13,904,000) (5,432,000) (565,051,000)
Net cash provided by/(used in) financing activities from continuing operations 9,641,000 (43,838,000) (10,917,000)
Net cash provided by financing activities from discontinued operations 0 0 0
Net cash provided by/(used in) financing activities 9,641,000 (43,838,000) (10,917,000)
Effect of exchange rate changes on cash and cash equivalents (992,000) (6,196,000) (6,486,000)
Net increase in cash and cash equivalents 17,826,000 481,000 11,565,000
Cash and cash equivalents at beginning of period (includes $Nil, $Nil and $394 of cash presented within assets held for sale) 135,599,000 135,118,000 123,553,000
Cash and cash equivalents at end of period (includes $Nil, $Nil, $Nil of cash presented within assets held for sale) $ 153,425,000 $ 135,599,000 $ 135,118,000