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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 89,177 $ 73,622 $ 101,209
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 116,381 104,079 88,150
Amortization of deferred charges 8,085 10,187 9,013
Amortization of seller's credit (103) (447) (1,249)
Amortization of charter related deferred asset and straightlining of operating leases 5,406 1,699 0
Vessel impairment charge 60,054 64,338 0
Impairment of long-term receivables 9,168 1,730 0
Equity in earnings of associated companies (17,054) (14,635) (23,766)
Loss/(gain) on sale of assets and termination of charters 0 2,578 (1,124)
Gain on sale of subsidiary and disposal groups 0 (7,613) 0
Adjustment of derivatives to fair value recognized in net income 3,449 (13,898) (8,208)
(Gain)/loss on investments in debt and equity securities (67,701) (25,754) 4,410
Repayments from investment in sales-type, direct financing and leaseback assets 44,143 0 0
(Gain)/loss on repurchase of bonds (1,802) (1,146) 2,305
Interest receivable in form of notes 0 0 (635)
Other, net (4,620) 1,108 3,959
Changes in operating assets and liabilities      
Trade accounts receivable (1,608) 9,607 (9,034)
Due from related parties 5,652 (1,308) 10,543
Other receivables (7,090) (3,870) 2,418
Other current assets 2 (157) 0
Inventories 613 (3,423) (42)
Prepaid expenses and accrued income 958 (301) 1,317
Trade accounts payable 1,500 2,370 (742)
Accrued expenses 4,622 (433) (1,188)
Other current liabilities 475 2,642 460
Net cash provided by operating activities 249,707 200,975 177,796
Investing activities      
Repayments from investment in direct financing and sales-type leases 0 33,486 31,929
Additions to newbuildings 0 0 (81,664)
Purchase of vessels (39,326) (1,137,703) 0
Other long-term assets acquired (211,065) 0 0
Proceeds from sale of vessels and termination of charters 0 145,654 74,791
Proceeds from sale of subsidiaries, net of cash disposed of 0 83,485 0
Proceeds from sale of Frontline shares 82,783 0 0
Net amounts received from/(paid to) associated companies 15,925 (24,161) 27,322
Other investments and long-term assets, net (18,198) 32,675 (4,016)
Net cash (used in)/provided by investing activities (169,881) (866,564) 48,362
Financing activities      
Proceeds from shares issued, net of issuance costs 0 0 88
Principal settlements of cross currency swaps, net (41,769) 0 (29,186)
Proceeds from finance leases 0 944,097 0
Repurchase of bonds (80,749) (97,248) (68,383)
Proceeds from issuance of short-term and long-term debt 458,781 825,984 302,104
Repayments of short-term and long-term debt (208,538) (778,731) (179,354)
Discount received on debt repurchased 1,654 0 0
Debt fees paid (4,261) (8,257) (2,554)
Repayments of lease obligation liability (63,663) (11,653) (5,296)
Cash dividends paid (150,659) (149,261) (152,907)
Net cash (used in)/provided by financing activities (89,204) 724,931 (135,488)
Net (decrease)/increase in cash and cash equivalents (9,378) 59,342 90,670
Cash, restricted cash and cash equivalents at start of the year 212,394 153,052 62,382
Cash, restricted cash and cash equivalents at end of the year 203,016 212,394 153,052
Supplemental disclosure of cash flow information:      
Interest paid, net of capitalized interest $ 72,344 $ 104,620 $ 88,201