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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES        
Net (loss) income $ (117,500) $ 45,918 $ (280,019) $ 63,834
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:        
Bad debt expense     367 275
Noncash interest on derivatives and finance lease obligations, net 216 3,634 6,296 5,753
Depreciation     71,264 72,854
Amortization of franchise fees and other intangibles     21 57
Amortization of deferred financing costs 697 698 1,396 1,396
Amortization of deferred stock compensation     5,271 5,022
Impairment losses 18,100   133,466  
Deferred income taxes, net     7,415 (636)
Changes in operating assets and liabilities:        
Accounts receivable     30,394 (14,671)
Prepaid expenses and other assets     6,447 4,578
Accounts payable and other liabilities     (6,497) 2,493
Accrued payroll and employee benefits     (10,157) (4,632)
Operating lease right-of-use assets and obligations     (593) (270)
Net cash (used in) provided by operating activities     (34,929) 136,053
CASH FLOWS FROM INVESTING ACTIVITIES        
Disposition deposit     3,500  
Acquisition of hotel property     (1,296) (193)
Acquisition of intangible asset     (50)  
Renovations and additions to hotel properties and other assets     (32,849) (52,733)
Payment for interest rate derivative     (111)  
Net cash used in investing activities     (30,806) (52,926)
CASH FLOWS FROM FINANCING ACTIVITIES        
Repurchases of outstanding common stock     (103,894) (5,735)
Repurchases of common stock for employee tax obligations     (3,992) (4,435)
Proceeds from credit facility     300,000  
Payment on credit facility     (250,000)  
Payments on notes payable     (3,616) (3,789)
Dividends and distributions paid     (149,856) (141,097)
Distributions to noncontrolling interest     (2,000) (2,738)
Contribution from noncontrolling interest     500  
Net cash used in financing activities     (212,858) (157,794)
Net decrease in cash and cash equivalents and restricted cash     (278,593) (74,667)
Cash and cash equivalents and restricted cash, beginning of period     864,973 862,369
Cash and cash equivalents and restricted cash, end of period 586,380 787,702 586,380 787,702
Supplemental Disclosure of Cash Flow Information        
Cash and cash equivalents 540,420 741,503 540,420 741,503
Restricted cash 45,960 46,199 45,960 46,199
Cash and cash equivalents and restricted cash, end of period 586,380 787,702 586,380 787,702
Cash paid for interest     20,912 22,893
Cash paid for income taxes, net     90 272
Supplemental Disclosure of Noncash Investing and Financing Activities        
Accrued renovations and additions to hotel properties and other assets     10,219 8,977
Amortization of deferred stock compensation - construction activities     246 201
Dividends and distributions payable $ 3,207 $ 14,618 $ 3,207 $ 14,618