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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES        
Net (loss) income $ (91,107) $ 33,545 $ (371,126) $ 97,379
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:        
Bad debt expense     305 405
Gain on sale of assets     (189)  
Loss on extinguishment of debt 210   210  
Noncash interest on derivatives and finance lease obligations, net (762) 1,155 5,534 6,908
Depreciation     104,259 110,416
Amortization of franchise fees and other intangibles     31 68
Amortization of deferred financing costs 892 698 2,288 2,094
Amortization of deferred stock compensation     7,509 7,168
Impairment losses     133,466  
Deferred income taxes, net     7,415 (246)
Changes in operating assets and liabilities:        
Accounts receivable     30,173 (10,700)
Prepaid expenses and other assets     75 (1,744)
Accounts payable and other liabilities     2,923 2,449
Accrued payroll and employee benefits     (9,255) (3,045)
Operating lease right-of-use assets and obligations     (923) (523)
Net cash (used in) provided by operating activities     (87,305) 210,629
CASH FLOWS FROM INVESTING ACTIVITIES        
Proceeds from sale of assets     76,855  
Acquisition of hotel property     (1,296) (193)
Acquisition of intangible asset     (102)  
Renovations and additions to hotel properties and other assets     (44,043) (75,277)
Payment for interest rate derivative     (111)  
Net cash provided by (used in) investing activities     31,303 (75,470)
CASH FLOWS FROM FINANCING ACTIVITIES        
Repurchases of outstanding common stock     (103,894) (50,000)
Repurchases of common stock for employee tax obligations     (3,992) (4,435)
Proceeds from credit facility     300,000  
Payments on credit facility     (300,000)  
Payments on notes payable     (40,190) (5,770)
Payments of deferred financing costs     (2,698)  
Dividends and distributions paid     (153,063) (155,715)
Distributions to noncontrolling interest     (2,000) (5,363)
Contribution from noncontrolling interest     500  
Net cash used in financing activities     (305,337) (221,283)
Net decrease in cash and cash equivalents and restricted cash     (361,339) (86,124)
Cash and cash equivalents and restricted cash, beginning of period   776,245 864,973 862,369
Cash and cash equivalents and restricted cash, end of period 503,634 776,245 503,634 776,245
Supplemental Disclosure of Cash Flow Information        
Cash and cash equivalents 461,288 730,039 461,288 730,039
Restricted cash 42,346 46,206 42,346 46,206
Cash and cash equivalents and restricted cash, end of period 503,634 776,245 503,634 776,245
Cash paid for interest     34,118 36,703
Cash paid for income taxes, net     18 354
Supplemental Disclosure of Noncash Investing and Financing Activities        
Accrued renovations and additions to hotel properties and other assets     7,195 8,149
Amortization of deferred stock compensation - construction activities     376 304
Dividends and distributions payable $ 3,208 $ 14,451 $ 3,208 $ 14,451