XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating activities:        
Net income $ 68,547 $ 27,353    
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation, depletion and amortization 157,572 115,598    
Amortization of deferred financing costs and pension withdrawal liability 3,945 4,504    
Amortization of above/below market leases 115 114    
Loss on debt extinguishment and modification 542 0    
Foreign exchange loss 373 66    
Loss from investments in partially owned entities 254 111    
Gain from sale of partially owned entities 0 (4,297)    
Share-based compensation expense (modification of restricted stock units) 0 3,044    
Share-based compensation expense 13,340 9,195    
Deferred income tax benefit (4,353) (12,221)    
(Gain) loss from sale of real estate (21,448) 34    
Loss on other asset disposals 715 336    
Impairment of long-lived assets 6,282 13,485    
Provision for doubtful accounts receivable 5,523 1,483    
Changes in operating assets and liabilities:        
Accounts receivable (1,196) (493)    
Accounts payable and accrued expenses 4,262 (22,060)    
Other (7,275) 15,669    
Net cash provided by operating activities 227,198 151,921    
Investing activities:        
Return of investment in joint venture 0 2,000    
Proceeds from sale of investments in partially owned entities 0 14,250    
Investment in partially owned entities (26,218) 0    
Proceeds from sale of property, buildings and equipment 77,354 973    
Proceeds from the settlement of net investment hedge 3,034 0    
Business combinations, net of cash acquired (398,737) (1,319,929)    
Acquisitions of property, buildings and equipment, net of cash acquired (25,538) (35,161)    
Additions to property, buildings and equipment (241,614) (151,065)    
Net cash used in investing activities  (611,719) (1,488,932)    
Financing activities:        
Distributions paid on common shares (124,025) (96,811)    
Proceeds from stock options exercised 6,748 10,204    
Remittance of withholding taxes related to employee share-based transactions (6,380) (6,127)    
Proceeds from revolving line of credit 186,753 100,000    
Repayment on revolving line of credit (177,075) (100,000)    
Repayment of sale-leaseback financing obligations (2,736) (2,292)    
Repayment of financing lease obligations (14,299) (9,374)    
Payment of debt issuance costs (8,345) (2,047)    
Repayment of term loan, mortgage notes and notes payable (55,028) (8,735)    
Proceeds from term loan 177,075 0    
Proceeds from issuance of senior unsecured notes 0 350,000    
Net proceeds from issuance of common shares 340,629 1,206,627    
Net cash provided by financing activities 323,317 1,441,445    
Net increase in cash, cash equivalents and restricted cash (61,204) 104,434    
Effect of foreign currency translation on cash, cash equivalents and restricted cash 1,945 (1,543)    
Cash, cash equivalents and restricted cash:        
Beginning of period 240,613 214,097    
End of period 181,354 316,988    
Supplemental disclosures of cash flows information:        
Addition of fixed assets under financing lease obligations 41,184 26,122    
Addition of fixed assets under operating lease obligations 11,887 8,308    
Interest paid – net of amounts capitalized 79,156 56,859    
Income taxes paid – net of refunds 556 3,091    
Addition of property, buildings and equipment on accrual 38,079 32,337    
Reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the ending cash, cash equivalents and restricted cash balances above:        
Cash and cash equivalents     $ 173,913 $ 310,116
Restricted cash     7,441 6,872
Total cash, cash equivalents and restricted cash 181,354 316,988 181,354 316,988
Allocation of purchase price to business combinations:        
Goodwill     399,301  
Business Acquisitions        
Allocation of purchase price to business combinations:        
Land     43,812 65,414
Building and improvements     159,057 714,767
Machinery and equipment     52,606 154,272
Assets under construction     308 19,977
Operating and financing lease right-of-use assets     4,161 1,336
Cash and cash equivalents     2,214 4,978
Restricted cash     0 526
Accounts receivable     6,674 22,873
Goodwill     81,202 125,550
Acquired identifiable intangibles:        
Other assets     120 7,017
Accounts payable and accrued expenses     (3,428) (41,475)
Notes payable     0 (3,878)
Operating and financing lease obligations     (4,027) (1,336)
Unearned revenue     (1,068) (3,536)
Pension and postretirement benefits     0 (859)
Deferred tax liability     (33,031) (9,138)
Total consideration     400,951 1,325,433
Business Acquisitions | Customer relationships        
Acquired identifiable intangibles:        
Identifiable intangibles     92,351 267,319
Business Acquisitions | Trade names and trademarks        
Acquired identifiable intangibles:        
Identifiable intangibles     $ 0 $ 1,626
Asset Acquisitions        
Allocation of purchase price of property, buildings and equipment to:        
Identifiable intangible assets 140 351    
Other assets 303 601    
Cash paid for acquisition of property, buildings and equipment 25,638 35,923    
Asset Acquisitions | Land        
Allocation of purchase price of property, buildings and equipment to:        
Property, plant and equipment 3,233 20,715    
Asset Acquisitions | Buildings and improvements        
Allocation of purchase price of property, buildings and equipment to:        
Property, plant and equipment 15,940 10,846    
Asset Acquisitions | Machinery and equipment        
Allocation of purchase price of property, buildings and equipment to:        
Property, plant and equipment $ 6,022 $ 3,410