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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net income $ 416,724 $ 556,446 $ 387,891
Items included in net income not affecting cash flows:      
Depreciation and amortization 149,440 129,038 110,388
Loss on write-down of vessels and other assets 8,700   1,697
Amortization of debt discount and other deferred financing costs 4,110 5,623 5,224
Amortization of time charter hire contracts acquired     842
Deferred financing costs write-off   2,686 1,266
Stock compensation 9,000 8,518 6,746
Equity in results of affiliated companies (241) 20 (10,297)
Other - net (312) (2,562) (2,242)
Items included in net income related to investing and financing activities:      
Gain on disposal of vessels and other assets, net (41,357) (35,934) (21,344)
Loss on extinguishment of debt   1,323  
Loss on sale of investment in affiliated companies     9,513
Cash distributions from affiliated companies     3,111
Payments for drydocking (58,642) (34,539) (43,327)
Insurance claims proceeds related to vessel operations 1,073 3,156 5,301
Changes in operating assets and liabilities:      
Decrease in receivables 61,644 42,610 (182,679)
Increase in deferred revenue 1,590 3,283 2,609
Purchase of insurance contract in connection with settlement of pension plan obligations (3,649)    
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities (942) 8,734 13,102
Net cash provided by operating activities 547,138 688,402 287,801
Cash Flows from Investing Activities:      
Expenditures for vessels, vessel improvements and vessels under construction, including deposits for acquisitions (278,794) (205,159) (115,976)
Security deposits for vessel exchange transactions (5,000)    
Proceeds from disposal of vessels and other property, net 71,895 66,002 99,157
Expenditures for other property (1,386) (1,471) (710)
Pool working capital deposits (1,732) (3,639) 1,362
Proceeds from sale of investment in affiliated companies     138,966
Investments in short term time deposits (125,000) (235,000) (105,000)
Proceeds from maturities of short term time deposits 185,000 255,000 25,000
Net cash used in investing activities (155,017) (124,267) 42,799
Cash Flows from Financing Activities:      
Borrowings on long term debt, net of lenders' fees     641,050
Borrowings on revolving credit facilities 120,000 50,000  
Repayments on revolving credit facilities (70,000) (50,000)  
Repayments of debt (39,851) (382,050) (798,740)
Premium and fees on extinguishment of debt   (1,323)  
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs   169,717 108,005
Payments on sale and leaseback financing and finance lease (49,294) (135,965) (39,240)
Payments of deferred financing costs (5,759) (3,577) (909)
Cash dividends paid (284,416) (308,154) (69,841)
Repurchases of common stock (25,000) (13,948) (20,017)
Cash paid to tax authority upon vesting or exercise of stock-based compensation (7,055) (5,819) (6,097)
Net cash used in financing activities (361,375) (681,119) (185,789)
Net increase/(decrease) in cash and cash equivalents 30,746 (116,984) 144,811
Cash, cash equivalents and restricted cash at beginning of year 126,760 243,744 98,933
Cash, cash equivalents and restricted cash at end of period $ 157,506 $ 126,760 $ 243,744