XML 25 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 25, 2016
Dec. 27, 2015
Dec. 28, 2014
Cash flows from operating activities      
Net income $ 23,832 $ 62,842 $ 32,305
Adjustments to reconcile net income to net cash provided by operating activities:      
Restructuring charge 14,804 [1] 0 0
Pension settlement charges 21,294 [2] 40,329 [3] 9,525
Multiemployer pension plan charges 11,701 9,055 0
Gain on insurance settlement 0 0 (1,859)
Early termination charge 0 0 2,550
Depreciation and amortization 61,723 61,597 79,455
Stock-based compensation expense 12,430 10,588 8,880
Undistributed loss of joint ventures 36,273 783 10,980
Deferred income taxes (13,128) (10,102) (10,621)
Long-term retirement benefit obligations (55,228) (15,404) (37,334)
Uncertain tax positions 5,089 1,627 17,310
Other – net (10,193) 7,745 12,141
Changes in operating assets and liabilities:      
Accounts receivable – net 9,825 5,510 (10,166)
Other current assets 1,599 22,141 507
Accounts payable, accrued payroll and other liabilities (32,276) (22,833) (33,911)
Unexpired subscriptions 6,502 1,448 729
Net cash provided by operating activities 94,247 175,326 80,491
Cash flows from investing activities      
Purchases of marketable securities (566,846) (818,865) (777,945)
Maturities of marketable securities 725,365 818,262 506,711
Cash distribution from corporate-owned life insurance 38,000 0 0
Business acquisitions (40,410) 0 0
(Purchases)/proceeds from investments (1,955) (5,068) 7,331
Capital expenditures (30,095) (26,965) (35,350)
Change in restricted cash 3,804 1,521 (1,401)
Other-net 409 412 1,942
Repayment of borrowings against cash surrender value of corporate-owned life insurance 0 0 (26,005)
Net cash provided by/(used in) investing activities 128,272 (30,703) (324,717)
Cash flows from financing activities      
Repayment of debt and capital lease obligations (189,768) (223,648) (38,857)
Dividends paid (25,897) (26,599) (24,858)
Stock issuances 761 103,026 1,120
Repurchases (15,684) (69,293) 0
Windfall tax benefit related to share-based payments 3,193 2,303 1,209
Net cash used in financing activities (227,395) (214,211) (61,386)
Net decrease in cash and cash equivalents (4,876) (69,588) (305,612)
Effect of exchange rate changes on cash and cash equivalents (208) (1,243) (526)
Cash and cash equivalents at the beginning of the year 105,776 176,607 482,745
Cash and cash equivalents at the end of the year 100,692 105,776 176,607
Cash payments      
Interest, net of capitalized interest 39,487 41,449 54,252
Income tax payments – net $ 44,896 $ 21,078 $ 21,325
[1] We recorded restructuring charges in the second and third quarters associated with the streamlining of the Company’s international print operations.
[2] We recorded a pension settlement charge in the fourth quarter related to a lump-sum payment offer to certain former employees who participated in a qualified pension plan.
[3] We recorded a pension settlement charge in the first quarter related to a lump-sum payment offer to certain former employees who participated in a qualified pension plan.