Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES      
Net Income $ 167,369 $ 152,149 $ 137,664
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and other non-cash charges 49,894 42,139 42,277
Provision for deferred income taxes (3,248) 3,493 8,440
Stock based compensation expense 12,415 12,110 10,579
Excess tax benefits from share-based payments (3,699) (1,946) (4,744)
Provision for bad debts 11,257 10,113 11,197
Changes in assets and liabilities:      
Trade accounts receivables and other accounts receivables (15,868) (12,494) (13,369)
Financed receivables (6,133) (3,630) (941)
Materials and supplies (671) 814 (1,525)
Other current assets (1,464) (2,144) (10,678)
Other non-current assets 211 154 7,200
Accounts payable and accrued expenses 11,182 (2,039) 15,273
Unearned revenue 2,842 2,822 2,497
Accrued insurance 2,949 126 1,274
Pension funding (3,256) (5,000) (5,250)
Long-term accrued liabilities 2,745 (311) (5,748)
Net cash provided by operating activities 226,525 196,356 194,146
INVESTING ACTIVITIES      
Cash used for acquisitions of companies, net of cash acquired (46,308) (33,462) (63,335)
Capital expenditures (33,081) (39,495) (28,739)
Cash from sales of franchises 699 767 565
Proceeds from sales of assets 1,663 2,752 2,038
Investment Tax Credits 185 (504)
Net cash used in investing activities (76,842) (69,942) (89,471)
FINANCING ACTIVITIES      
Payment of Dividends (109,002) (91,755) (75,750)
Cash paid for common stock purchased (31,068) (7,407) (35,513)
Excess tax benefits from share-based payments 3,699 1,946 4,744
Net cash used in financing activities (136,371) (97,216) (106,519)
Effect of exchange rate changes on cash (5,101) (2,996) (8,000)
Net(decrease) increase in cash and cash equivalents 8,211 26,202 (9,844)
Cash and cash equivalents at beginning of year 134,574 108,372 118,216
Cash and cash equivalents at end of year 142,785 134,574 108,372
Supplemental disclosure of cash flow information      
Cash paid for interest 13
Cash paid for income taxes, net $ 88,766 $ 82,690 $ 74,454