Company Quick10K Filing
Tribune Media
Price46.31 EPS4
Shares89 P/E11
MCap4,127 P/FCF14
Net Debt1,599 EBIT703
TEV5,726 TEV/EBIT8
TTM 2019-06-30, in MM, except price, ratios
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-10
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-29 Filed 2015-05-08
10-K 2014-12-28 Filed 2015-03-06
8-K 2019-09-19
8-K 2019-09-17
8-K 2019-09-17
8-K 2019-09-12
8-K 2019-09-10
8-K 2019-09-06
8-K 2019-09-03
8-K 2019-08-28
8-K 2019-08-21
8-K 2019-08-15
8-K 2019-08-13
8-K 2019-08-09
8-K 2019-08-02
8-K 2019-05-10
8-K 2019-05-01
8-K 2019-03-12
8-K 2019-03-01
8-K 2019-01-25
8-K 2019-01-25
8-K 2018-12-18
8-K 2018-12-03
8-K 2018-11-30
8-K 2018-11-30
8-K 2018-11-09
8-K 2018-10-25
8-K 2018-08-09
8-K 2018-08-09
8-K 2018-05-30
8-K 2018-05-10
8-K 2018-03-01
8-K 2018-02-15
8-K 2018-01-26
8-K 2018-01-18

TRCO 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1: Basis of Presentation and Significant Accounting Policies
Note 2: Assets Held for Sale
Note 3: Leases
Note 4: Goodwill and Other Intangible Assets
Note 5: Investments
Note 6: Debt
Note 7: Fair Value Measurements
Note 8: Commitments and Contingencies
Note 9: Income Taxes
Note 10: Pension and Other Retirement Plans
Note 11: Capital Stock
Note 12: Stock - Based Compensation
Note 13: Earnings per Share
Note 14: Accumulated Other Comprehensive Loss
Note 15: Business Segments
Note 16: Condensed Consolidating Financial Statements
Note 17: Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 q22019-ex311.htm
EX-31.2 q22019-ex312.htm
EX-32.1 q22019-ex321.htm
EX-32.2 q22019-ex322.htm

Tribune Media Earnings 2019-06-30

Balance SheetIncome StatementCash Flow
151296302013201520172020
Assets, Equity
0.60.40.20.0-0.2-0.42013201520172020
Rev, G Profit, Net Income
0.60.3-0.0-0.4-0.7-1.02013201520172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 10-Q
_______________________________
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-8572
___________________________
TRIBUNE MEDIA COMPANY
(Exact name of registrant as specified in its charter)
___________________________
Delaware
 
36-1880355
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
515 North State Street,
Chicago,
Illinois
 
60654
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (312) 222-3394.
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol
 
Name of Each Exchange on Which Registered
Class A Common Stock, par value $0.001 per share
 
TRCO
 
The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                            Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
ý
Accelerated Filer
o
Non-Accelerated Filer
o
Smaller Reporting Company
o
Emerging Growth Company
o
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes o No ý
As of July 31, 2019, 88,405,196 shares of the registrant’s Class A Common Stock and 5,557 shares of the registrant’s Class B Common Stock were outstanding.
 


    

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

        

TRIBUNE MEDIA COMPANY
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2019
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Item No.
Part I. Financial Information
Page
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.









PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of dollars, except per share data)
(Unaudited)

 
Three Months Ended
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Operating Revenues   
 
 
 
 
 
 
 
Television and Entertainment
$
482,557


$
486,417

 
$
935,984

 
$
927,119

Other
1,479

 
2,941

 
3,040

 
5,874

Total operating revenues
484,036

 
489,358

 
939,024

 
932,993

Operating Expenses
 
 
 
 
 
 
 
Programming
134,083

 
111,635

 
253,970

 
212,376

Direct operating expenses
98,087

 
98,817

 
197,250

 
200,205

Selling, general and administrative
129,700

 
125,878

 
262,962

 
257,834

Depreciation
13,867

 
13,281

 
26,819

 
27,056

Amortization
35,018

 
41,681

 
70,039

 
83,368

Gain on sales of spectrum (Note 8)

 

 

 
(133,197
)
Total operating expenses
410,755

 
391,292

 
811,040

 
647,642

Operating Profit
73,281

 
98,066

 
127,984

 
285,351

Income on equity investments, net
46,527

 
52,568

 
92,212

 
91,705

Interest income
7,726

 
2,336

 
13,973

 
4,234

Interest expense
(43,777
)
 
(41,990
)
 
(87,392
)
 
(82,621
)
Pension and other postretirement periodic benefit credit, net
4,524

 
6,985

 
9,154

 
14,069

Gain on investment transactions

 

 
86,272

 
3,888

Other non-operating gain (loss), net
80

 
(26
)
 
(1,543
)
 
91

Reorganization items, net
(876
)
 
(685
)
 
(2,194
)
 
(1,578
)
Income Before Income Taxes
87,485

 
117,254

 
238,466

 
315,139

Income tax expense
23,835

 
32,816

 
61,612

 
89,518

Net Income
$
63,650

 
$
84,438

 
$
176,854

 
$
225,621

Net loss attributable to noncontrolling interests
7

 
4

 
11

 
10

Net Income attributable to Tribune Media Company
$
63,657

 
$
84,442

 
$
176,865

 
$
225,631

 
 
 
 
 
 
 
 
Net Earnings Per Common Share Attributable to Tribune Media Company:
 
 
 
 
 
 
 
Basic
$
0.72

 
$
0.96

 
$
2.01

 
$
2.58

Diluted
$
0.71

 
$
0.96

 
$
1.98

 
$
2.55

 
 
 
 
 
 
 
 

See Notes to Unaudited Condensed Consolidated Financial Statements
2



TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands of dollars)
(Unaudited)

 
Three Months Ended
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Net Income
$
63,650

 
$
84,438

 
$
176,854

 
$
225,621

 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), net of taxes
 
 
 
 
 
 
 
Pension and other post-retirement benefit items:
 
 
 
 
 
 
 
Change in unrecognized benefit plan gains and losses arising during the period, net of taxes of $(1,001) and $(1,327) for the three months and six months ended June 30, 2019 and June 30, 2018, respectively
(2,885
)
 
(3,827
)
 
(2,885
)
 
(3,827
)
Adjustment for previously unrecognized benefit plan gains and losses included in net income, net of taxes of $(14) and $(13) for the three months ended June 30, 2019 and June 30, 2018, respectively, and $(33) and $(29) for the six months ended June 30, 2019 and June 30, 2018, respectively
(38
)
 
(37
)
 
(92
)
 
(83
)
Change in unrecognized benefit plan gains and losses, net of taxes
(2,923
)
 
(3,864
)
 
(2,977
)
 
(3,910
)
Cash flow hedging instruments:
 
 
 
 
 
 
 
Unrealized gains and losses, net of taxes of $(2,585) and $975 for the three months ended June 30, 2019 and June 30, 2018, respectively, and $(4,325) and $3,571 for the six months ended June 30, 2019 and June 30, 2018, respectively
(7,454
)
 
2,810

 
(12,472
)
 
10,297

Gains and losses reclassified to net income, net of taxes of $(73) and $112 for the three months ended June 30, 2019 and June 30, 2018, respectively, and $(147) and $326 for the six months ended June 30, 2019 and June 30, 2018, respectively
(212
)
 
325

 
(424
)
 
941

Change in unrecognized gains and losses on cash flow hedging instruments, net of taxes
(7,666
)
 
3,135

 
(12,896
)
 
11,238

Foreign currency translation adjustments:
 
 
 
 
 
 
 
Change in foreign currency translation adjustments, net of taxes of $(3) and $67 for the three months ended June 30, 2019 and June 30, 2018, respectively, and $(8) and $58 for the six months ended June 30, 2019 and June 30, 2018
203

 
(702
)
 
(125
)
 
(267
)
Other Comprehensive Income (Loss), net of taxes
(10,386
)
 
(1,431
)
 
(15,998
)
 
7,061

Comprehensive Income
$
53,264

 
$
83,007

 
$
160,856

 
$
232,682

Comprehensive loss attributable to noncontrolling interests
7

 
4

 
11

 
10

Comprehensive Income Attributable to Tribune Media Company
$
53,271

 
$
83,011

 
$
160,867

 
$
232,692


See Notes to Unaudited Condensed Consolidated Financial Statements
3



TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except for share and per share data)
(Unaudited)

 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
1,314,108

 
$
1,063,041

Restricted cash and cash equivalents
16,607

 
16,607

Accounts receivable (net of allowances of $3,662 and $4,461)
421,309

 
416,938

Broadcast rights
72,598

 
98,269

Income taxes receivable
17,607

 
23,922

Prepaid expenses
27,009

 
19,444

Other
8,865

 
7,509

Total current assets
1,878,103

 
1,645,730

Properties
 
 
 
Property, plant and equipment
646,743

 
687,377

Accumulated depreciation
(285,262
)
 
(266,078
)
Net properties
361,481

 
421,299

Other Assets
 
 
 
Broadcast rights
70,027

 
95,876

Operating lease right-of-use assets (Note 3)
196,408

 

Goodwill
3,228,547

 
3,228,601

Other intangible assets, net
1,370,614

 
1,442,456

Assets held for sale
62,789

 

Investments
1,154,700

 
1,264,437

Other
140,111

 
152,992

Total other assets
6,223,196

 
6,184,362

Total Assets (1)
$
8,462,780

 
$
8,251,391


See Notes to Unaudited Condensed Consolidated Financial Statements
4



TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except for share and per share data)
(Unaudited)

 
June 30, 2019
 
December 31, 2018
Liabilities and Shareholders’ Equity
 
 
 
Current Liabilities
 
 
 
Accounts payable
$
42,502

 
$
44,897

Income taxes payable
55,509

 
9,973

Employee compensation and benefits
57,360

 
79,482

Contracts payable for broadcast rights
212,046

 
232,687

Deferred revenue
13,867

 
12,508

Interest payable
30,652

 
30,086

Operating lease liabilities (Note 3)
19,904

 

Other
53,876

 
42,160

Total current liabilities
485,716

 
451,793

Non-Current Liabilities
 
 
 
Long-term debt (net of unamortized discounts and debt issuance costs of $25,995 and $29,434)
2,929,522

 
2,926,083

Deferred income taxes
516,216

 
573,924

Contracts payable for broadcast rights
171,143

 
233,275

Pension obligations, net
374,964

 
380,322

Postretirement, medical, life and other benefits
8,452

 
8,298

Operating lease liabilities (Note 3)
192,378

 

Other obligations
117,872

 
154,599

Total non-current liabilities
4,310,547

 
4,276,501

Total Liabilities (1)
4,796,263

 
4,728,294

Commitments and Contingent Liabilities (Note 8)


 


Shareholders’ Equity
 
 
 
Preferred stock ($0.001 par value per share)
 
 
 
Authorized: 40,000,000 shares; No shares issued and outstanding at June 30, 2019 and at December 31, 2018

 

Class A Common Stock ($0.001 par value per share)
 
 
 
Authorized: 1,000,000,000 shares; 102,498,285 shares issued and 88,396,100 shares outstanding at June 30, 2019 and 101,790,837 shares issued and 87,688,652 shares outstanding at December 31, 2018
102

 
102

Class B Common Stock ($0.001 par value per share)
 
 
 
Authorized: 1,000,000,000 shares; Issued and outstanding: 5,557 shares at June 30, 2019 and December 31, 2018

 

Treasury stock, at cost: 14,102,185 shares at June 30, 2019 and December 31, 2018
(632,194
)
 
(632,194
)
Additional paid-in-capital
4,045,530

 
4,031,233

Retained earnings
368,621

 
223,734

Accumulated other comprehensive loss
(120,965
)
 
(104,967
)
Total Tribune Media Company shareholders’ equity
3,661,094

 
3,517,908

Noncontrolling interests
5,423

 
5,189

Total shareholders’ equity
3,666,517

 
3,523,097

Total Liabilities and Shareholders’ Equity  
$
8,462,780

 
$
8,251,391

 
(1)
The Company’s consolidated total assets as of June 30, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $66 million and $73 million, respectively, which can only be used to settle the obligations of the VIEs. The Company’s consolidated total liabilities as of June 30, 2019 and December 31, 2018 include total liabilities of the VIEs of $26 million and $28 million, respectively, for which the creditors of the VIEs have no recourse to the Company (see Note 1).

See Notes to Unaudited Condensed Consolidated Financial Statements
5



TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
THREE AND SIX MONTHS ENDED JUNE 30, 2019
(In thousands, except for share data)
(Unaudited)

 
 
Retained
Earnings
Accumulated Other Comprehensive Loss
Additional Paid-In Capital
 
 
Common Stock
 
Total
 
 
Class A
 
Class B
Treasury Stock
Non-
controlling Interests
Amount (at Cost)
Shares
 
Amount (at Cost)
Shares
Balance at December 31, 2018
$
3,523,097

$
223,734

$
(104,967
)
$
4,031,233

$
(632,194
)
$
5,189

$
102

101,790,837

 
$

5,557

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
113,204

113,208




(4
)


 


Other comprehensive loss, net of taxes
(5,612
)

(5,612
)





 


Comprehensive income
107,592

 
 
 
 
 
 
 
 
 
 
Regular dividends declared to shareholders and warrant holders, $0.25 per share
(22,061
)
(22,349
)

288





 


Stock-based compensation
5,418



5,418





 


Net share settlements of stock-based awards
(1,279
)


(1,279
)



558,474

 


Cumulative effect of a change in accounting principle
12,808

12,808







 


Contributions from noncontrolling interest
190





190



 


Balance at March 31, 2019
$
3,625,765

$
327,401

$
(110,579
)
$
4,035,660

$
(632,194
)
$
5,375

$
102

102,349,311

 
$

5,557

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
63,650

63,657




(7
)


 


Other comprehensive loss, net of taxes
(10,386
)

(10,386
)





 


Comprehensive income
53,264

 
 
 
 
 
 
 
 
 
 
Regular dividends declared to shareholders and warrant holders, $0.25 per share
(22,114
)
(22,437
)

323





 


Stock-based compensation
5,502



5,502





 


Net share settlements of stock-based awards
4,045



4,045




148,974

 


Contributions from noncontrolling interest
55





55



 


Balance at June 30, 2019
$
3,666,517

$
368,621

$
(120,965
)
$
4,045,530

$
(632,194
)
$
5,423

$
102

102,498,285

 
$

5,557























See Notes to Unaudited Condensed Consolidated Financial Statements
6



TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
THREE AND SIX MONTHS ENDED JUNE 30, 2018
(In thousands, except for share data)
(Unaudited)

 
 
Retained (Deficit)
Earnings
Accumulated Other Comprehensive (Loss) Income
Additional Paid-In Capital
 
 
Common Stock
 
Total
 
 
Class A
 
Class B
Treasury Stock
Non-
controlling Interests
Amount (at Cost)
Shares
 
Amount (at Cost)
Shares
Balance at December 31, 2017
$
3,217,180

$
(114,240
)
$
(48,061
)
$
4,011,530

$
(632,194
)
$
44

$
101

101,429,999

 
$

5,557

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
141,183

141,189




(6
)


 


Other comprehensive income, net of taxes
8,492


8,492






 


Comprehensive income
149,675

 
 
 
 
 
 
 
 
 
 
Regular dividends declared to shareholders and warrant holders, $0.25 per share
(21,922
)
(22,243
)

321





 


Stock-based compensation
5,114



5,114





 


Net share settlements of stock-based awards
(4,912
)


(4,913
)


1

283,545

 


Balance at March 31, 2018
$
3,345,135

$
4,706

$
(39,569
)
$
4,012,052

$
(632,194
)
$
38

$
102

101,713,544

 
$

5,557

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
84,438

84,442




(4
)


 


Other comprehensive loss, net of taxes
(1,431
)

(1,431
)





 


Comprehensive income
83,007

 
 
 
 
 
 
 
 
 
 
Regular dividends declared to shareholders and warrant holders, $0.25 per share
(21,925
)
(22,228
)

303





 


Stock-based compensation
5,397



5,397





 


Net share settlements of stock-based awards
(230
)


(230
)



14,433

 


Distribution to noncontrolling interests, net
(2
)




(2
)


 


Balance at June 30, 2018
$
3,411,382

$
66,920

$
(41,000
)
$
4,017,522

$
(632,194
)
$
32

$
102

101,727,977

 
$

5,557





See Notes to Unaudited Condensed Consolidated Financial Statements
7



TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(Unaudited)

 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
Operating Activities
 
 
 
Net income
$
176,854

 
$
225,621

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Stock-based compensation
10,920

 
10,511

Pension credit and contributions
(8,661
)
 
(38,027
)
Depreciation
26,819

 
27,056

Amortization of other intangible assets
70,039

 
83,368

Income on equity investments, net
(92,212
)
 
(91,705
)
Distributions from equity investments
181,461

 
158,926

Amortization of debt issuance costs and original issue discount
3,688

 
3,718

Gain on sales of spectrum (Note 8)

 
(133,197
)
Gain on investment transactions
(86,272
)
 
(3,888
)
Spectrum repack reimbursements
(5,947
)
 
(1,698
)
Other non-operating loss (gain), net
846

 
(91
)
Changes in working capital items:
 
 
 
Accounts receivable, net
(4,910
)
 
12,917

Prepaid expenses and other current assets
(8,327
)
 
(16,825
)
Accounts payable
1,267

 
(1,857
)
Employee compensation and benefits, accrued expenses and other current liabilities
(21,461
)
 
(13,993
)
Deferred revenue
1,359

 
2,801

Income taxes
51,853

 
7,271

Change in broadcast rights, net of liabilities
(31,253
)
 
(28,612
)
Deferred income taxes
(56,631
)
 
17,405

Other, net
831

 
1,240

Net cash provided by operating activities
210,263

 
220,941

 
 
 
 
Investing Activities
 
 
 
Capital expenditures
(30,607
)
 
(24,947
)
Spectrum repack reimbursements
5,947

 
1,698

Proceeds from the sales of investments
107,547

 
3,890

Other, net
(919
)
 
1,615

Net cash provided by (used in) investing activities
81,968

 
(17,744
)


See Notes to Unaudited Condensed Consolidated Financial Statements
8



TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(Unaudited)

 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
Financing Activities
 
 
 
Payments of dividends
(44,175
)
 
(43,847
)
Tax withholdings related to net share settlements of share-based awards
(8,630
)
 
(5,723
)
Proceeds from stock option exercises
11,396

 
581

Contribution from/(distributions to) noncontrolling interests
245