Fluor 2001 Annual Report Download - page 35

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FL UOR CORPORA TION 200 1 ANNUAL REPORT
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended Two Months Ended
December 31, October 31, October 31, December 31, December 31,
2001 2000 1999 2000 1999
(in thousands) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss) $ 19,410 $ 123,949 $ 104,187 $ (4,023) $ 27,828
Adjustments to reconcile net earnings (loss) to cash
provided by operating activities:
Depreciation and amortization:
Continuing operations 71,911 84,033 100,051 14,105 12,541
Discontinued operations 45,268 227,655 218,153 8,593 36,586
Deferred taxes (17,128) (2,651) 29,268 (15,423) 2,515
Special provision, net of cash payments (7,054) (36,619) 85,410 — —
Provisions for impairment of assets and pre-tax
loss on discontinued operations 139,423 — — — —
Provisions for impairment/abandonment of
joint ventures and investments — 42,793 — — —
Provision for spin-off transaction expenses,
net of cash payments — 21,762 — (13,493) —
Changes in operating assets and liabilities,
excluding effects of business
acquisitions/dispositions 440,363 (288,081) 90,828 (68,102) (80,052)
Equity in (earnings) losses of investees (14,910) 14,800 (44,651) (6,062) (3,619)
Other, net 445 5,592 (4,991) 17,781 3,279
Cash provided by (used in) operating activities 677,728 193,233 578,255 (66,624) (922)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures:
Continuing operations (148,426) (156,174) (140,640) (29,807) (14,373)
Discontinued operations (52,489) (339,392) (363,694) (6,557) (94,753)
Retirement plan contribution (63,000) — — — —
Investments, net 27,960 28,384 (4,688) 2,895 (5,765)
Proceeds from sale of property, plant and equipment 51,930 92,966 105,154 15,250 14,122
Proceeds from sale of dealership 25,696 — — — —
Contributions to deferred compensation trusts — — (8,160) — —
Net assets held for sale, including cash — — 36,300 — —
Other, net 1,260 (12,681) 549 130 (1,299)
Cash utilized by investing activities (157,069) (386,897) (375,179) (18,089) (102,068)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid (50,913) (75,983) (60,692) — —
Increase (decrease) in short-term borrowings, net (188,636) 150,116 (299,212) 138,852 107,508
Proceeds from sale/leaseback transaction 127,000 — — — —
Proceeds from (payments on) long-term debt, net — — 16,951 — —
Stock options exercised 144,577 5,829 10,760 39 1,645
Purchases of common stock (1,404) (23,003) — (101,233) —
Other, net (479) (3,483) (1,813) (521) (112)
Cash provided (utilized) by financing activities 30,145 53,476 (334,006) 37,137 109,041
Increase (decrease) in cash and cash equivalents 550,804 (140,188) (130,930) (47,576) 6,051
Cash and cash equivalents at beginning of period 21,850 209,614 340,544 69,426 209,614
Cash and cash equivalents at end of period $ 572,654 $ 69,426 $ 209,614 $ 21,850 $ 215,665
See Notes to Consolidated Financial Statements.
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