Fluor 2004 Annual Report Download - page 74

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FLUOR CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31
(in thousands) 2004 2003 2002
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 186,695 $ 157,450 $ 163,615
Adjustments to reconcile net earnings to cash provided (utilized) by operating activities:
Depreciation of fixed assets 87,036 79,676 77,989
Amortization of intangibles 4,852 1,257 —
Restricted stock amortization 16,039 12,526 10,433
Cumulative effect of change in accounting principle — 10,389 —
Deferred taxes 4,054 48,284 45,357
Stock option tax benefit 14,009 3,652 2,476
Retirement plan accrual (contribution), net 14,815 (620) (79,500)
Unbilled fees receivable (36,792) (21,940) (5,999)
Special provision, net of cash payments — — (1,558)
Provisions for impairment of assets — 14,817 31,145
Changes in operating assets and liabilities, excluding effects of business
acquisitions/dispositions (343,265) (672,822) (23,562)
Gain on sale of real estate and residual property interest (12,545) — —
Insurance proceeds 3,832 84,055 35,411
Equity in earnings of investees (1,317) (114) (13,186)
Other, net (18,928) (20,336) (46,876)
Cash provided (utilized) by operating activities (81,515) (303,726) 195,745
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures:
Continuing operations (104,432) (79,183) (63,014)
Discontinued operations — (2,583) (15,960)
Acquisitions, net (33,000) (54,531) —
Investments, net 358 (13,895) 21,944
Proceeds from sale of real estate and residual property interest 58,607 — —
Proceeds from disposal of property, plant and equipment 22,151 26,065 63,041
Proceeds from sale of subsidiaries — 31,926 50,955
Other, net (4,161) 1,046 2,385
Cash provided (utilized) by investing activities (60,477) (91,155) 59,351
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid (53,476) (52,287) (51,485)
Proceeds from issuance of convertible debt 330,000 — —
Debt issuance costs (7,490) — —
Repayment of facilities financing (128,581) — —
Increase (decrease) in short-term borrowings, net 8,471 121,469 (38,175)
Stock options exercised 61,687 28,502 14,851
Purchases of common stock — (2,691) (19,199)
Other, net (586) (2,032) (1,237)
Cash provided (utilized) by financing activities
Effect of exchange rate changes on cash
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year $
210,025
39,982
108,015
496,502
604,517
92,961
45,055
(256,865)
753,367
$ 496,502
(95,245)
20,862
180,713
572,654
$ 753,367
See Notes to Consolidated Financial Statements.
F-7