Fluor 2007 Annual Report Download - page 88

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FLUOR CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(in thousands) 2007 2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 533,319 $ 263,452 $ 227,273
Adjustments to reconcile net earnings to cash provided (utilized) by
operating activities:
Depreciation of fixed assets 144,862 124,142 101,998
Amortization of intangibles 1,947 2,016 2,126
Restricted stock and stock option amortization 32,318 34,719 18,493
Minority interest (6,472) (14,884) (14,183)
Adjust deferred compensation trust assets to fair value (17,352) (22,939) (14,742)
Adjust deferred compensation obligation to fair value 29,623 25,224 18,595
Funding of deferred compensation trust (11,000) (19,000) (3,500)
Taxes paid on vested restricted stock (12,243) (14,649) (10,774)
Tax settlement with IRS (123,144) — —
Deferred taxes (52,215) 987 (55,677)
Stock option tax benefit (20,257) (12,639) 16,904
Retirement plan accrual, net of contributions (26,763) (5,191) (56,890)
Decrease (increase) in unbilled fees receivable 118,162 (5,085) (38,897)
Changes in operating assets and liabilities 311,988 (62,387) 237,666
Gain on sale of real estate — — (14,618)
Equity in earnings of investees (16,104) (16,804) (15,624)
Insurance proceeds — 9,345 —
Currency translation 13,559 5,295 3,505
Other items 4,814 4,559 7,020
Cash provided by operating activities 905,042 296,161 408,675
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (284,240) (274,055) (213,207)
Purchases of marketable securities (995,002) — —
Proceeds from maturities of marketable securities 455,760 — —
Investments (9,281) (371) (13,215)
Proceeds from sale of real estate and residual property interest — — 45,049
Proceeds from disposal of property, plant and equipment 60,396 39,326 24,731
Deconsolidation of variable interest entity (17,190) — —
Other items (3,875) (2,717) (2,490)
Cash utilized by investing activities (793,432) (237,817) (159,132)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of non-recourse project financing 101,665 127,284 57,558
Repayment of non-recourse project financing (23,376) — —
Repayment of equity bridge loan (19,126) — —
Equity bridge loan — — 16,798
Repayment of convertible debt (22,777) — —
Increase (decrease) in short-term borrowings, net — — (129,940)
Capital contribution from joint venture partners 35,143 — —
Stock options and warrants exercised 12,537 31,770 50,550
Stock option tax benefit 20,257 12,639 —
Net proceeds from issuance of common stock — — 41,820
Dividends paid (70,399) (52,863) (68,665)
Other items (201) (447) (219)
Cash provided (utilized) by financing activities 33,723 118,383 (32,098)
Effect of exchange rate changes on cash
Increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
53,761
199,094
976,050
$1,175,144
10,307
187,034
789,016
$ 976,050
(32,946)
184,499
604,517
$ 789,016
See Notes to Consolidated Financial Statements.
F-5