Fluor 2013 Annual Report Download - page 105

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FLUOR CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(in thousands) 2013 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 823,026 $ 571,067 $ 698,087
Adjustments to reconcile net earnings to cash provided (utilized) by
operating activities:
Depreciation of fixed assets 206,331 210,441 199,365
Amortization of intangibles 767 1,940 2,574
Gain on sale of equity and cost method investments (2,370) (42,856) —
Distributions in excess of earnings from equity method investments 15,030 9,157 3,637
Impairment of long-lived assets 5,406 10,434 —
Restricted stock and stock option amortization 42,909 37,400 36,757
Deferred compensation trust (55,504) (29,887) 10,449
Deferred compensation obligation 56,550 35,961 (12,518)
Statute expirations and tax settlements — (13,152) (13,795)
Deferred taxes (29,708) 77,444 (17,398)
Excess tax benefit from stock-based plans (6,668) (4,356) (12,737)
Net retirement plan accrual (contributions) 10,586 (46,877) (69,581)
Changes in operating assets and liabilities (261,596) (195,510) 61,593
Other items (15,853) 7,172 3,336
Cash provided by operating activities 788,906 628,378 889,769
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of marketable securities (492,633) (922,024) (857,787)
Proceeds from the sales and maturities of marketable securities 482,376 1,065,312 724,409
Capital expenditures (288,487) (254,747) (338,167)
Proceeds from disposal of property, plant and equipment 74,028 77,772 53,752
Investments in partnerships and joint ventures (27,057) (30,782) (8,089)
Consolidation of a variable interest entity 24,675 — —
Proceeds from sale of equity and cost method investments and other assets 3,005 55,136 11,016
Acquisitions (23,075) (19,337) (27,326)
Other items 12,558 (9,677) 5,768
Cash utilized by investing activities (234,610) (38,347) (436,424)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock (200,052) (389,233) (639,556)
Dividends paid (78,716) (128,650) (87,678)
Proceeds from issuance of 3.375% Senior Notes — — 495,595
Debt issuance costs — (3,241) (4,066)
Settlement of U.S. Treasury rate lock agreements — — (16,778)
Repayment of 5.625% Municipal Bonds (17,795) — —
Repayment of convertible debt and notes payable (8,640) (7,514) (77,234)
Distributions paid to noncontrolling interests (124,853) (100,623) (103,659)
Capital contributions by noncontrolling interests 1,697 2,665 22,789
Taxes paid on vested restricted stock (11,404) (11,744) (18,693)
Stock options exercised 52,838 11,592 25,410
Excess tax benefit from stock-based plans 6,668 4,356 12,737
Other items 10,688 5,766 (4,692)
Cash utilized by financing activities (369,569) (616,626) (395,825)
Effect of exchange rate changes on cash (55,686) 19,725 (31,106)
Increase (decrease) in cash and cash equivalents 129,041 (6,870) 26,414
Cash and cash equivalents at beginning of year 2,154,541 2,161,411 2,134,997
Cash and cash equivalents at end of year $2,283,582 $2,154,541 $2,161,411
See Notes to Consolidated Financial Statements.
F-6