Nucor 2011 Annual Report Download - page 46

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4545
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
Year Ended December 31, 2011 2010 2009
OPERATING ACTIVITIES:
Net earnings (loss) $ 860,984 $ 206,323 $ (237,178)
Adjustments:
Depreciation 522,571 512,147 494,035
Amortization 67,829 70,455 72,388
Stock-based compensation 49,003 43,041 54,665
Deferred income taxes 58,051 138,262 88,546
Equity in losses of unconsolidated affiliates 10,043 32,082 82,341
Changes in assets and liabilities (exclusive of acquisitions):
Accounts receivable (274,920) (310,188) 141,104
Inventories (433,696) (231,913) 1,117,600
Accounts payable 63,571 186,417 170,229
Federal income taxes 930 180,821 (422,116)
Salaries, wages and related accruals 129,340 56,641 (419,800)
Other (21,094) (10,684) 31,380
Cash provided by operating activities 1,032,612 873,404 1,173,194
INVESTING ACTIVITIES:
Capital expenditures (440,502) (345,294) (390,500)
Investment in and advances to affiliates (95,950) (434,006) (63,563)
Repayment of advances to affiliates 50,000 83,885 —
Disposition of plant and equipment 25,333 24,944 11,371
Acquisitions (net of cash acquired) (3,959) (64,788) (32,720)
Purchases of investments (1,494,782) (1,323,264) (261,389)
Proceeds from the sale of investments 1,285,763 394,640 36,389
Purchases of restricted investments (564,994) — —
Proceeds from the sale of restricted investments 47,479 — —
Changes in restricted cash 530,165 (598,482) —
Cash used in investing activities (661,447) (2,262,365) (700,412)
FINANCING ACTIVITIES:
Net change in short-term debt (11,450) 11,561 (6,908)
Repayment of long-term debt — (6,000) (180,400)
Proceeds from issuance of long-term debt, net of discount — 1,198,992 —
Debt issuance costs — (4,050) —
Issuance of common stock 8,097 4,687 3,716
Excess tax benefits from stock-based compensation 1,000 (700) (3,100)
Distributions to noncontrolling interests (61,720) (55,380) (190,233)
Cash dividends (461,518) (457,282) (443,109)
Other financing activities 30,569 — —
Cash provided by (used in) financing activities (495,022) 691,828 (820,034)
Effect of exchange rate changes on cash (904) 5,558 9,103
DECREASE IN CASH AND CASH EQUIVALENTS (124,761) (691,575) (338,149)
CASH AND CASH EQUIVALENTS — BEGINNING OF YEAR 1,325,406 2,016,981 2,355,130
CASH AND CASH EQUIVALENTS — END OF YEAR $1,200,645 $1,325,406 $2,016,981
See notes to consolidated financial statements.