Fluor 2011 Annual Report Download - page 106

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FLUOR CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(in thousands) 2011 2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 698,087 $ 441,082 $ 732,875
Adjustments to reconcile net earnings to cash provided by operating
activities:
Depreciation of fixed assets 199,365 189,350 180,849
Amortization of intangibles 2,574 1,234 1,162
Restricted stock and stock option amortization 36,757 46,824 33,624
Deferred compensation trust 10,449 (28,614) (44,606)
Deferred compensation obligation (12,518) 33,737 45,700
Funding of deferred compensation trust — (5,000) (10,000)
Statute expirations and tax settlements (13,795) (10,686) (5,568)
Deferred taxes (17,398) 12,707 74,662
Excess tax benefit from stock-based plans (12,737) (893) (1,294)
Retirement plan accrual, net of contributions (69,581) 22,264 44,798
Changes in operating assets and liabilities 46,005 (173,007) (143,932)
Equity in (earnings) of investees, net of dividends 19,225 12,343 (3,699)
Other items 3,336 9,573 441
Cash provided by operating activities 889,769 550,914 905,012
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of marketable securities (857,787) (853,622) (1,663,013)
Proceeds from the sales and maturities of marketable securities 724,409 1,291,159 1,039,684
Capital expenditures (338,167) (265,410) (233,113)
Proceeds from disposal of property, plant and equipment 53,752 53,692 37,568
Investments in partnerships and joint ventures (8,089) (10,035) (1,681)
Proceeds from sale of assets 11,016 — —
Acquisitions (27,326) — —
Other items 5,768 2,646 2,496
Cash (utilized) provided by investing activities (436,424) 218,430 (818,059)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock (639,556) (175,058) (125,419)
Dividends paid (87,678) (90,093) (90,692)
Proceeds from issuance of Senior Notes 495,595 — —
Debt issuance costs (4,066) — —
Settlement of Treasury rate lock agreements (16,778) — —
Repayment of convertible debt (77,234) (13,097) (23,789)
Distributions paid to noncontrolling interests (103,659) (83,656) (75,727)
Capital contribution by joint venture partners 22,789 1,000 —
Repayment of corporate-owned life insurance loans — (32,163) —
Taxes paid on vested restricted stock (18,693) (6,899) (5,700)
Stock options exercised 25,410 14,040 2,671
Excess tax benefit from stock-based plans 12,737 893 1,294
Other items (4,692) (4,839) (5,635)
Cash utilized by financing activities (395,825) (389,872) (322,997)
Effect of exchange rate changes on cash (31,106) 68,497 88,748
Increase (decrease) in cash and cash equivalents 26,414 447,969 (147,296)
Cash and cash equivalents at beginning of year 2,134,997 1,687,028 1,834,324
Cash and cash equivalents at end of year $2,161,411 $ 2,134,997 $ 1,687,028
See Notes to Consolidated Financial Statements.
F-5