Nucor 2013 Annual Report Download - page 51

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5050 CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
Year Ended December 31, 2013 2012 2011
OPERATING ACTIVITIES:
Net earnings $ 585,529 $ 593,126 $ 860,984
Adjustments:
Depreciation 535,852 534,010 522,571
Amortization 74,356 73,011 67,829
Stock-based compensation 47,450 50,733 49,003
Deferred income taxes 56,564 (25,274) 58,051
Distributions from affiliates 8,708 — —
Equity in (earnings) losses of unconsolidated affiliates (9,297) 13,323 10,043
Impairment of non-current assets — 30,000 13,943
Loss on assets 14,000 17,563 —
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable (103,649) 148,113 (274,920)
Inventories (298,074) (65,655) (433,696)
Accounts payable 39,489 (111,496) 62,012
Federal income taxes 77,950 (28,022) 930
Salaries, wages and related accruals 7,155 (60,363) 129,340
Other operating activities 41,916 31,316 (35,037)
Cash provided by operating activities 1,077,949 1,200,385 1,031,053
INVESTING ACTIVITIES:
Capital expenditures (1,196,952) (947,608) (438,943)
Investment in and advances to affiliates (85,053) (180,472) (95,950)
Repayment of advances to affiliates 54,500 65,446 50,000
Disposition of plant and equipment 34,097 51,063 25,333
Acquisitions (net of cash acquired) — (760,833) (3,959)
Purchases of investments (19,349) (409,403) (1,494,782)
Proceeds from the sale of investments 92,761 1,667,142 1,285,763
Purchases of restricted investments — — (564,994)
Proceeds from the sale of restricted investments 148,725 359,295 47,479
Changes in restricted cash 126,438 (48,625) 530,165
Other investing activities 4,863 — —
Cash used in investing activities (839,970) (203,995) (659,888)
FINANCING ACTIVITIES:
Net change in short-term debt (671) 27,945 (11,450)
Repayment of long-term debt (250,000) (650,000) —
Proceeds from issuance of long-term debt, net of discount 999,100 — —
Bond issuance costs (7,625) — —
Issuance of common stock — 10,515 8,097
Excess tax benefits from stock-based compensation 2,955 4,700 1,000
Distributions to noncontrolling interests (76,798) (74,848) (61,720)
Cash dividends (471,028) (466,361) (461,518)
Other financing activities 111 1,172 30,569
Cash provided by (used in) financing activities 196,044 (1,146,877) (495,022)
Effect of exchange rate changes on cash (3,633) 2,704 (904)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 430,390 (147,783) (124,761)
CASH AND CASH EQUIVALENTS — BEGINNING OF YEAR 1,052,862 1,200,645 1,325,406
CASH AND CASH EQUIVALENTS — END OF YEAR $1,483,252 $1,052,862 $1,200,645
NON-CASH INVESTING ACTIVITY:
Change in accrued plant and equipment purchases $ 33,467 $ 71,726 $ 1,559
See notes to consolidated financial statements.