Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Cash Flows from Operating Activities of Continuing Operations:        
Net income $ 49,565 $ 85,444 $ 107,750 $ 144,092
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations-        
Income from discontinued operations (14,102) (7,629) (19,897) (14,595)
Depreciation 41,030 33,907 80,428 66,754
Amortization of intangible assets 8,731 8,202 17,024 16,035
Equity in losses of unconsolidated affiliates 314 332 314 332
Amortization of debt issuance costs 273 273 546 548
Gain on sale of property and equipment (7) (797) (110) (1,101)
Foreign currency loss 523 682 713 416
Provision for doubtful accounts 126 1,062 704 1,110
Non-cash portion of arbitration expense       10,518
Deferred income tax provision (benefit) 280 (5,455) 992 (545)
Non-cash stock-based compensation 9,714 10,012 19,185 19,852
Tax impact of stock-based equity awards (3) (121) (4) (244)
Changes in operating assets and liabilities, net of non-cash transactions -        
Accounts and notes receivable 17,779 (91,135) 137,652 (157,959)
Costs and estimated earnings in excess of billings on uncompleted contracts (3,281) 40,215 (66,769) (4,836)
Inventories (9,869) (4,858) (12,991) (6,781)
Prepaid expenses and other current assets (7,270) (23,807) (9,576) (22,486)
Accounts payable and accrued expenses and other non-current liabilities 22,235 (52,228) 51,446 (102,204)
Billings in excess of costs and estimated earnings on uncompleted contracts (7,551) 21,261 (14,569) (10,371)
Other, net (2,363) 498 (7,086) 4,078
Net cash provided by (used in) operating activities of continuing operations 106,124 15,858 285,752 (57,387)
Cash Flows from Investing Activities of Continuing Operations:        
Proceeds from sale of property and equipment 7,733 4,054 9,015 6,541
Additions of property and equipment (62,493) (61,773) (120,997) (120,009)
Cash paid for acquisitions, net of cash acquired (37,936) (3,215) (72,669) (79,583)
Investments in equity from unconsolidated affiliates (1,784) (3,044) (2,593) (3,044)
Cash received from other investments 2,871 2,011 3,193 2,270
Cash withdrawn from restricted cash     214  
Cash paid for intangibles (211)   (211)  
Net cash used in investing activities of continuing operations (91,820) (61,967) (184,048) (193,825)
Cash Flows from Financing Activities of Continuing Operations:        
Borrowings under credit facility 625,286 333,830 772,742 336,200
Payments under credit facility (528,741) (333,830) (632,684) (336,200)
Payments on other long-term debt (959) (380) (1,359) (10,673)
Payments on short-term debt (4,248)   (5,170)  
Distributions to non-controlling interests (2,500) (6) (5,003) (506)
Tax impact of stock-based equity awards 3 121 4 244
Exercise of stock options 278 477 354 901
Repurchase of common stock (172,279) (45,021) (354,279) (45,021)
Net cash used in financing activities of continuing operations (83,160) (44,809) (225,395) (55,055)
Discontinued operations:        
Net cash provided by operating activities 11,432 16,898 21,031 29,610
Net cash used in investing activities (13,517) (13,628) (21,181) (26,804)
Net cash provided by (used in)discontinued operations (2,085) 3,270 (150) 2,806
Effect of foreign exchange rate changes on cash and cash equivalents 834 3,256 (1,247) 3,632
Net decrease in cash and cash equivalents (70,107) (84,392) (125,088) (299,829)
Cash and cash equivalents, beginning of period 135,534 273,340 190,515 488,777
Cash and cash equivalents, end of period 65,427 188,948 65,427 188,948
Supplemental disclosure of cash flow information:        
Interest paid (1,422) (792) (2,610) (1,369)
Income taxes paid (37,876) (73,334) (50,485) (161,046)
Income tax refunds $ 10,293 $ 1,054 $ 10,738 $ 1,292