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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH PROVIDED BY (USED IN) OPERATIONS:  
Net income$ 691,740$ 222,710
Adjustments to reconcile net income to net cash provided by operations:  
Depreciation and amortization150,236139,303
Material charges (Note 2)042,024
Deferred income taxes(30,880)12,246
Provision for pension and postretirement benefits12,05929,112
Stock-based compensation expense14,26411,330
Gain on disposals of property, plant and equipment(3,932)575
Gain on sale of manufacturing operations(662,448)0
Gain on sale of land drilling operations(214,803)0
Postretirement benefit claims paid(2,188)(2,474)
Contributions to pension plans(53,169)(49,688)
Changes in current assets and liabilities:  
Receivables - trade and other(41,570)(23,825)
Inventories(104,468)27,336
Prepaid expenses and other current assets(3,538)(7,538)
Accounts payable60,785(9,981)
Accrued income taxes212,352(33,274)
Deferred revenues44,929(39,326)
Billings in excess of costs and estimated profits on uncompleted contracts29,493(17,147)
Other current liabilities(7,449)(10,748)
Net changes in other noncurrent assets and liabilities36,596(10,354)
Net cash provided by operations128,009280,281
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:  
Capital expenditures(1,155,108)(316,561)
Proceeds from sale of manufacturing operations1,050,7200
Proceeds from sale of land drilling operations509,8180
Decrease in restricted cash15,2650
Net cash used in acquisition of SKDP0(17,681)
Proceeds from disposals of property, plant and equipment5,4782,953
Net cash provided by (used in) investing activities426,173(331,289)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:  
Proceeds from borrowings, net of issue costs0395,517
Repayments of borrowings(38,412)(96,061)
Payments to acquire treasury stock(80,924)0
Excess tax benefits from stock-based compensation5,128(42)
Proceeds from stock options and other15,1074,675
Net cash (used in) provided by financing activities(99,101)304,089
INCREASE IN CASH AND CASH EQUIVALENTS455,081253,081
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD437,479639,681
CASH AND CASH EQUIVALENTS, END OF PERIOD$ 892,560$ 892,762