XML 29 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH PROVIDED BY (USED IN) OPERATIONS:      
Net income $ 180,602 $ 736,841 $ 279,995
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and amortization 247,900 204,872 186,563
Provision for pension and postretirement benefits 39,484 20,115 33,960
Share-based compensation expense 24,808 22,088 15,578
Postretirement benefit claims paid (3,811) (2,926) (3,588)
(Gain) loss on disposals of property, plant and equipment (2,502) (4,100) 788
Deferred income taxes (4,649) (21,492) 45,164
Contributions to pension plans (42,055) (53,394) (57,266)
Gain on sale of land drilling operations 0 (212,891) 0
Gain on sale of manufacturing operations 0 (670,614) 0
Write-off of deferred debt issuance costs 690 0 0
Material charge 12,038 8,000 42,024
Changes in current assets and liabilities:      
Receivables - trade and other (105,762) 22,825 (34,268)
Inventories 0 (104,468) 65,177
Prepaid expenses and other current assets (9,879) 303 9,208
Accounts payable (8,608) 44,784 (34,799)
Accrued income taxes 16,210 (6,097) (30,555)
Deferred revenues 16,120 41,428 14,048
Billings in excess of costs and estimated profits on uncompleted contracts 0 29,493 (17,311)
Other current liabilities 17,873 10,263 6,381
Net changes in other noncurrent assets and liabilities 15,250 29,649 (12,937)
Net cash provided by operations 393,709 94,679 508,162
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:      
Capital expenditures (685,256) (1,517,674) (490,560)
Proceeds from sale of manufacturing operations 0 1,041,861 0
Proceeds from sale of land drilling operations, net 0 513,619 0
(Increase) decrease in restricted cash 0 15,265 (15,265)
Proceeds from disposals of property, plant and equipment 10,500 5,734 3,267
Net cash used in acquisition of SKDP 0 0 (17,681)
Net cash provided by (used in) investing activities (674,756) 58,805 (520,239)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:      
Proceeds from borrowings 1,104,929 0 395,517
Debt issue costs (2,026) 0 0
Repayments of borrowings (238,453) (52,166) (594,013)
Proceeds from exercise of share options 588 19,941 7,959
Excess tax benefits from share-based compensation 1,164 5,128 412
Payments to acquire treasury shares 0 (125,013) 0
Net cash provided by (used in) financing activities 866,202 (152,110) (190,125)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 585,155 1,374 (202,202)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 438,853 437,479 639,681
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,024,008 $ 438,853 $ 437,479