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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net income $ 46,034 $ 33,109
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation, depletion and amortization 46,637 48,517
Gain on sales of property and equipment (2,364) (2,090)
Change in deferred income taxes (87) 14,967
Stock-based compensation 11,013 6,962
Equity in net income from unconsolidated joint ventures (15,903) (29,465)
Gain on real estate entity (2,452) 0
Net Income from affiliates (4,583) (1,762)
Changes in assets and liabilities:    
Receivables (169,678) (148,791)
Costs and estimated earnings in excess of billings, net 1,793 3,621
Inventories (5,462) 8,631
Contributions to unconsolidated construction joint ventures (11,545) (55,394)
Distributions from unconsolidated construction joint ventures 5,850 41,558
Other assets, net (2,122) 7,481
Accounts payable 62,787 48,034
Accrued expenses and other current liabilities, net 19,782 16,493
Net cash used in operating activities (20,300) (8,129)
Investing Activities    
Purchases of marketable securities (84,758) (54,961)
Maturities of marketable securities 30,000 26,700
Proceeds from called marketable securities 50,000 45,000
Purchases of property and equipment ($10.0 million and $0 related to CCJVs) (67,889) (26,144)
Proceeds from sales of property and equipment 5,790 3,439
Distributions from affiliates 2,233 305
Collection of notes receivable 3,880 542
Other investing activities, net (33) (249)
Net cash used in investing activities (60,777) (5,368)
Financing Activities    
Long-term debt principal repayments (3,750) (306)
Cash dividends paid (15,415) (15,326)
Repurchases of common stock (4,946) (3,325)
Contributions from (distributions to) non-controlling partners, net 1,522 (1,740)
Other financing activities 1,055 18
Net cash used in financing activities (21,534) (20,679)
Decrease in cash and cash equivalents (102,611) (34,176)
Cash and cash equivalents at beginning of period 252,836 255,961
Cash and cash equivalents at end of period 150,225 221,785
Cash paid during the period for:    
Interest 7,557 7,787
Income taxes 6,748 450
Other non-cash operating activities:    
Performance guarantees 17,596 (10,700)
Non-cash investing and financing activities:    
Restricted stock units issued, net of forfeitures 21,057 5,924
Accrued cash dividends 5,148 5,119
Accrued equipment purchases $ (3,453) $ 3,245