MCDERMOTT INTERNATIONAL INC - 10-Q - 20041109 - CASH_FLOW
McDERMOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2004
|
|
2003
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands)
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
$
|
19,173
|
|
|
$
|
(12,522
|
)
|
|
Adjustments to reconcile net income (loss) to net
cash used in operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
29,021
|
|
|
|
32,581
|
|
|
Income or loss of investees, less dividends
|
|
|
(7,702
|
)
|
|
|
(2,547
|
)
|
|
Gain on asset disposals and impairments — net
|
|
|
(18,797
|
)
|
|
|
(3,406
|
)
|
|
Benefit from deferred taxes
|
|
|
(12,702
|
)
|
|
|
(4,518
|
)
|
|
Increase in estimated cost of The Babcock & Wilcox
Company bankruptcy settlement
|
|
|
2,256
|
|
|
|
5,642
|
|
|
Cumulative effect of accounting change
|
|
|
—
|
|
|
|
(3,710
|
)
|
|
Gain on sale of Menck GmbH
|
|
|
—
|
|
|
|
(2,365
|
)
|
|
Other
|
|
|
3,375
|
|
|
|
3,773
|
|
|
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
35,546
|
|
|
|
(17,148
|
)
|
|
Net contracts in progress and advance billings
|
|
|
(1,903
|
)
|
|
|
(74,928
|
)
|
|
Accounts payable
|
|
|
(29,053
|
)
|
|
|
24,180
|
|
|
Accrued and other current liabilities
|
|
|
(23,105
|
)
|
|
|
(29,490
|
)
|
|
Income taxes
|
|
|
31,281
|
|
|
|
(25,435
|
)
|
|
Other, net
|
|
|
(28,055
|
)
|
|
|
44,637
|
|
|
|
NET CASH USED IN OPERATING ACTIVITIES
|
|
|
(665
|
)
|
|
|
(65,256
|
)
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in restricted cash and cash equivalents
|
|
|
12,329
|
|
|
|
(16,228
|
)
|
|
Purchases of property, plant and equipment
|
|
|
(17,578
|
)
|
|
|
(27,531
|
)
|
|
Purchases of available-for-sale securities
|
|
|
(66,730
|
)
|
|
|
(260,886
|
)
|
|
Sales of available-for-sale securities
|
|
|
5,565
|
|
|
|
133,679
|
|
|
Maturities of available-for-sale securities
|
|
|
61,973
|
|
|
|
256,600
|
|
|
Proceeds from asset disposals
|
|
|
74,206
|
|
|
|
20,946
|
|
|
Other
|
|
|
1
|
|
|
|
(403
|
)
|
|
|
NET CASH PROVIDED BY INVESTING ACTIVITIES
|
|
|
69,766
|
|
|
|
106,177
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Payment of long-term debt
|
|
$
|
—
|
|
|
$
|
(9,500
|
)
|
|
Decrease in short-term borrowing
|
|
|
(36,750
|
)
|
|
|
(45,600
|
)
|
|
Payment of debt issuance costs
|
|
|
(3,400
|
)
|
|
|
(7,523
|
)
|
|
Issuance of common stock
|
|
|
484
|
|
|
|
256
|
|
|
Other
|
|
|
(953
|
)
|
|
|
2,317
|
|
|
|
NET CASH USED IN FINANCING ACTIVITIES
|
|
|
(40,619
|
)
|
|
|
(60,050
|
)
|
|
|
EFFECTS OF EXCHANGE RATE CHANGES ON CASH
|
|
|
6
|
|
|
|
(16
|
)
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
28,488
|
|
|
|
(19,145
|
)
|
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
174,790
|
|
|
|
129,517
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
203,278
|
|
|
$
|
110,372
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
|
Interest (net of amount capitalized)
|
|
$
|
19,194
|
|
|
$
|
10,501
|
|
|
Income taxes — net
|
|
$
|
44,765
|
|
|
$
|
17,744
|
|
|
|
|
Next Section
Previous Section