XML 66 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 48,874 $ 55,757
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 190,133 197,478
Long-lived asset impairment 28,152 13,654
Amortization of deferred financing costs 3,127 3,288
Income from discontinued operations, net of tax (18,967) (36,496)
Amortization of debt discount 576 11,821
Provision for doubtful accounts 1,496 1,387
Gain on sale of property, plant and equipment (2,891) (3,493)
Equity in income of non-consolidated affiliates (10,068) (9,602)
Amortization of terminated interest rate swaps 1,884 2,353
Interest rate swaps (7) 151
(Gain) loss on remeasurement of intercompany balances 7,999 (2,882)
Stock-based compensation expense 9,722 11,303
Deferred income tax provision (13,234) (12,575)
Changes in assets and liabilities, net of acquisition:    
Accounts receivable and notes 51,147 (29,385)
Inventory 2,595 (3,398)
Costs and estimated earnings versus billings on uncompleted contracts (22,438) (13,882)
Other current assets (6,945) (7,283)
Accounts payable and other liabilities (73,079) (26,568)
Deferred revenue (2,986) (27,585)
Other (9,129) (3,906)
Net cash provided by continuing operations 185,961 120,137
Net cash provided by discontinued operations 1,351 2,466
Net cash provided by operating activities 187,312 122,603
Cash flows from investing activities:    
Capital expenditures (254,180) (238,210)
Proceeds from sale of property, plant and equipment 19,348 13,399
Payment for business acquisition   (360,521)
Return of investments in non-consolidated affiliates 10,068 9,799
Proceeds received from settlement of note receivable 5,357  
Increase in restricted cash   (245)
Cash invested in non-consolidated affiliates   (197)
Net cash used in continuing operations (219,407) (575,975)
Net cash provided by discontinued operations 16,560 33,276
Net cash used in investing activities (202,847) (542,699)
Cash flows from financing activities:    
Proceeds from borrowings of long-term debt 765,500 1,389,799
Repayments of long-term debt (703,000) (1,051,000)
Payments for debt issuance costs (1,311) (6,923)
Payments above face value for redemption of convertible debt   (15,007)
Payments for settlement of interest rate swaps that include financing elements (1,877) (1,894)
Net proceeds from the sale of Partnership units 1,268 169,471
Proceeds from stock options exercised 1,005 10,767
Proceeds from stock issued pursuant to our employee stock purchase plan 910 897
Purchases of treasury stock (3,736) (6,315)
Dividends to Exterran stockholders (20,743) (19,990)
Stock-based compensation excess tax benefit 2,379 7,820
Distributions to noncontrolling partners in the Partnership (40,491) (35,291)
Net cash provided by (used in) financing activities (96) 442,334
Effect of exchange rate changes on cash and cash equivalents (783) (4,000)
Net increase (decrease) in cash and cash equivalents (16,414) 18,238
Cash and cash equivalents at beginning of period 39,739 35,665
Cash and cash equivalents at end of period $ 23,325 53,903
Supplemental disclosure of non-cash transactions:    
Treasury shares issued for redemption of convertible debt   219,211
Shares acquired for exercise of call options   $ (89,407)