2009_URS_AR
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<strong>URS</strong> Corporation and Subsidiaries Consolidated Statements of Cash Flows<br />
Year ended Year ended Year ended<br />
January 1, January 2, December 28,<br />
(In thousands) 2010 <strong>2009</strong> 2007<br />
Cash flows from operating activities:<br />
Net income $ 290,919 $ 241,557 $ 137,800<br />
Adjustments to reconcile net income to net cash from operating activities:<br />
Depreciation 86,937 89,984 44,826<br />
Amortization of intangible assets 52,823 52,640 7,066<br />
Amortization of debt issuance costs 7,820 8,455 3,266<br />
Loss on settlement of foreign currency forward contract 27,675 — —<br />
Net gain on sale of investment in unconsolidated joint venture (75,589) — —<br />
Impairment of an intangible asset 32,825 — —<br />
Normal profit (10,969) (7,219) (4,071)<br />
Costs incurred for extinguishment of debt — — 2,897<br />
Provision for doubtful accounts 5,781 5,046 2,867<br />
Deferred income taxes 107,646 107,601 69,488<br />
Stock-based compensation 41,209 30,325 25,061<br />
Excess tax benefits from stock-based compensation (1,532) (4,491) (6,929)<br />
Equity in income of unconsolidated joint ventures, less dividends received (15,378) (10,136) (3,163)<br />
Changes in operating assets, liabilities and other, net of effects of acquisitions:<br />
Accounts receivable and costs and accrued earnings in excess<br />
of billings on contracts 214,199 (100,366) 17,073<br />
Other current assets 30,700 (12,012) (50,510)<br />
Changes in advances to unconsolidated joint ventures 10,387 (15,932) 29,739<br />
Accounts payable, accrued salaries and employee benefits,<br />
and other current liabilities (144,503) (80,650) 66,045<br />
Billings in excess of costs and accrued earnings on contracts (11,966) 17,625 (9,120)<br />
Other long-term liabilities (6,589) 37,278 406<br />
Other assets, net 9,210 14,518 (14,161)<br />
Total adjustments and changes 360,686 132,666 180,780<br />
Net cash from operating activities 651,605 374,223 318,580<br />
Cash flows from investing activities:<br />
Payments for business acquisitions, net of cash acquired (14,228) (26,383) (1,259,547)<br />
Proceeds from disposal of property and equipment 54,473 17,442 2,700<br />
Proceeds from sale of investment in unconsolidated joint venture,<br />
net of related selling costs 282,584 — —<br />
Payment in settlement of foreign currency forward contract (273,773) — —<br />
Receipt in settlement of foreign currency forward contract 246,098 — —<br />
Investments in and advances to unconsolidated joint ventures (16,301) (34,299) (5,018)<br />
Changes in restricted cash (1,551) 1,611 (1,512)<br />
Capital expenditures, less equipment purchased through<br />
capital leases and equipment notes (41,569) (91,658) (41,650)<br />
Purchases of short-term investments (195,682) — —<br />
Maturities of short-term investments 165,000 — —<br />
Net cash from investing activities 205,051 (133,287) (1,305,027)<br />
30 RESULTS.
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