R
|
ANNUAL REPORT PURSUANT TO SECTION 13
OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF
1934
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For the fiscal year ended August 31,
2012
|
|
or
|
|
£
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
to
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LOUISIANA
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72-1106167
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock — no par value
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New York Stock Exchange
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Large accelerated filer
R
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Smaller reporting company
o
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|||
Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Accelerated filer
o
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PART I
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1
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|
Item 1.
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Business
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1
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Item 1A.
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Risk Factors
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14
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Item 1B.
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Unresolved Staff Comments
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28
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Item 2.
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Properties
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28
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Item 3.
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Legal Proceedings
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29
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Item 4.
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Mine Safety Disclosures
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29
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PART II
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29
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Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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29
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Item 6.
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Selected Financial Data
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31
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Item 7.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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31
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Item 7A.
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Quantitative and Qualitative Disclosures about Market Risk
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56
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Item 8.
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Financial Statements and Supplementary Data
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56
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Item 9.
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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57
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Item 9A.
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Controls and Procedures
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57
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Item 9B.
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Other Information
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57
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PART III
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57
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Item 10.
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Directors, Executive Officers and Corporate Governance
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58
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Item 11.
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Executive Compensation
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58
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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58
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Item 13.
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Certain Relationships and Related Transactions, and Director Independence
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59
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Item 14.
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Principal Accounting Fees and Services
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59
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PART IV
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59
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Item 15.
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Exhibits, Financial Statement Schedules
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59
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ABWR
|
Advanced Boiling Water Reactor
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AQC
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Air quality control
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AP1000
®
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AP1000
is a registered trademark of Westinghouse Electric Co., LLC
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AR
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Accounts receivable
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ASC
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Accounting Standards Codification
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ASME
|
American Society of Mechanical Engineers
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ASU
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Accounting Standards Update
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BNFL
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British Nuclear Fuels plc
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CAIR
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Clean Air Interstate Rule
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CAP
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Compliance Assurance Process
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CCGT
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Combined-cycle gas turbine
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CERCLA
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Comprehensive Environmental Response, Compensation and Liability Act
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CIE
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Costs and estimated earnings in excess of billings
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COL
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Combined operating license
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COSO
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Committee of Sponsoring Organizations of the Treadway Commission
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CRA
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Commercial relationship agreement
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CSAPR
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Cross-State Air Pollution Rule
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DJ Heavy Construction
|
Dow Jones U.S. Heavy Construction
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DOE
|
U.S. Department of Energy
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E&C
|
Our Energy & Chemicals segment
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E&C Sale
|
Our divestiture of substantially all of the business of the E&C segment to Technip S.A. effective August 31, 2012
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E&I
|
Our Environmental & Infrastructure segment
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EAC
|
Estimate at completion
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EBIT
|
Earnings before interest expense and income taxes
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EBITDA
|
Earnings before interest expense, income taxes, depreciation and amortization
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EHS
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Environmental Health and Safety
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EPA
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U.S. Environmental Protection Agency
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EPC
|
Engineering, procurement and construction
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ERISA
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Employee Retirement Income Security Act
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EU
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European Union
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Exchange Act
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Securities Exchange Act of 1934, as amended
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F&M
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Our Fabrication & Manufacturing segment
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Facility
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Our unsecured Second Amended and Restated Credit Agreement
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FASB
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Financial Accounting Standards Board
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FCPA
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U.S. Foreign Corrupt Practices Act
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FEMA
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Federal Emergency Management Agency
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FIFO
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First-in, first-out
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GAAP
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Accounting principles generally accepted in the United States
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GHGs
|
Greenhouse gases
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IAEA
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International Atomic Energy Agency
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IDIQ
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Indefinite delivery, indefinite quantity
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IHI
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Ishikawajima-Harima Heavy Industries Co., Ltd.
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Interest LC
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The additional letters of credit for the benefit of NEH related to interest on the Westinghouse Bonds (defined below).
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Investment in Westinghouse
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Our 20% interest in Toshiba Nuclear Energy Holdings (US), Inc. and Toshiba Nuclear Energy Holdings (UK), Ltd. Acquired in October 2006
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IRS
|
Internal Revenue Service
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IT Group
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IT Group, Inc.
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JPY
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Japanese Yen
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KBSS
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Kings Bay Support Services, LLC, our consolidated variable interest entity
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LEED
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Leadership in Energy and Environmental Design
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LGP
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Loan Guarantee Program
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LIBOR
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London Interbank Offered Rate
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NEH
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Nuclear Energy Holdings LLC, our wholly-owned special purpose acquisition subsidiary
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NOx
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Nitrogen oxides
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NRC
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Nuclear Regulatory Commission
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NYSE
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New York Stock Exchange
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OSHA
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Occupational Safety and Health Administration
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PAA
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Price-Anderson Act
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Principal LC
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A letter of credit established by us for the benefit for NEH related to the principal on the Westinghouse Bonds (defined below).
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PRPs
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Potentially responsible parties
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Put Options
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Japanese yen-denominated put option agreements entered into in connection with the acquisition of our Investment in Westinghouse
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RCRA
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Resources Conservation and Recovery Act
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S&P
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Standard & Poor’s
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S&P 500
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Standard & Poor’s 500 index
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SAR
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Stock appreciation rights
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Sarbanes-Oxley
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Sarbanes-Oxley Act of 2002, as amended
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SEC
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United States Securities and Exchange Commission
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Securities Act
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The Securities Act of 1933, as amended
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S,G&A
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Selling, general and administrative
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Shaw-Nass
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Shaw-Nass Middle East, W.L.L.
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SO2
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Sulfur dioxide
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Stone & Webster
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Stone & Webster, Inc.
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TNEH-UK
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Toshiba Nuclear Energy Holdings (UK), Ltd.
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TNEH-US
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Toshiba Nuclear Energy Holdings (US), Inc.
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Transaction Agreement
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Transaction Agreement by and among Chicago Bridge & Iron Company N.V., Crystal Acquisition Subsidiary Inc and The Shaw Group Inc dated as of July 30, 2012
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USACE
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U.S. Army Corps of Engineers
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VIE
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Variable interest entity
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WEC
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BNFL USA Group Inc. (also referred to as Westinghouse Electric Company LLC) and Westinghouse Electric UK Limited and their subsidiaries
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Westinghouse
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Our Investment in Westinghouse, along with its subsidiaries
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Westinghouse Bonds
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The JPY 128.98 billion (equivalent to approximately $1.6 billion as of August 31, 2012) limited recourse bonds issued by NEH on October 13, 2006 and maturing on March 15, 2013, used to partially finance our Investment in Westinghouse.
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Westinghouse Equity
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Our 20% equity interest in Westinghouse, held by Nuclear Energy Holdings
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First Quarter
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November 30
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Second Quarter
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February 29
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Third Quarter
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May 31
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Fourth Quarter
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August 31
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Cash and cash equivalents
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$ | (84,196 | ) | |
Restricted and escrowed cash
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$ | (1,266 | ) | |
Deferred income taxes
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$ | (258,647 | ) | |
Investment in Westinghouse
|
$ | (968,296 | ) | |
Prepaid and other current assets
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$ | (1,482 | ) | |
Other accrued liabilities
|
$ | (36,958 | ) | |
Japanese Yen-denominated bonds secured by Investment in Westinghouse
|
$ | (1,640,497 | ) | |
Interest rate swap contract on Japanese-Yen denominated bond
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$ | (13,370 | ) | |
Accumulated other comprehensive income
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$ | 76,952 | ||
Retained earnings
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$ | 299,987 |
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August 31,
2012
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August 31,
2011
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||||||
Power
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$ | 8,890.9 | $ | 10,776.4 | ||||
Plant Services
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3,081.1 | 2,119.7 | ||||||
E&I
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4,012.9 | 5,189.9 | ||||||
F&M
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999.5 | 1,495.9 | ||||||
E&C
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102.6 | 436.4 | ||||||
Total backlog
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$ | 17,087.0 | $ | 20,018.3 |
·
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engineering design changes;
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·
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unanticipated technical problems with the equipment being supplied or developed by us, which may require that we spend our own money to remedy the problem;
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·
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changes in the cost of equipment, commodities, materials or labor;
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·
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difficulties in obtaining required permits or approvals;
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·
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changes in laws and regulations;
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·
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changes in labor conditions, including the availability and productivity of labor;
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·
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project modifications creating unanticipated costs;
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·
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delays caused by local weather conditions;
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·
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failure to perform by our project owners, suppliers or subcontractors; and
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·
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general economic conditions.
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·
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emissions into the air;
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·
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climate change legislation and regulatory initiatives;
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·
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discharges into waterways;
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·
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generation, storage, handling, treatment, transport and disposal of waste materials and hazardous substances; and
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·
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human health and safety.
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·
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uncertain economic conditions in the foreign countries in which we make capital investments, operate and sell products and services;
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·
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the lack of well-developed legal systems and less established or traditional business practices in some countries in which we operate and sell products and services, which could make it difficult for us to enforce our contractual rights;
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·
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security and safety of employees and subcontractors;
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·
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expropriation of property;
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·
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restrictions on the right to convert or repatriate currency;
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·
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changes in labor conditions;
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·
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changing general economic and political conditions in foreign markets;
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·
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terrorist attacks;
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·
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commodity prices and availability;
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·
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potential incompatibility with foreign joint venture partners; and
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·
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interruptions or delays in international shipping.
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·
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contract costs and profits and application of the percentage-of-completion method of accounting; revenues recognized, and reduction of costs recognized, as a result of contract claims and unapproved change orders;
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·
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revenues recognized related to project incentives we expect to earn;
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·
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recoverability of inventory and application of lower of cost or market accounting;
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·
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provisions for uncollectible receivables and client claims and recoveries of costs from subcontractors, vendors and others;
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·
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provisions for income taxes and related valuation allowances;
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·
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recoverability of goodwill;
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·
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recoverability of other intangibles and related estimated lives;
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·
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valuation of assets acquired and liabilities assumed in connection with business combinations;
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·
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valuation of defined benefit pension plans; and
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·
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accruals for estimated assets and liabilities, including litigation and insurance recoveries/reserves.
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·
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incur indebtedness or contingent obligations;
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·
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issue preferred stock;
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·
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pay dividends or make distributions to our shareholders;
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·
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repurchase or redeem our capital stock or subordinated indebtedness;
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·
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make investments;
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·
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create liens;
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·
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enter into sale/leaseback transactions;
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·
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incur restrictions on the ability of our subsidiaries to pay dividends or to make other payments to us;
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·
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enter into transactions with our shareholders and affiliates;
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·
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sell and pledge assets; and
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·
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acquire the assets of, or merge or consolidate with, other companies or transfer all or substantially all of our assets.
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·
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requiring us to dedicate a substantial portion of our cash flows from operations to the repayment of debt, which reduces the cash available for other business purposes;
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·
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limiting our ability to obtain additional financing and creating additional liens on our assets;
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·
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limiting our flexibility in planning for, and reacting to, changes in our business;
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·
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placing us at a competitive disadvantage if we are more leveraged than our competitors;
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·
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making us more vulnerable to adverse economic and industry conditions; and
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·
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restricting us from making additional investments or acquisitions by limiting our aggregate debt obligations.
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Location
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Description
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Segment Using Property
|
Owned
Leased
|
||
Baton Rouge, LA
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Corporate Headquarters
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Corporate/E&I/Plant Services/Power
|
Leased
|
||
Abu Dhabi, UAE
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Office Building and Pipe Fabrication Facility
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F&M
|
Leased
|
||
Addis, LA
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Fabrication Facility
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F&M
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Owned
|
||
Askar, Bahrain
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Office Building and Pipe Fabrication Facility
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F&M
|
Leased
|
||
Baton Rouge, LA
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Office Building
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Corporate/E&I
|
Leased
|
||
Canton, MA
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Office Building
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Power/E&I
|
Leased
|
||
Centennial, CO
|
Office Building
|
Power/E&I
|
Leased
|
||
Charlotte, NC
|
Office Buildings
|
Power
|
Leased
|
||
Clearfield, UT
|
Fabrication and Manufacturing
|
F&M
|
Leased
|
||
Concord, CA
|
Office Building & Warehouse
|
E&I
|
Leased
|
||
Delcambre, LA
|
Manufacturing Facility
|
Plant Services
|
Owned
|
||
Derby, United Kingdom
|
Manufacturing Facility
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Power
|
Owned
|
||
El Dorado, AR
|
Manufacturing Facility
|
F&M
|
Owned
|
||
Findlay, OH
|
Office Building & Storage
|
E&I
|
Leased
|
||
Houston, TX
|
Pipe Fittings Distribution Facility
|
F&M
|
Leased
|
||
Knoxville, TN
|
Warehouse
|
E&I
|
Leased
|
||
Knoxville, TN
|
Office Building
|
E&I
|
Leased
|
||
Lake Charles, LA
|
Module Assembly Facility
|
F&M
|
Leased
|
||
LaPorte, TX
|
Manufacturing Facility
|
Plant Services
|
Owned
|
||
Laurens, SC
|
Pipe Fabrication Facility
|
F&M
|
Owned
|
||
Maracaibo, Venezuela
|
Pipe Fabrication Facility
|
F&M
|
Owned
|
||
Matamoros, Mexico
|
Pipe Fabrication Facility
|
F&M
|
Owned
|
||
Monroeville, PA
|
Office Building & Storage
|
E&I
|
Leased
|
||
Moorestown, NJ
|
Office Building
|
Power
|
Leased
|
||
New Brunswick, NJ
|
Manufacturing Facility
|
F&M
|
Leased
|
||
Prairieville, LA
|
Office Building/Manufacturing Facility
|
E&I/Power/Plant Services
|
Owned
|
||
Shreveport, LA
|
Manufacturing Facility
|
F&M
|
Owned
|
||
Shreveport, LA
|
Piping Components & Manufacturing Facility
|
F&M
|
Owned
|
||
Stoughton, MA
|
Office Building
|
Power/E&I
|
Leased
|
||
Trenton, NJ
|
Office Building
|
E&I
|
Leased
|
||
Tulsa, OK
|
Pipe Fabrication & Distribution Facility
|
F&M
|
Owned
|
||
Walker, LA
|
Office Building & Warehouse
|
F&M
|
Owned
|
||
Walker, LA
|
Pipe Fabrication Facility
|
F&M
|
Owned
|
||
West Monroe, LA
|
Pipe Fabrication Facility
|
F&M
|
Owned
|
|
High
|
Low
|
||||||
Fiscal Year ended August 31, 2012
|
||||||||
First Quarter
|
25.36 | 18.98 | ||||||
Second Quarter
|
31.16 | 21.65 | ||||||
Third Quarter
|
32.49 | 24.93 | ||||||
Fourth Quarter
|
43.70 | 23.95 | ||||||
Fiscal Year ended August 31, 2011
|
||||||||
First Quarter
|
35.29 | 29.56 | ||||||
Second Quarter
|
41.58 | 32.43 | ||||||
Third Quarter
|
41.62 | 27.61 | ||||||
Fourth Quarter
|
36.53 | 20.24 |
Period
|
Total Number of Shares Purchased
(1)
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Repurchase Program
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
(2)
(in millions)
|
||||||||||||
6/1/2012 to 6/30/2012
|
533 | $ | 25.03 | — | 326.1 | |||||||||||
7/1/2012 to 7/31/2012
|
1,371 | $ | 27.50 | — | 326.1 | |||||||||||
8/1/2012 to 8/31/2012
|
110 | $ | 39.06 | — | 326.1 | |||||||||||
Total
|
2,014 |
1
|
Repurchases during the quarter were related to restricted stock units withheld from employees in connection with the settlement of income tax withholding obligations arising from the vesting of restricted stock units.
|
2
|
We currently have an open authorization to repurchase up to $326.1 million in shares, subject to limitations contained in the Facility and the Transaction Agreement.
|
8/07
|
8/08
|
8/09
|
8/10
|
8/11
|
8/12
|
||
Shaw Group Inc. (The)
|
100.00
|
98.98
|
58.60
|
64.74
|
46.57
|
84.08
|
|
S&P 500
|
100.00
|
88.86
|
72.64
|
76.20
|
90.30
|
106.56
|
|
Dow Jones US Heavy Construction
|
100.00
|
96.85
|
64.93
|
57.54
|
67.18
|
68.52
|
|
Year Ended August 31,
|
|||||||||||||||||||
(In millions, except per share amounts)
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Consolidated Statements of Operations
|
||||||||||||||||||||
Revenues
|
$ | 6,008.4 | $ | 5,937.7 | $ | 6,984.0 | $ | 7,276.3 | $ | 6,998.0 | ||||||||||
Net income (loss) attributable to Shaw
|
$ | 198.9 | $ | (175.0 | ) | $ | 82.0 | $ | 12.8 | $ | 140.7 | |||||||||
Diluted net income (loss) per common share attributable to Shaw
|
$ | 2.90 | $ | (2.18 | ) | $ | 0.96 | $ | 0.15 | $ | 1.67 | |||||||||
Consolidated Balance Sheets
|
||||||||||||||||||||
Total assets
|
$ | 5,007.5 | $ | 5,487.0 | $ | 5,996.3 | $ | 5,557.2 | $ | 4,587.3 | ||||||||||
Westinghouse bonds, short-term
|
$ | 1,640.5 | $ | 1,679.8 | $ | 1,520.7 | $ | 1,388.0 | $ | — | ||||||||||
Long-term debt, less current maturities
|
$ | 5.3 | $ | 0.6 | $ | 1.0 | $ | 7.6 | $ | 1,165.6 | ||||||||||
Cash dividends declared per common share
|
$ | — | $ | — | $ | — | $ | — | $ | — |
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Amount (in millions)
|
$ | 6,008.4 | $ | 5,937.7 | $ | 6,984.0 | ||||||
$ change from prior period
|
70.7 | (1,046.3 | ) | |||||||||
% change from prior period
|
1.2 | % | (15.0 | )% |
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Amount (in millions)
|
$ | 428.0 | $ | 196.3 | $ | 569.2 | ||||||
$ change from prior period
|
231.7 | (372.9 | ) | |||||||||
% change from prior period
|
118.0 | % | (65.5 | )% |
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Amount (in millions)
|
$ | 276.3 | $ | 273.5 | $ | 288.0 | ||||||
$ change from prior period
|
2.8 | (14.5 | ) | |||||||||
% change from prior period
|
1.0 | % | (5.0 | )% |
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Amount (in millions)
|
$ | 83.3 | $ | — | $ | — | ||||||
$ change from prior period
|
83.3 | — | — | |||||||||
% change from prior period
|
100.0 | % | (0 | )% | (0 | )% |
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Amount (in millions)
|
$ | — | $ | 48.1 | $ | — | ||||||
$ change from prior period
|
(48.1 | ) | 48.1 | |||||||||
% change from prior period
|
(100.0 | )% | 100.0 | % |
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Amount (in millions)
|
$ | 46.9 | $ | 47.1 | $ | 43.9 | ||||||
$ change from prior period
|
(0.2 | ) | 3.2 | |||||||||
% change from prior period
|
(0.4 | )% | 7.3 | % |
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Amount (in millions)
|
$ | 45.0 | $ | (106.8 | ) | $ | 38.0 | |||||
$ change from prior period
|
151.8 | (144.8 | ) | |||||||||
% change from prior period
|
142.1 | % | (381.1 | )% |
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Amount (in millions)
|
$ | 16.2 | $ | 26.3 | $ | 7.1 | ||||||
$ change from prior period
|
(10.1 | ) | 19.2 | |||||||||
% change from prior period
|
(38.4 | )% | 270.4 | % |
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Amount (in millions)
|
$ | 198.9 | $ | (175.0 | ) | $ | 82.0 | |||||
$ change from prior period
|
373.9 | (257.0 | ) | |||||||||
% change from prior period
|
213.7 | % | (313.4 | )% |
Fiscal Year Ended August 31,
|
||||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Revenues:
|
||||||||||||
Power
|
$ | 1,973.4 | $ | 2,116.8 | $ | 2,297.9 | ||||||
Plant Services
|
1,089.2 | 924.7 | 881.0 | |||||||||
E&I
|
1,814.4 | 1,894.3 | 2,215.2 | |||||||||
F&M
|
551.5 | 408.6 | 492.0 | |||||||||
E&C
|
579.9 | 593.3 | 1,097.8 | |||||||||
Corporate
|
— | — | 0.1 | |||||||||
Total revenues
|
$ | 6,008.4 | $ | 5,937.7 | $ | 6,984.0 | ||||||
Gross profit:
|
||||||||||||
Power
|
$ | 68.6 | $ | 35.8 | $ | 119.7 | ||||||
Plant Services
|
80.8 | 70.2 | 53.2 | |||||||||
E&I
|
171.4 | 188.8 | 206.8 | |||||||||
F&M
|
103.2 | 50.7 | 93.5 | |||||||||
E&C
|
1.9 | (153.3 | ) | 93.9 | ||||||||
Corporate
|
2.1 | 4.1 | 2.1 | |||||||||
Total gross profit
|
$ | 428.0 | $ | 196.3 | $ | 569.2 | ||||||
Gross profit percentage:
|
||||||||||||
Power
|
3.5 | % | 1.7 | % | 5.2 | % | ||||||
Plant Services
|
7.4 | 7.6 | 6.0 | |||||||||
E&I
|
9.4 | 10.0 | 9.3 | |||||||||
F&M
|
18.7 | 12.4 | 19.0 | |||||||||
E&C
|
0.3 | (25.8 | ) | 8.6 | ||||||||
Corporate
|
NM
|
NM
|
NM
|
|||||||||
Total gross profit percentage
|
7.1 | % | 3.3 | % | 8.2 | % | ||||||
|
||||||||||||
Selling, general and administrative expenses:
|
||||||||||||
Power
|
$ | 39.5 | $ | 41.2 | $ | 51.8 | ||||||
Plant Services
|
11.2 | 10.6 | 9.8 | |||||||||
E&I
|
71.6 | 74.4 | 71.3 | |||||||||
F&M
|
35.3 | 30.6 | 30.1 | |||||||||
E&C
|
42.3 | 47.9 | 50.0 | |||||||||
Investment in Westinghouse
|
0.1 | 1.4 | 0.1 | |||||||||
Corporate
|
76.3 | 67.4 | 74.9 | |||||||||
Total selling, general and administrative expenses
|
$ | 276.3 | $ | 273.5 | $ | 288.0 | ||||||
Income (loss) before income taxes and earnings (losses) from unconsolidated entities:
|
||||||||||||
Power
|
$ | 30.6 | $ | 1.8 | $ | 64.9 | ||||||
Plant Services
|
69.8 | 59.8 | 43.7 | |||||||||
E&I
|
102.8 | 117.3 | 138.8 | |||||||||
F&M
|
68.8 | 20.6 | 63.9 | |||||||||
E&C
|
41.5 | (190.3 | ) | 47.7 | ||||||||
Investment in Westinghouse
|
0.1 | (201.9 | ) | (169.8 | ) | |||||||
Corporate
|
(73.5 | ) | (108.2 | ) | (58.1 | ) | ||||||
Total income (loss) before income taxes and earnings (losses) from unconsolidated entities
|
$ | 240.1 | $ | (300.9 | ) | $ | 131.1 |
|
Fiscal Year Ended August 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
2010
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Environmental and Infrastructure
|
$ | 1,814.4 | 30 | $ | 1,894.3 | 32 | $ | 2,215.2 | 32 | |||||||||||||||
Power Generation
|
2,872.3 | 48 | 2,832.8 | 48 | 2,985.8 | 43 | ||||||||||||||||||
Chemicals
|
1,280.7 | 21 | 1,134.4 | 19 | 1,698.2 | 24 | ||||||||||||||||||
Other
|
41.0 | 1 | 76.2 | 1 | 84.8 | 1 | ||||||||||||||||||
Total revenues
|
$ | 6,008.4 | 100 | % | $ | 5,937.7 | 100 | % | $ | 6,984.0 | 100 | % |
|
Fiscal Year Ended August 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
2010
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
United States
|
$ | 5,187.6 | 86 | $ | 5,032.2 | 85 | $ | 5,619.0 | 80 | |||||||||||||||
Asia/Pacific Rim countries
|
489.1 | 8 | 573.3 | 10 | 948.4 | 14 | ||||||||||||||||||
Middle East
|
163.4 | 3 | 141.7 | 2 | 263.2 | 4 | ||||||||||||||||||
United Kingdom and other European countries
|
53.5 | 1 | 105.8 | 2 | 67.6 | 1 | ||||||||||||||||||
South America and Mexico
|
85.7 | 2 | 56.2 | 1 | 16.0 | — | ||||||||||||||||||
Canada
|
16.3 | — | 18.8 | — | 23.3 | — | ||||||||||||||||||
Other
|
12.8 | — | 9.7 | — | 46.5 | 1 | ||||||||||||||||||
Total revenues
|
$ | 6,008.4 | 100 | % | $ | 5,937.7 | 100 | % | $ | 6,984.0 | 100 | % |
|
•
|
It does not include interest expense. Because we have borrowed money to finance our operations, pay commitment fees to maintain our credit facility, and incur fees to issue letters of credit under the credit facility, interest expense is a necessary and ongoing part of our costs and has assisted us in generating revenue. Therefore, any measure that excludes interest expense has material limitations.
|
|
•
|
It does not include income taxes. Because the payment of income taxes is a necessary and ongoing part of our operations, any measure that excludes income taxes has material limitations.
|
|
•
|
It does not include depreciation or amortization expense. Because we use capital and intangible assets to generate revenue, depreciation and amortization expense is a necessary element of our cost structure. Therefore, any measure that excludes depreciation or amortization expense has material limitations.
|
Fiscal Year Ended August 31, 2012
|
||||||||||||||||||||||||||||||||
Consolidated
|
Power
|
Plant
Services
|
E&I
|
F&M
|
E&C
|
Westinghouse
|
Corporate
|
|||||||||||||||||||||||||
Income (loss) before income taxes and earnings (losses) from unconsolidated entities:
|
$ | 240.1 | $ | 30.6 | $ | 69.8 | $ | 102.8 | $ | 68.8 | $ | 41.5 | $ | 0.1 | $ | (73.5 | ) | |||||||||||||||
Interest expense
|
46.9 | 0.2 | — | — | 0.2 | — | 40.6 | 5.9 | ||||||||||||||||||||||||
Depreciation and amortization
|
74.4 | 28.4 | 1.9 | 14.0 | 18.9 | 9.4 | — | 1.8 | ||||||||||||||||||||||||
Earnings (losses) from unconsolidated entities
|
26.6 | (2.4 | ) | — | 1.3 | (0.8 | ) | 8.2 | 20.3 | — | ||||||||||||||||||||||
Income attributable to
noncontrolling interests
|
(12.4 | ) | — | — | (9.6 | ) | (2.8 | ) | — | — | — | |||||||||||||||||||||
EBITDA
|
$ | 375.6 | $ | 56.8 | $ | 71.7 | $ | 108.5 | $ | 84.3 | $ | 59.1 | $ | 61.0 | $ | (65.8 | ) |
Fiscal Year Ended August 31, 2011
|
||||||||||||||||||||||||||||||||
Consolidated
|
Power
|
Plant
Services
|
E&I
|
F&M
|
E&C
|
Westinghouse
|
Corporate
|
|||||||||||||||||||||||||
Income (loss) before income taxes and earnings (losses) from unconsolidated entities:
|
$ | (300.9 | ) | $ | 1.8 | $ | 59.8 | $ | 117.3 | $ | 20.6 | $ | (190.3 | ) | $ | (201.9 | ) | $ | (108.2 | ) | ||||||||||||
Interest expense
|
47.1 | 0.5 | — | — | — | 0.1 | 41.6 | 4.9 | ||||||||||||||||||||||||
Depreciation and amortization
|
73.9 | 27.6 | 1.8 | 13.9 | 17.5 | 10.3 | — | 2.8 | ||||||||||||||||||||||||
Earnings (losses) from unconsolidated entities
|
41.9 | 0.6 | — | 1.2 | — | 6.1 | 34.0 | — | ||||||||||||||||||||||||
Income attributable to
noncontrolling interests
|
(7.1 | ) | — | — | (9.4 | ) | 2.3 | — | — | — | ||||||||||||||||||||||
EBITDA
|
$ | (145.1 | ) | $ | 30.5 | $ | 61.6 | $ | 123.0 | $ | 40.4 | $ | (173.8 | ) | $ | (126.3 | ) | $ | (100.5 | ) |
Fiscal Year Ended August 31, 2010
|
||||||||||||||||||||||||||||||||
Consolidated
|
Power
|
Plant
Services
|
E&I
|
F&M
|
E&C
|
Westinghouse
|
Corporate
|
|||||||||||||||||||||||||
Income (loss) before income taxes and earnings (losses) from unconsolidated entities:
|
$ | 131.1 | $ | 64.9 | $ | 43.7 | $ | 138.8 | $ | 63.9 | $ | 47.7 | $ | (169.8 | ) | $ | (58.1 | ) | ||||||||||||||
Interest expense
|
43.9 | 1.2 | 0.1 | 0.2 | 0.1 | (0.2 | ) | 38.1 | 4.4 | |||||||||||||||||||||||
Depreciation and amortization
|
62.8 | 23.6 | 1.8 | 12.2 | 13.6 | 9.7 | — | 1.9 | ||||||||||||||||||||||||
Earnings (losses) from unconsolidated entities
|
16.2 | — | — | 0.7 | — | (0.2 | ) | 15.7 | — | |||||||||||||||||||||||
Income attributable to
noncontrolling interests
|
(18.2 | ) | — | — | (10.1 | ) | (5.0 | ) | (3.1 | ) | — | — | ||||||||||||||||||||
EBITDA
|
$ | 235.8 | $ | 89.7 | $ | 45.6 | $ | 141.8 | $ | 72.6 | $ | 53.9 | $ | (116.0 | ) | $ | (51.8 | ) |
|
Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Cash flow provided by (used in) operating activities
|
$ | 129.8 | $ | 120.5 | $ | 466.6 | ||||||
Cash flow provided by (used in) investing activities
|
430.3 | 172.7 | (558.3 | ) | ||||||||
Cash flow provided by (used in) financing activities
|
(141.4 | ) | (530.5 | ) | (23.0 | ) | ||||||
Effects of foreign exchange rate changes on cash
|
0.1 | 11.4 | (1.6 | ) |
|
Amounts of Commitment Expiration by Period
|
|||||||||||||||||||
Commercial Commitments (1)
|
Total
|
Less Than
1 Year
|
1-3 Years
|
4-5 Years
|
After 5 Years
|
|||||||||||||||
Letters of Credit -Domestic and Foreign
|
$ | 329.6 | $ | 226.5 | $ | 103.1 | $ | — | $ | — | ||||||||||
Surety bonds
|
467.6 | 449.7 | 8.0 | 0.1 | 9.8 | |||||||||||||||
Total Commercial Commitments
|
$ | 797.2 | $ | 676.2 | $ | 111.1 | $ | 0.1 | $ | 9.8 |
(1)
|
Commercial Commitments exclude any letters of credit or bonding obligations associated with outstanding bids or proposals or other work not awarded prior to September 1, 2012.
|
|
Payments Due by Period
|
|||||||||||||||||||
Contractual Obligations
|
Total
|
Less Than
1 Year
|
1-3 Years
|
4-5 Years
|
After 5 Years
|
|||||||||||||||
Long-term debt obligations (a)
|
$ | 1,692.3 | $ | 1,687.3 | $ | 5.0 | $ | — | $ | — | ||||||||||
Capital lease obligations
|
0.8 | 0.5 | 0.3 | — | — | |||||||||||||||
Interest rate swap (b)
|
13.4 | 13.4 | — | — | — | |||||||||||||||
Operating lease obligations
|
282.7 | 45.5 | 80.7 | 54.5 | 102.0 | |||||||||||||||
Purchase obligations (c)
|
20.0 | 9.7 | 9.8 | 0.3 | 0.2 | |||||||||||||||
Pension obligations (d)
|
72.9 | 6.2 | 13.0 | 14.6 | 39.1 | |||||||||||||||
Total contractual cash obligations
|
$ | 2,082.1 | $ | 1,762.6 | $ | 108.8 | $ | 69.4 | $ | 141.3 |
(a)
|
Amounts for long-term debt obligations represent both principal and interest payments. Future interest payments for the JPY-denominated Westinghouse bonds reflect actual USD amounts to be paid.
|
(b)
|
On October 16, 2006, we entered into an interest rate swap agreement through March 15, 2013, in the aggregate notional amount of JPY 78 billion. At August 31, 2012, the fair value of the swap totaled approximately $13.4 million and is included as a current liability in our consolidated financial statements beginning on page F-2.
|
(c)
|
Purchase obligations primarily relate to IT technical support and software maintenance contracts. Commitments pursuant to subcontracts and other purchase orders related to engineering and construction contracts are not included since such amounts are expected to be funded under contract billings.
|
(d)
|
Pension obligations, representing amounts expected to be paid out from plans, noted under the heading “After 5 years” are presented for the years 2018-2022.
|
|
August 31,
|
|||||||||||||||
|
2012
|
2011
|
||||||||||||||
By Segment
|
Amount
|
%
|
Amount
|
%
|
||||||||||||
Power
|
$ | 8,890.9 | 52 | $ | 10,776.4 | 54 | ||||||||||
Plant Services
|
3,081.1 | 18 | 2,119.7 | 11 | ||||||||||||
E&I
|
4,012.9 | 23 | 5,189.9 | 26 | ||||||||||||
F&M
|
999.5 | 6 | 1,495.9 | 7 | ||||||||||||
E&C
|
102.6 | 1 | 436.4 | 2 | ||||||||||||
Total backlog
|
$ | 17,087.0 | 100 | $ | 20,018.3 | 100 | % |
|
August 31,
|
|||||||||||||||
|
2012
|
2011
|
||||||||||||||
By Industry
|
Amount
|
%
|
Amount
|
%
|
||||||||||||
Environmental and Infrastructure
|
$ | 4,012.9 | 23 | $ | 5,189.9 | 26 | ||||||||||
Energy
|
12,112.9 | 71 | 13,487.9 | 67 | ||||||||||||
Chemical
|
323.4 | 2 | 700.6 | 4 | ||||||||||||
Other
|
637.8 | 4 | 639.9 | 3 | ||||||||||||
Total backlog
|
$ | 17,087.0 | 100 | $ | 20,018.3 | 100 | % |
|
August 31,
|
|||||||||||||||
|
2012
|
2011
|
||||||||||||||
Geographic Region
|
Amount
|
%
|
Amount
|
%
|
||||||||||||
Domestic
|
$ | 16,691.1 | 98 | $ | 19,189.4 | 96 | ||||||||||
International
|
395.9 | 2 | 828.9 | 4 | ||||||||||||
Total backlog
|
$ | 17,087.0 | 100 | $ | 20,018.3 | 100 | % |
|
Expected Maturity Dates
|
|||||||||||||||||||||||||||||||
|
2013
|
2014
|
2015
|
2016
|
2017
|
Thereafter
|
Total
|
Fair
Value
|
||||||||||||||||||||||||
Long-term debt
|
||||||||||||||||||||||||||||||||
Fixed rate
|
$ | 437.3 | $ | 5.3 | — | — | — | — | $ | 442.6 | $ | 669.0 | ||||||||||||||||||||
Average interest rate
|
2.2 | % | 2.5 | % | — | — | — | — | ||||||||||||||||||||||||
Variable rate
|
$ | 653.1 | — | — | — | — | — | $ | 653.1 | $ | 987.2 | |||||||||||||||||||||
Average interest rate
|
2.4 | % | — | — | — | — | — |
Name
|
Age
|
Position
|
J.M. Bernhard, Jr.
|
58
|
Chairman of the Board of Directors, President and Chief Executive Officer
|
George P. Bevan
|
65
|
President of the Environmental & Infrastructure (E&I) Group
|
David L. Chapman, Sr.
|
66
|
President of the Fabrication & Manufacturing (F&M) Group
|
John Donofrio
|
50
|
Executive Vice President, General Counsel and Corporate Secretary
|
Brian K. Ferraioli
|
57
|
Executive Vice President and Chief Financial Officer
|
Timothy J. Poché
|
44
|
Senior Vice President and Chief Accounting Officer
|
Eli Smith
|
60
|
President of the Power Group
|
Exhibit
Number
|
Document Description
|
Report or Registration Statement
|
SEC File or Registration Number
|
Exhibit or Other Reference
|
2.01
|
Investment Agreement, dated as of October 4, 2006, by and among Toshiba, Toshiba Nuclear Energy Holdings Corporation (US) Inc., a Delaware corporation (the “US Company”), The Shaw Group Inc. (the “Company”) and Nuclear Energy Holdings, L.L.C. (“NEH”)
|
Form 8-K filed on October 18, 2006
|
1-12227
|
2.01
|
2.02
|
Investment Agreement, dated as of October 4, 2006, by and among Toshiba, Toshiba Nuclear Energy Holdings (UK) Limited, a company registered in England with registered number 5929672 (the “UK Company”), the Company and NEH
|
Form 8-K filed on October 18, 2006
|
1-12227
|
2.02
|
2.03
|
Transaction Agreement, dated as of July 30, 2012, by and among Chicago Bridge & Iron Company N.V., Crystal Acquisition Subsidiary Inc. and The Shaw Group Inc.
|
Form 8-K filed on July 30, 2012
|
1-12227
|
2.1
|
3.01
|
Composite Articles of Incorporation of The Shaw Group Inc. as of January 5, 2011
|
Form 10-Q for the quarter ended May 31, 2012
|
1-12227
|
3.01
|
3.02
|
Amended and Restated By-Laws of the Company dated as of January 30, 2007
|
Form 10-K/A (Amendment No. 1) for the fiscal year ended August 31, 2006
|
1-12227
|
3.2
|
4.01
|
Specimen Common Stock Certificate
|
Form 10-K for the fiscal year ended August 31, 2007
|
1-12227
|
4.1
|
Exhibit
Number
|
Document Description
|
Report or Registration Statement
|
SEC File or Registration Number
|
Exhibit or Other Reference
|
4.02
|
Rights Agreement, dated as of July 9, 2001, between the Company and First Union National Bank, as Rights Agent, including the Form of Articles of Amendment to the Restatement of the Articles of Incorporation of the Company as Exhibit A, the form of Rights Certificate as Exhibit B and the form of the Summary of Rights to Purchase Preferred Shares as Exhibit C (Exhibit A-1 and A-2)
|
Form 8-A filed on July 30, 2001
|
1-12227
|
99.1
|
4.03
|
The Shaw Group Inc. hereby agrees to furnish copies of instruments defining the rights of holders of long-term debt of The Shaw Group Inc. and its consolidated subsidiaries to the Commission upon request.
|
|||
*10.01
|
The Shaw Group Inc. Stone & Webster Acquisition Stock Option Plan
|
Form S-8 filed on June 12, 2001
|
333-62856
|
4.6
|
*10.02
|
The Shaw Group Inc. 1993 Employee Stock Option Plan, amended and restated through October 8, 2001
|
Form 10-K for the fiscal year ended August 31, 2001
|
1-12227
|
10.1
|
*10.03
|
The Shaw Group Inc. 401(k) Plan
|
Form S-8 filed on May 4, 2004
|
333-115155
|
4.6
|
*10.04
|
The Shaw Group Inc. 401(k) Plan for Certain Hourly Employees
|
Form S-8 filed on May 4, 2004
|
333-115155
|
4.6
|
*10.05
|
Flexible Perquisites Program for certain executive officers
|
Form 8-K filed on November 1, 2004
|
1-12227
|
|
*10.06
|
Trust Agreement, dated as of January 2, 2007 by and between the Company and Fidelity Management Trust Company for The Shaw Group Deferred Compensation Plan Trust
|
Form 10-Q for the quarter ended February 28, 2007
|
1-12227
|
10.6
|
*10.07
|
Employee Indemnity Agreement dated as of July 12, 2007 between the Company and Brian K. Ferraioli
|
Form 10-K for the fiscal year ended August 31, 2007
|
1-12227
|
10.34
|
*10.08
|
The Shaw Group Inc. 2005 Non-Employee Director Stock Incentive Plan, amended and restated through November 2, 2007
|
Form 10-Q for the quarter ended November 30, 2007
|
1-12227
|
10.5
|
*10.09
|
Offer Letter dated as of August 31, 2007, by and between the Company and Michael J. Kershaw
|
Form 8-K filed on December 21, 2007
|
1-12227
|
10.1
|
Exhibit
Number
|
Document Description
|
Report or Registration Statement
|
SEC File or Registration Number
|
Exhibit or Other Reference
|
Exhibit
Number
|
Document Description
|
Report or Registration Statement
|
SEC File or Registration Number
|
Exhibit or Other Reference
|
Exhibit
Number
|
Document Description
|
Report or Registration Statement
|
SEC File or Registration Number
|
Exhibit or Other Reference
|
Exhibit
Number
|
Document Description
|
Report or Registration Statement
|
SEC File or Registration Number
|
Exhibit or Other Reference
|
14.02
|
The Shaw Group Inc. Code of Ethics for Chief Executive Officer and Senior Financial Officers (adopted as of December 16, 2003)
|
Form 10-K for the fiscal year ended August 31, 2007
|
1-12227
|
14.2
|
14.03
|
The Shaw Group Inc. Insider Trading Policy dated June 2006
|
Form 10-K for the fiscal year ended August 31, 2007
|
1-12227
|
14.3
|
†21.01
|
Subsidiaries of The Shaw Group Inc.
|
|||
†23.01
|
Consent of KPMG LLP, independent registered public accounting firm of The Shaw Group Inc.
|
|||
†23.02
|
Consent of Ernst & Young LLP, independent registered public accounting firm of Toshiba Nuclear Energy Holdings (US), Inc. and Toshiba Nuclear Energy Holdings (UK) Ltd.
|
|||
†31.01
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|||
†31.02
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|||
††32.01
|
Certification pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|||
††32.02
|
Certification pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|||
§101.INS
|
XBRL Instance Document.
|
|||
§101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|||
§101.CAL
|
XBRL Calculation Linkbase Document.
|
|||
§101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|||
§101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|||
§101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|||
THE SHAW GROUP INC.
|
|||
|
|
/s/ J. M. Bernhard, Jr.
|
|
By: J. M. Bernhard, Jr.
|
|||
Chief Executive Officer
|
Signature |
Title
|
Date
|
||
/s/ J. M. Bernhard, Jr.
|
Chairman of the Board, President and
Chief Executive Officer and Director
(Principal Executive Officer)
|
October 19, 2012
|
||
J. M. Bernhard, Jr.
|
||||
/s/ Brian K. Ferraioli
|
Executive Vice President
and Chief Financial Officer
(Principal Financial Officer
)
|
October 19, 2012
|
||
Brian K. Ferraioli
|
||||
/s/ Timothy J. Poch é |
Senior Vice President
and Chief Accounting Officer
(Principal Accounting Officer)
|
October 19, 2012
|
||
Timothy J. Poch é | ||||
/s/ Albert D. McAlister
|
Director
|
October 19, 2012
|
||
Albert D. McAlister | ||||
/s/ David W. Hoyle
|
Director
|
October 19, 2012
|
||
David W. Hoyle | ||||
/s/ James F. Barker
|
Director
|
October 19, 2012
|
||
James F. Barker | ||||
/s/ Daniel A. Hoffler
|
Director
|
October 19, 2012
|
||
Daniel A. Hoffler | ||||
/s/ Michael J. Mancuso
|
Director
|
October 19, 2012
|
||
Michael J. Mancuso | ||||
/s/ Thomas E. Capps
|
Director
|
October 19, 2012
|
||
Thomas E. Capps | ||||
/s/ Stephen R. Tritch
|
Director
|
October 19, 2012
|
||
Stephen R. Tritch |
Reports of Independent Registered Public Accounting Firm:
|
|
— Report on Internal Control over Financial Reporting as of August 31, 2012 — KPMG LLP
|
F-2
|
— Report on the 2012, 2011 and 2010 Consolidated Financial Statements — KPMG LLP
|
F-3
|
Consolidated Statements of Operations for the Fiscal Years Ended August 31, 2012, 2011, and 2010
|
F-4
|
Consolidated Statements of Comprehensive Income (Loss) for the Fiscal Years Ended August 31, 2012, 2011, and 2010
|
F-5
|
Consolidated Balance Sheets as of August 31, 2012 and 2011
|
F-6
|
Consolidated Statements of Shareholders’ Equity for the Fiscal Years Ended August 31, 2012, 2011 and 2010
|
F-7
|
Consolidated Statements of Cash Flows for the Fiscal Years Ended August 31, 2012, 2011, and 2010
|
F-8
|
Notes to Consolidated Financial Statements
|
F-9
|
Year ended August 31,
|
||||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Revenues
|
$ | 6,008,435 | $ | 5,937,734 | $ | 6,984,042 | ||||||
Cost of revenues
|
5,580,471 | 5,741,392 | 6,414,826 | |||||||||
Gross profit
|
427,964 | 196,342 | 569,216 | |||||||||
Selling, general and administrative expenses
|
276,338 | 273,512 | 288,014 | |||||||||
Gain on disposal of E&C assets
|
83,315 | — | — | |||||||||
Impairment of note receivable
|
— | 48,133 | — | |||||||||
Operating income (loss)
|
234,941 | (125,303 | ) | 281,202 | ||||||||
Interest expense
|
(6,315 | ) | (5,528 | ) | (5,754 | ) | ||||||
Interest expense on Japanese Yen-denominated bonds including accretion and amortization
|
(40,633 | ) | (41,568 | ) | (38,121 | ) | ||||||
Interest income
|
5,436 | 16,629 | 13,717 | |||||||||
Foreign currency transaction gains (losses) on Japanese Yen-denominated bonds, net
|
40,837 | (159,006 | ) | (131,584 | ) | |||||||
Other foreign currency transaction gains (losses), net
|
255 | 7,702 | 3,320 | |||||||||
Other income (expense), net
|
5,530 | 6,155 | 8,313 | |||||||||
Income (loss) before income taxes and earnings (losses) from unconsolidated entities
|
240,051 | (300,919 | ) | 131,093 | ||||||||
Provision (benefit) for income taxes
|
44,971 | (106,765 | ) | 37,987 | ||||||||
Income (loss) before earnings (losses) from unconsolidated entities
|
195,080 | (194,154 | ) | 93,106 | ||||||||
Income from 20% Investment in Westinghouse, net of income taxes
|
12,334 | 20,915 | 6,986 | |||||||||
Earnings (losses) from unconsolidated entities, net of income taxes
|
3,909 | 5,354 | 91 | |||||||||
Net income (loss)
|
211,323 | (167,885 | ) | 100,183 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests
|
12,407 | 7,131 | 18,185 | |||||||||
Net income (loss) attributable to Shaw
|
$ | 198,916 | $ | (175,016 | ) | $ | 81,998 | |||||
Net income (loss) attributable to Shaw per common share
:
|
||||||||||||
Basic
|
$ | 2.95 | $ | (2.18 | ) | $ | 0.98 | |||||
Diluted
|
$ | 2.90 | $ | (2.18 | ) | $ | 0.96 | |||||
Weighted average shares outstanding:
|
||||||||||||
Basic
|
67,462 | 80,223 | 84,041 | |||||||||
Diluted
|
68,536 | 80,223 | 85,834 |
Year ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Net income (loss)
|
$ | 211,323 | $ | (167,885 | ) | $ | 100,183 | |||||
Currency translation adjustment, net gain (loss) arising during period
|
(22,507 | ) | 11,880 | (5,610 | ) | |||||||
Equity in unconsolidated entities other comprehensive income (loss),
net of Shaw’s tax of $11,398, $(9,749) and $7,411
|
(18,053 | ) | 15,573 | (11,640 | ) | |||||||
Net derivatives gain (loss) on hedge transactions, net of tax of $(5,298),
$(2,380) and $729
|
8,391 | 3,803 | (1,144 | ) | ||||||||
Defined benefit plans
|
||||||||||||
Change in unrecognized net actuarial pension gains (losses)
|
(6,767 | ) | 9,408 | (5,129 | ) | |||||||
Change in unrecognized net prior service pension costs
|
342 | 43 | 40 | |||||||||
Change due to deconsolidation
|
2,637 | — | — | |||||||||
Income taxes on unrecognized defined benefit plans
|
1,492 | (2,388 | ) | 2,258 | ||||||||
Total
|
(2,296 | ) | 7,063 | (2,831 | ) | |||||||
Unrealized gain (loss) on available for sale securities, net of tax of
$(17), $373 and $(348)
|
26 | (596 | ) | 546 | ||||||||
Comprehensive income (loss)
|
176,884 | (130,162 | ) | 79,504 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
12,407 | 7,131 | 18,185 | |||||||||
Comprehensive income (loss) attributable to Shaw
|
$ | 164,477 | $ | (137,293 | ) | $ | 61,319 |
At August 31,
|
||||||||
|
2012
|
2011
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
($92.2 million and $78.6 million related to variable interest entities (VIEs))
|
$ | 1,091,883 | $ | 674,080 | ||||
Restricted and escrowed cash and cash equivalents
|
9,187 | 38,721 | ||||||
Short-term investments
($3.0 million and $7.8 million related to VIEs)
|
296,732 | 226,936 | ||||||
Restricted short-term investments
|
24,161 | 277,316 | ||||||
Accounts receivable, including retainage, net
($22.7 million and $7.5 million related to VIEs)
|
416,489 | 772,242 | ||||||
Inventories
|
273,784 | 245,044 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts, including claims
|
492,563 | 552,502 | ||||||
Deferred income taxes
|
351,494 | 367,045 | ||||||
Investment in Westinghouse
|
968,296 | 999,035 | ||||||
Prepaid expenses and other current assets
|
55,837 | 138,260 | ||||||
Total current assets
|
3,980,426 | 4,291,181 | ||||||
Investments in and advances to unconsolidated entities, joint ventures and limited partnerships
|
6,160 | 14,768 | ||||||
Property and equipment, net of accumulated depreciation of $376.3 million and $347.3 million
|
511,677 | 515,811 | ||||||
Goodwill
|
404,456 | 545,790 | ||||||
Intangible assets
|
2,939 | 17,142 | ||||||
Deferred income taxes
|
5,308 | 10,484 | ||||||
Other assets
|
96,487 | 91,858 | ||||||
Total assets
|
$ | 5,007,453 | $ | 5,487,034 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 683,645 | $ | 822,476 | ||||
Accrued salaries, wages and benefits
|
127,960 | 132,857 | ||||||
Other accrued liabilities
|
205,279 | 199,947 | ||||||
Advanced billings and billings in excess of costs and estimated earnings on uncompleted contracts
|
1,223,991 | 1,535,037 | ||||||
Japanese Yen-denominated bonds secured by Investment in Westinghouse
|
1,640,497 | 1,679,836 | ||||||
Interest rate swap contract on Japanese Yen-denominated bonds
|
13,370 | 27,059 | ||||||
Short-term debt and current maturities of long-term debt
|
10,416 | 349 | ||||||
Total current liabilities
|
3,905,158 | 4,397,561 | ||||||
Long-term debt, less current maturities
|
5,271 | 630 | ||||||
Deferred income taxes
|
49,887 | 70,437 | ||||||
Other liabilities
|
54,656 | 81,152 | ||||||
Total liabilities
|
4,014,972 | 4,549,780 | ||||||
Contingencies and commitments (Note 15)
|
||||||||
Shaw shareholders’ equity:
|
||||||||
Preferred stock, no par value, 20,000,000 shares authorized; no shares issued and outstanding
|
— | — | ||||||
Common stock, no par value, 200,000,000 shares authorized; 93,016,409 and 91,711,102 shares issued, respectively; and 66,425,168 and 71,306,382 shares outstanding, respectively
|
1,355,235 | 1,321,278 | ||||||
Retained earnings
|
527,371 | 328,455 | ||||||
Accumulated other comprehensive loss
|
(139,361 | ) | (104,922 | ) | ||||
Treasury stock, 26,591,241 and 20,404,720 shares, respectively
|
(791,868 | ) | (639,704 | ) | ||||
Total Shaw shareholders’ equity
|
951,377 | 905,107 | ||||||
Noncontrolling interests
|
41,104 | 32,147 | ||||||
Total equity
|
992,481 | 937,254 | ||||||
Total liabilities and equity
|
$ | 5,007,453 | $ | 5,487,034 |
2012
|
2011
|
2010
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||
Preferred stock
|
— | $ | — | — | $ | — | — | $ | — | |||||||||||||||
Common stock
|
||||||||||||||||||||||||
Balance September 1
|
91,711,102 | $ | 1,321,278 | 90,669,011 | $ | 1,283,890 | 89,316,057 | $ | 1,237,727 | |||||||||||||||
Exercise of stock options
|
709,900 | 16,015 | 490,116 | 11,007 | 784,124 | 16,226 | ||||||||||||||||||
Shares exchanged for taxes on stock based
compensation
|
(226,578 | ) | (6,090 | ) | (265,141 | ) | (9,187 | ) | (225,018 | ) | (6,576 | ) | ||||||||||||
Tax benefit on stock based compensation
|
2,782 | 2,915 | — | 1,590 | ||||||||||||||||||||
Stock-based compensation
|
821,985 | 21,250 | 817,116 | 32,653 | 793,848 | 34,923 | ||||||||||||||||||
Balance August 31
|
93,016,409 | $ | 1,355,235 | 91,711,102 | $ | 1,321,278 | 90,669,011 | $ | 1,283,890 | |||||||||||||||
Retained earnings
|
||||||||||||||||||||||||
Balance September 1
|
$ | 328,455 | $ | 503,471 | $ | 421,473 | ||||||||||||||||||
Net income (loss) attributable to Shaw
|
198,916 | (175,016 | ) | 81,998 | ||||||||||||||||||||
Balance August 31
|
$ | 527,371 | $ | 328,455 | $ | 503,471 | ||||||||||||||||||
Accumulated other comprehensive income (loss)
|
||||||||||||||||||||||||
Currency translation adjustment
|
||||||||||||||||||||||||
Balance September 1
|
$ | (3,652 | ) | $ | (15,532 | ) | $ | (9,922 | ) | |||||||||||||||
Change during year
|
(22,507 | ) | 11,880 | (5,610 | ) | |||||||||||||||||||
Balance August 31
|
$ | (26,159 | ) | $ | (3,652 | ) | $ | (15,532 | ) | |||||||||||||||
Equity in unconsolidated entities other comprehensive income (loss), net of Shaw’s tax
|
||||||||||||||||||||||||
Balance September 1
|
$ | (50,724 | ) | $ | (66,297 | ) | $ | (54,657 | ) | |||||||||||||||
Change during year
|
(18,053 | ) | 15,573 | (11,640 | ) | |||||||||||||||||||
Balance August 31
|
$ | (68,777 | ) | $ | (50,724 | ) | $ | (66,297 | ) | |||||||||||||||
Unrealized gain (loss) on hedging activities
|
||||||||||||||||||||||||
Balance September 1
|
$ | (16,558 | ) | $ | (20,361 | ) | $ | (19,217 | ) | |||||||||||||||
Change during year
|
8,391 | 3,803 | (1,144 | ) | ||||||||||||||||||||
Balance August 31
|
$ | (8,167 | ) | $ | (16,558 | ) | $ | (20,361 | ) | |||||||||||||||
Unrealized net holding gain (loss) on securities
|
||||||||||||||||||||||||
Balance September 1
|
$ | (50 | ) | $ | 546 | $ | — | |||||||||||||||||
Change during year
|
26 | (596 | ) | 546 | ||||||||||||||||||||
Balance August 31
|
$ | (24 | ) | $ | (50 | ) | $ | 546 | ||||||||||||||||
Pension and other postretirement benefit plans
|
||||||||||||||||||||||||
Balance September 1
|
$ | (33,938 | ) | $ | (41,001 | ) | $ | (38,170 | ) | |||||||||||||||
Change during year
|
(2,296 | ) | 7,063 | (2,831 | ) | |||||||||||||||||||
Balance August 31
|
$ | (36,234 | ) | $ | (33,938 | ) | $ | (41,001 | ) | |||||||||||||||
Balance August 31
|
$ | (139,361 | ) | $ | (104,922 | ) | $ | (142,645 | ) | |||||||||||||||
Treasury stock at cost
|
||||||||||||||||||||||||
Balance September 1
|
(20,404,720 | ) | $ | (639,704 | ) | (5,755,949 | ) | $ | (117,453 | ) | (5,709,249 | ) | $ | (116,113 | ) | |||||||||
Purchases under repurchase plans
|
(6,185,567 | ) | (152,143 | ) | (14,633,454 | ) | (521,768 | ) | — | — | ||||||||||||||
Shares exchanged for taxes on stock-based compensation
|
(954 | ) | (21 | ) | (15,317 | ) | (483 | ) | (46,700 | ) | (1,340 | ) | ||||||||||||
Balance August 31
|
(26,591,241 | ) | $ | (791,868 | ) | (20,404,720 | ) | $ | (639,704 | ) | (5,755,949 | ) | $ | (117,453 | ) | |||||||||
Total Shaw shareholders’ equity at August 31
|
$ | 951,377 | $ | 905,107 | $ | 1,527,263 | ||||||||||||||||||
Noncontrolling interests
|
||||||||||||||||||||||||
Balance September 1
|
$ | 32,147 | $ | 47,124 | $ | 24,691 | ||||||||||||||||||
Net income (loss)
|
12,407 | 7,131 | 18,185 | |||||||||||||||||||||
Distributions to noncontrolling interests
|
(7,599 | ) | (12,887 | ) | (14,757 | ) | ||||||||||||||||||
Contributions from noncontrolling interests
|
4,149 | 1,441 | 8,975 | |||||||||||||||||||||
Adjustment for deconsolidation of VIE(s)
|
— | (10,662 | ) | — | ||||||||||||||||||||
Acquisition of noncontrolling interests
|
— | — | 10,030 | |||||||||||||||||||||
Balance August 31
|
$ | 41,104 | $ | 32,147 | $ | 47,124 | ||||||||||||||||||
Total equity at August 31
|
$ | 992,481 | $ | 937,254 | $ | 1,574,387 |
|
2012
|
2011
|
2010
|
|||||||||
Cash flows from operating activities:
|
||||||||||||
Net income (loss)
|
$ | 211,323 | $ | (167,885 | ) | $ | 100,183 | |||||
Adjustments to reconcile net gain (loss) to net cash provided by (used in) operating activities:
|
||||||||||||
Depreciation and amortization
|
74,394 | 73,891 | 62,787 | |||||||||
Asset impairment charges
|
157 | 51,730 | 421 | |||||||||
(Benefit from) provision for deferred income taxes
|
14,308 | (34,836 | ) | (14,507 | ) | |||||||
Stock-based compensation expense
|
42,796 | 34,180 | 34,923 | |||||||||
(Earnings) losses from unconsolidated entities, net of taxes
|
(16,243 | ) | (26,269 | ) | (7,077 | ) | ||||||
Distributions from unconsolidated entities
|
31,492 | 38,475 | 24,678 | |||||||||
Taxes paid upon net-share settlement of equity awards
|
(6,090 | ) | (9,187 | ) | (6,576 | ) | ||||||
Excess tax benefits from stock based compensation
|
(2,138 | ) | (3,444 | ) | (1,934 | ) | ||||||
Foreign currency transaction (gains) losses, net
|
(41,092 | ) | 151,304 | 128,264 | ||||||||
Gain on disposal of E&C assets
|
(83,315 | ) | — | — | ||||||||
Other noncash Items
|
5,378 | 12,410 | 12,976 | |||||||||
Changes in assets and liabilities, net of effects of acquisitions and consolidation of variable interest entities:
|
||||||||||||
(Increase) decrease in receivables
|
306,733 | 38,810 | (30,231 | ) | ||||||||
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts, including claims
|
12,652 | 68,146 | (31,643 | ) | ||||||||
(Increase) decrease in inventories
|
(29,181 | ) | (16,083 | ) | 33,355 | |||||||
(Increase) decrease in other current assets
|
93,348 | (84,704 | ) | (13,885 | ) | |||||||
Increase(decrease) in accounts payable
|
(125,571 | ) | (36,779 | ) | 22,751 | |||||||
Increase (decrease) in accrued liabilities
|
(33,353 | ) | (26,867 | ) | (38,141 | ) | ||||||
Increase (decrease) in advanced billings and billings in excess of costs and estimated earnings on uncompleted contracts
|
(276,017 | ) | 51,467 | 182,841 | ||||||||
Net change in other assets and liabilities
|
(49,792 | ) | 6,167 | 7,395 | ||||||||
Net cash provided by (used in) operating activities
|
129,789 | 120,526 | 466,580 | |||||||||
Cash flows from investing activities:
|
||||||||||||
Purchases of property and equipment
|
(78,631 | ) | (101,838 | ) | (194,382 | ) | ||||||
Proceeds from sale of businesses and assets, net of cash surrendered
|
295,461 | 3,005 | 24,297 | |||||||||
Investment(s) in notes receivable
|
— | (48,336 | ) | — | ||||||||
Investment in, advances to and return on equity from unconsolidated entities and joint ventures
|
(798 | ) | 520 | 15,197 | ||||||||
Purchases of variable interest entity debt
|
— | — | (19,915 | ) | ||||||||
Cash deposited into restricted and escrowed cash
|
(104,273 | ) | (895,137 | ) | (105,350 | ) | ||||||
Cash withdrawn from restricted and escrowed cash
|
137,380 | 885,079 | 156,409 | |||||||||
Purchases of short-term investments
|
(206,918 | ) | (664,311 | ) | (1,117,553 | ) | ||||||
Proceeds from sale and redemption of short-term investments
|
286,034 | 991,058 | 899,835 | |||||||||
Purchases of restricted short-term investments
|
(150,539 | ) | (307,728 | ) | (307,483 | ) | ||||||
Proceeds from sale of restricted short term investments
|
252,627 | 344,976 | 90,609 | |||||||||
Purchases of business, net of cash acquired
|
— | (34,557 | ) | — | ||||||||
Net cash provided by (used in) investing activities
|
430,343 | 172,731 | (558,336 | ) | ||||||||
Cash flows from financing activities:
|
||||||||||||
Purchase of treasury stock
|
(152,164 | ) | (522,251 | ) | (1,340 | ) | ||||||
Repayment of debt and capital leases
|
(349 | ) | (4,624 | ) | (24,343 | ) | ||||||
Contingent consideration paid | (3,591 | ) | — | — | ||||||||
Payment of deferred financing costs
|
(16 | ) | (6,670 | ) | (9,721 | ) | ||||||
Issuance of common stock
|
16,015 | 11,007 | 16,226 | |||||||||
Excess tax benefits from exercise of stock options and vesting of restricted stock
|
2,138 | 3,444 | 1,934 | |||||||||
Contributions received from noncontrolling interest
|
4,149 | 1,441 | 8,975 | |||||||||
Distributions paid to noncontrolling interest
|
(7,599 | ) | (12,887 | ) | (14,757 | ) | ||||||
Net cash provided by (used in) financing activities
|
(141,417 | ) | (530,540 | ) | (23,026 | ) | ||||||
Net effects on cash of deconsolidations
|
(1,054 | ) | (12,805 | ) | — | |||||||
Effects of foreign exchange rate changes on cash
|
142 | 11,432 | (1,620 | ) | ||||||||
Net change in cash and cash equivalents
|
417,803 | (238,656 | ) | (116,402 | ) | |||||||
Cash and cash equivalents — beginning of year
|
674,080 | 912,736 | 1,029,138 | |||||||||
Cash and cash equivalents — end of year
|
$ | 1,091,883 | $ | 674,080 | $ | 912,736 |
|
•
|
contract revenues, costs and profits and the application of percentage-of-completion method of accounting;
|
|
•
|
provisions for uncollectible receivables and client claims and recoveries of costs from subcontractors, vendors and others;
|
|
•
|
recoverability of inventories and application of lower of cost or market accounting;
|
|
•
|
provisions for income taxes and related valuation allowances and tax uncertainties;
|
|
•
|
recoverability of goodwill;
|
|
•
|
recoverability of other intangibles and long-lived assets and related estimated lives;
|
|
•
|
recoverability of equity method and cost method investments;
|
|
•
|
valuation of defined benefit pension plans;
|
|
•
|
accruals for estimated liabilities, including litigation and insurance accruals;
|
|
•
|
consolidation of variable interest entities; and
|
|
•
|
valuation of stock-based compensation.
|
|
•
|
Cost-plus and Time and Material contracts
— A contract under which we are reimbursed for allowable or otherwise defined costs incurred plus a fee or mark-up. The contracts may also include incentives for various performance criteria, including quality, timeliness, ingenuity, safety and cost-effectiveness. In addition, our costs are generally subject to review by our clients and regulatory audit agencies, and such reviews could result in costs being disputed as non-reimbursable under the terms of the contract.
|
|
•
|
Target-price contract
— A contract under which we are reimbursed for costs plus a fee consisting of two parts: (1) a fixed amount, which does not vary with performance, but may be at risk when a target price is exceeded; and (2) an award amount based on the performance and cost-effectiveness of the project. As a result, we are generally able to recover cost overruns on these contracts from actual damages for late delivery or the failure to meet certain performance criteria. Target-price contracts also generally provide for sharing of costs in excess of or savings for costs less than the target. In some contracts, we may agree to share cost overruns in excess of our fee, which could result in a loss on the project.
|
|
•
|
Firm fixed-price contract
— May include contracts in which the price is not subject to any cost or performance adjustments and contracts where certain risks are shared with clients such as labor costs or commodity pricing changes. As a result, we may benefit or be penalized for cost variations from our original estimates. However, these contract prices may be adjusted for changes in scope of work, new or changing laws and regulations and other events negotiated.
|
|
•
|
Maximum price contract
— A contract that provides at the outset for an initial target cost, an initial target profit and a price ceiling. The price is subject to cost adjustments incurred, but the adjustment would generally not exceed the price ceiling established in the contract. In addition, these contracts usually include provisions whereby we share cost savings with our clients.
|
|
•
|
Unit-price contract
— A contract under which we are paid a specified amount for every unit of work performed. A unit-price contract is essentially a firm fixed-price contract with the only variable being the number of units of work performed. Variations in unit-price contracts include the same type of variations as firm fixed-price contracts. We are normally awarded these contracts on the basis of a total price that is the sum of the product of the specified units and the unit prices.
|
Transportation equipment (years)
|
2 |
-
|
15 | |
Furniture, fixtures and software (years)
|
2 |
-
|
5 | |
Machinery and equipment (years)
|
2 |
-
|
18 | |
Buildings and improvements (years)
|
2 |
-
|
40 |
Balance Sheet Classifications
|
||||||||||||||||||||||||
Cost
Basis
|
Unrealized
Gain
|
Unrealized (Loss)
|
Recorded
Basis
|
Cash and Cash Equivalents
|
Short-term
Investments
|
|||||||||||||||||||
Cash
|
$ | 932,628 | $ | — | $ | — | $ | 932,628 | $ | 932,628 | $ | — | ||||||||||||
Money market mutual funds
|
154,982 | — | — | 154,982 | 154,982 | — | ||||||||||||||||||
Certificates of deposit
|
257,766 | — | — | 257,766 | 4,273 | 253,493 | ||||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||||||||||
Bond mutual funds
|
20,734 | — | (69 | ) | 20,665 | — | 20,665 | |||||||||||||||||
Corporate bonds
|
22,537 | 46 | (9 | ) | 22,574 | — | 22,574 | |||||||||||||||||
Total
|
$ | 1,388,647 | $ | 46 | $ | (78 | ) | $ | 1,388,615 | $ | 1,091,883 | $ | 296,732 |
Balance Sheet Classifications
|
||||||||||||||||||||||||
Cost
Basis
|
Unrealized
Gain
|
Unrealized (Loss)
|
Recorded
Basis
|
Cash and Cash Equivalents
|
Short-term
Investments
|
|||||||||||||||||||
Cash
|
$ | 653,979 | $ | — | $ | — | $ | 653,979 | $ | 653,979 | $ | — | ||||||||||||
Money market mutual funds
|
17,350 | — | — | 17,350 | 17,350 | — | ||||||||||||||||||
Certificates of deposit
|
211,910 | — | — | 211,910 | 2,751 | 209,159 | ||||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||||||||||
Corporate bonds
|
17,853 | 40 | (116 | ) | 17,777 | — | 17,777 | |||||||||||||||||
Total
|
$ | 901,092 | $ | 40 | $ | (116 | ) | $ | 901,016 | $ | 674,080 | $ | 226,936 |
Proceeds
|
$ | 16,452 | ||
Realized gains
|
$ | 1 | ||
Realized losses
|
$ | — |
Cost
Basis
|
Estimated
Fair Value
|
|||||||
Due in one year or less
|
$ | 13,273 | $ | 13,292 | ||||
Due in one to two years
|
9,264 | 9,282 | ||||||
Total
|
$ | 22,537 | $ | 22,574 |
Balance Sheet
Classification
|
||||||||||||||||
Recorded
Basis
|
Holding Period
(Loss)
|
Restricted and Escrowed Cash and Cash Equivalents
|
Restricted
Short-term
Investments
|
|||||||||||||
Cash
|
$ | 3,259 | $ | — | $ | 3,259 | $ | — | ||||||||
Money market mutual funds
|
5,928 | — | 5,928 | — | ||||||||||||
Certificates of deposit
|
— | — | — | — | ||||||||||||
Trading securities:
|
||||||||||||||||
Stock and bond mutual funds
|
9,506 | 692 | — | 9,506 | ||||||||||||
U.S. government and agency securities
|
603 | (14 | ) | — | 603 | |||||||||||
Corporate bonds
|
14,052 | (529 | ) | — | 14,052 | |||||||||||
Total
|
$ | 33,348 | $ | 149 | $ | 9,187 | $ | 24,161 |
Balance Sheet
Classification
|
||||||||||||||||
Recorded
Basis
|
Holding Period
(Loss)
|
Restricted and Escrowed Cash and Cash Equivalents
|
Restricted
Short-term
Investments
|
|||||||||||||
Cash
|
$ | 16,358 | $ | — | $ | 16,358 | $ | — | ||||||||
Money market mutual funds
|
22,363 | — | 22,363 | — | ||||||||||||
Certificates of deposit
|
252,627 | — | — | 252,627 | ||||||||||||
Trading securities:
|
||||||||||||||||
Stock and bond mutual funds
|
6,473 | 272 | — | 6,473 | ||||||||||||
U.S. government and agency securities
|
1,806 | (82 | ) | — | 1,806 | |||||||||||
Corporate bonds
|
16,410 | (390 | ) | — | 16,410 | |||||||||||
Total
|
$ | 316,037 | $ | (200 | ) | $ | 38,721 | $ | 277,316 |
August 31,
2012
|
August 31,
2011
|
|||||||
Contractually required by projects
|
$ | 1,628 | $ | 14,696 | ||||
Voluntarily used to secure letters of credit
|
— | 252,627 | ||||||
Secure contingent obligations in lieu of letters of credit
|
— | 20,626 | ||||||
Assets held in trust and other
|
31,720 | 28,088 | ||||||
Total
|
$ | 33,348 | $ | 316,037 |
Fair Value Measurements Using
|
||||||||||||||||
Fair
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Short-term and Restricted Short-term Investments
|
||||||||||||||||
Certificates of deposit
|
$ | 253,493 | $ | — | $ | 253,493 | $ | — | ||||||||
Stock and bond mutual funds
(a)
|
30,171 | 30,171 | — | — | ||||||||||||
U.S. government and agency securities
|
603 | — | 603 | — | ||||||||||||
Corporate bonds
|
36,626 | — | 36,626 | — | ||||||||||||
Total
|
$ | 320,893 | $ | 30,171 | $ | 290,722 | $ | — | ||||||||
Liabilities:
|
||||||||||||||||
Interest rate swap contract
|
$ | 13,370 | $ | — | $ | 13,370 | $ | — | ||||||||
Derivatives Not Designated as Hedging Instruments:
|
||||||||||||||||
Other Current Assets
|
||||||||||||||||
Foreign currency forward assets
|
$ | 1,482 | $ | — | $ | 1,482 | $ | — | ||||||||
Other Accrued Liabilities
|
||||||||||||||||
Foreign currency forward liabilities
|
$ | 158 | $ | — | $ | 158 | $ | — |
(a)
|
This class includes investments in a mutual fund that invests at least 80% of its assets in short-term bonds issued or guaranteed by U.S. government agencies and instrumentalities.
|
Fair Value Measurements Using
|
||||||||||||||||
Fair
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Short-term and Restricted Short-term Investments
|
||||||||||||||||
Certificates of deposit
|
$ | 461,786 | $ | — | $ | 461,786 | $ | — | ||||||||
Stock and bond mutual funds
(a)
|
6,473 | 6,473 | — | — | ||||||||||||
U.S. government and agency securities
|
1,806 | — | 1,806 | — | ||||||||||||
Corporate bonds
|
34,187 | — | 34,187 | — | ||||||||||||
Total
|
$ | 504,252 | $ | 6,473 | $ | 497,779 | $ | — | ||||||||
Liabilities:
|
||||||||||||||||
Interest rate swap contract
|
$ | 27,059 | $ | — | $ | 27,059 | $ | — | ||||||||
Derivatives Not Designated as Hedging Instruments:
|
||||||||||||||||
Other Current Assets
|
||||||||||||||||
Foreign currency forward assets
|
$ | 1,955 | $ | — | $ | 1,955 | $ | — | ||||||||
Other Accrued Liabilities
|
||||||||||||||||
Foreign currency forward liabilities
|
$ | 16 | $ | — | $ | 16 | $ | — |
(a)
|
This class includes investments in a mutual fund that invests at least 80% of its assets in short-term bonds issued or guaranteed by U.S. government agencies and instrumentalities.
|
·
|
Corporate bonds and U.S. government and agency securities: Valued at quoted prices in markets that are not active, broker dealer quotations or other methods by which all significant inputs are observable, either directly or indirectly.
|
·
|
Stock and bond mutual funds: Valued at the net asset value of shares held at period end as quoted in the active market. These mutual funds contain no unusual terms or trade restrictions.
|
·
|
Equity investments: Valued at the closing price of the shares held at period end as quoted in active markets.
|
Location of Gain (Loss) Recognized in Income on Derivatives
|
2012
|
2011
|
2010
|
||||||||||
Derivatives Designated as Hedging Instruments:
|
|||||||||||||
Interest rate swap contract
|
Other comprehensive income (loss)
|
$ | 8.4 | $ | 3.8 | $ | (1.1 | ) | |||||
Derivatives Not Designated as Hedging Instruments:
|
|||||||||||||
Foreign currency forward contracts
|
Other foreign currency transactions gains (losses), net
|
$ | (2.0 | ) | $ | 4.7 | $ | 2.8 |
|
August 31, 2012
|
August 31, 2011
|
||||||
Trade accounts receivable, net
|
$ | 405,061 | $ | 732,134 | ||||
Unbilled accounts receivable
|
821 | 23,116 | ||||||
Retainage
|
10,607 | 16,992 | ||||||
Total accounts receivable, including retainage, net
|
$ | 416,489 | $ | 772,242 |
2012
|
2011
|
|||||||
Beginning balance, September 1
|
$ | 22,350 | $ | 21,774 | ||||
Increased provision
|
6,810 | 7,117 | ||||||
Write offs
|
(3,991 | ) | (2,522 | ) | ||||
Recovery
|
(8,208 | ) | (3,886 | ) | ||||
Other
|
(157 | ) | (133 | ) | ||||
Ending balance, August 31
|
$ | 16,804 | $ | 22,350 |
|
August 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
||||||||||||||||||||||
|
Weighted
Average
|
FIFO
|
Total
|
Weighted
Average
|
FIFO
|
Total
|
||||||||||||||||||
Raw materials
|
$ | 19,355 | $ | 139,178 | $ | 158,533 | $ | 16,040 | $ | 118,516 | $ | 134,556 | ||||||||||||
Work in process
|
3,679 | 30,278 | 33,957 | 2,878 | 25,483 | 28,361 | ||||||||||||||||||
Finished goods
|
81,294 | — | 81,294 | 82,127 | — | 82,127 | ||||||||||||||||||
Total
|
$ | 104,328 | $ | 169,456 | $ | 273,784 | $ | 101,045 | $ | 143,999 | $ | 245,044 |
August 31,
|
||||||||
2012
|
2011
|
|||||||
Transportation equipment
|
$ | 21,919 | $ | 14,778 | ||||
Furniture, fixtures and software
|
154,862 | 172,030 | ||||||
Machinery and equipment
|
372,658 | 293,896 | ||||||
Buildings and improvements
|
237,097 | 241,896 | ||||||
Assets acquired under capital leases
|
2,328 | 2,756 | ||||||
Land
|
16,542 | 14,769 | ||||||
Construction in progress
|
82,619 | 122,988 | ||||||
Subtotal
|
888,025 | 863,113 | ||||||
Less: accumulated depreciation
|
(376,348 | ) | (347,302 | ) | ||||
Property and equipment, net
|
$ | 511,677 | $ | 515,811 |
·
|
Joint ventures that should be consolidated because we hold the majority voting interest or because they are VIEs and we are the primary beneficiary, and
|
·
|
Joint ventures that should not be consolidated because we hold a minority voting interest or because they are VIEs, but we are not the primary beneficiary.
|
August 31,
|
||||||||
2012
|
2011
|
|||||||
Cash and cash equivalents
|
$ | 92,176 | $ | 78,577 | ||||
Net accounts receivable
|
22,664 | 7,537 | ||||||
Other current assets
|
185,124 | 174,584 | ||||||
Non-current assets
|
57,277 | 50,038 | ||||||
Total assets
|
$ | 357,241 | $ | 310,736 | ||||
Accounts and subcontractors payable
|
$ | 69,619 | $ | 91,293 | ||||
Billings in excess of costs and accrued earnings
|
24,315 | 27,831 | ||||||
Accrued expenses and other
|
101,826 | 97,102 | ||||||
Total liabilities
|
$ | 195,760 | $ | 216,226 |
·
|
In November 1993, Shaw-Nass Middle East, W.L.L. (Shaw-Nass) was created to support the fabrication and distribution of pipe in the Middle East and is located in Bahrain. We acquired a 49% equity interest in the joint venture, and have made advances to the entity and have issued interest bearing loans to fund working capital and to finance certain equipment purchases. This entity which is included in our Fabrication & Manufacturing (F&M) segment had total assets of approximately $21.4 million and total liabilities of $4.6 million at August 31, 2012. The creditors of Shaw-Nass, which are currently limited to vendors and suppliers, do not have recourse to our general credit. Our maximum exposure to loss is limited to our equity interest of $8.4 million at August 31, 2012.
|
·
|
In January 2011, Kings Bay Support Services, LLC (KBSS) was created to propose and execute a Base Operations Support Services contract at Naval Submarine Base, Kings Bay, GA . KBSS was awarded the contract and began operations on December 1, 2011. We have a 65% membership interest in the entity, which is included in our E&I segment. KBSS had total assets of $17.6 million and total liabilities of $8.1 million as of August 31, 2012. The creditors of KBSS, which are currently limited to vendors and subcontractors, do not have recourse to our general credit. Our maximum exposure to loss is limited to our equity interest and amounts payable to Shaw for services provided to the entity.
|
·
|
In January 2010, Shaw SK Engineering & Construction Middle East Ltd. (Shaw SKEC) was created to own and support a pipe fabrication facility in the United Arab Emirates. Through its wholly owned subsidiary, Shaw Emirates Pipes Manufacturing LLC, it supports the fabrication and distribution of pipe in the Middle East. We have an equity interest of 56% in the Shaw SKEC joint venture and this entity is included in our F&M segment. At August 31, 2012, it had total assets of $45.8 million and total liabilities of $23.1 million. Our maximum exposure to loss is 59% and amounts payable to Shaw for services provided to the entity.
|
Balance Sheets
|
June 30, 2012
|
June 30, 2011
|
||||||
Current assets
|
$ | 2,978,882 | $ | 2,862,722 | ||||
Noncurrent assets
|
5,926,997 | 6,296,288 | ||||||
Current liabilities
|
2,231,662 | 2,404,446 | ||||||
Noncurrent liabilities
|
1,387,432 | 1,365,108 | ||||||
Noncontrolling interest
|
175,039 | 160,392 |
Statements of Operations
|
July 1, 2011
to June 30, 2012
|
July 1, 2010
to June 30, 2011
|
July 1, 2009
to June 30, 2010
|
|||||||||
Revenues
|
$ | 4,752,838 | $ | 4,746,885 | $ | 4,202,881 | ||||||
Gross profit
|
967,951 | 992,435 | 894,677 | |||||||||
Income before income taxes
|
213,701 | 282,231 | 145,070 | |||||||||
Net income attributable to shareholders
|
139,972 | 170,501 | 78,257 |
|
August 31,
|
|||||||
Balance Sheets
|
2012
|
2011
|
||||||
Current assets
|
$ | 41,562 | $ | 60,180 | ||||
Noncurrent assets
|
8,025 | 11,815 | ||||||
Current liabilities
|
34,071 | 38,129 | ||||||
Noncurrent liabilities
|
5,044 | 5,042 |
|
For the Year Ended August 31,
|
|||||||||||
Statements of Operations
|
2012
|
2011
|
2010
|
|||||||||
Revenues
|
$ | 142,237 | $ | 157,164 | $ | 62,939 | ||||||
Gross profit
|
20,894 | 23,731 | 6,078 | |||||||||
Income (loss) from continuing operations before income taxes
|
19,679 | 20,723 | (20 | ) | ||||||||
Net income (loss)
|
17,672 | 20,281 | (11 | ) |
Ownership
|
August 31,
|
|||||||||||||
Percentage
|
2012
|
2011
|
||||||||||||
Investment in Westinghouse
|
20 | % | $ | 968,296 | $ | 999,035 | ||||||||
Other
|
6 | % | - | 50 | % | 6,160 | 14,768 | |||||||
Total
|
$ | 974,456 | $ | 1,013,803 |
|
For the Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Investment in Westinghouse, net of income taxes of $7,987, $13,185, and $8,666, respectively
|
$ | 12,334 | $ | 20,915 | $ | 6,986 | ||||||
Other unconsolidated entities, net of income taxes of $2,347, $2,542, and $406, respectively
|
3,909 | 5,354 | 91 | |||||||||
Total
|
$ | 16,243 | $ | 26,269 | $ | 7,077 |
|
Power
|
Plant Services
|
E&I
|
F&M
|
E&C
|
Total
|
||||||||||||||||||
Balance at September 1, 2010
|
$ | 139,177 | $ | 42,027 | $ | 189,808 | $ | 16,474 | $ | 112,009 | $ | 499,495 | ||||||||||||
Acquisitions
|
— | — | 17,876 | — | 26,467 | 44,343 | ||||||||||||||||||
Currency translation adjustment
|
— | — | 178 | 1,151 | 623 | 1,952 | ||||||||||||||||||
Balance at August 31, 2011
|
$ | 139,177 | $ | 42,027 | $ | 207,862 | $ | 17,625 | $ | 139,099 | $ | 545,790 | ||||||||||||
Acquisitions and related adjustments
|
— | — | 30 | — | — | 30 | ||||||||||||||||||
Divestitures and related adjustments
|
— | — | — | — | (138,692 | ) | (138,692 | ) | ||||||||||||||||
Currency translation adjustment
|
— | — | (1,004 | ) | (1,261 | ) | (407 | ) | (2,672 | ) | ||||||||||||||
Balance at August 31, 2012
|
$ | 139,177 | $ | 42,027 | $ | 206,888 | $ | 16,364 | $ | — | $ | 404,456 |
Proprietary Technologies,
Patents and Tradenames
|
Client Relationships
|
|||||||||||||||
|
Gross Carrying Amount
|
Accumulated Amortization
|
Gross Carrying Amount
|
Accumulated Amortization
|
||||||||||||
Balance at September 1, 2010
|
$ | 43,954 | $ | (26,250 | ) | $ | 2,016 | $ | (1,680 | ) | ||||||
Effects of deconsolidation of VIE
|
(2,957 | ) | 1,162 | — | — | |||||||||||
Acquisitions
|
949 | — | 2,990 | — | ||||||||||||
Currency translation adjustments
|
11 | — | 10 | — | ||||||||||||
Amortization
|
— | (2,647 | ) | — | (416 | ) | ||||||||||
Balance at August 31, 2011
|
$ | 41,957 | $ | (27,735 | ) | $ | 5,016 | $ | (2,096 | ) | ||||||
Currency translation adjustments
|
(63 | ) | — | (62 | ) | — | ||||||||||
Divestitures
|
(39,236 | ) | 27,833 | — | — | |||||||||||
Amortization
|
— | (2,126 | ) | — | (549 | ) | ||||||||||
Balance at August 31, 2012
|
$ | 2,658 | $ | (2,028 | ) | $ | 4,954 | $ | (2,645 | ) |
|
Proprietary Technologies,
Patents and Tradenames
|
Client Relationships
|
||||||
2013
|
$ | 330 | $ | 419 | ||||
2014
|
164 | 420 | ||||||
2015
|
91 | 420 | ||||||
2016
|
45 | 420 | ||||||
2017
|
— | 420 | ||||||
Thereafter
|
— | 210 | ||||||
Total
|
$ | 630 | $ | 2,309 |
|
August 31, 2012
|
August 31, 2011
|
||||||||||||||
|
Short-term
|
Long-term
|
Short-term
|
Long-term
|
||||||||||||
0%-3.7% interest vendor financing contracts, 2.3%-4.2% imputed interest, due July 2012-December 2013
|
$ | 6,586 | $ | 4,982 | $ | — | $ | — | ||||||||
Debt of consolidated joint venture: 6% interest, due January 2013
|
3,400 | — | — | — | ||||||||||||
Capital lease obligations
|
430 | 289 | 349 | 630 | ||||||||||||
Subtotal
|
$ | 10,416 | $ | 5,271 | $ | 349 | $ | 630 | ||||||||
Westinghouse Bonds (see description below)
|
1,640,497 | — | 1,679,836 | — | ||||||||||||
Total
|
$ | 1,650,913 | $ | 5,271 | $ | 1,680,185 | $ | 630 |
|
Capital
Lease Obligations
|
Debt
|
||||||
2013
|
$ | 460 | $ | 1,650,483 | ||||
2014
|
295 | 4,982 | ||||||
2015
|
— | — | ||||||
2016
|
— | — | ||||||
2017
|
— | — | ||||||
Thereafter
|
— | — | ||||||
Subtotal
|
755 | 1,655,465 | ||||||
Less: amount representing interest
|
(36 | ) | — | |||||
Total
|
$ | 719 | $ | 1,655,465 |
|
August 31,
2012
|
August 31,
2011
|
|||||||
Westinghouse Bonds, face value 50.98 billion JPY due March 15, 2013; interest only payments; coupon rate of 2.20%;
|
$ | 426,875 | $ | 426,875 | |||||
Westinghouse Bonds, face value 78 billion JPY due March 15, 2013; interest only payments; coupon rate of 0.70% above the six-month JPY LIBOR rate (0.33% at August 31, 2012)
|
653,125 | 653,125 | |||||||
Increase in debt due to foreign currency transaction adjustments since date of issuance
|
560,497 | 599,836 | |||||||
Total Westinghouse debt
|
$ | 1,640,497 | $ | 1,679,836 |
|
For the Fiscal Year Ended August 31,
|
|||||||||||
(In thousands)
|
2012
|
2011
|
2010
|
|||||||||
Provision (benefit) for income taxes
|
$ | 44,971 | $ | (106,765 | ) | $ | 37,987 | |||||
Income from 20% investment in Westinghouse
|
7,987 | 13,185 | 8,666 | |||||||||
Earnings (losses) from unconsolidated entities
|
2,347 | 2,542 | 406 | |||||||||
Total income tax from continuing operations
|
55,305 | (91,038 | ) | 47,059 | ||||||||
Shareholders’ equity:
|
||||||||||||
Compensation expense for tax purposes less than (in excess of) amounts recognized for financial reporting
|
(1,167 | ) | (2,834 | ) | (1,014 | ) | ||||||
Pension liability
|
(1,492 | ) | 2,388 | (2,258 | ) | |||||||
Other comprehensive income of unconsolidated entities
|
(11,398 | ) | 9,749 | (7,411 | ) | |||||||
Marketable securities
|
17 | (373 | ) | 348 | ||||||||
Derivative instrument
|
5,298 | 2,380 | (729 | ) | ||||||||
Total income taxes
|
$ | 46,563 | $ | (79,728 | ) | $ | 35,995 |
|
For the Fiscal Year Ended August 31,
|
|||||||||||
(In thousands)
|
2012
|
2011
|
2010
|
|||||||||
Current:
|
||||||||||||
U.S. federal
|
$ | 21,356 | $ | (82,156 | ) | $ | 45,827 | |||||
State and local
|
2,271 | 6,886 | 71 | |||||||||
Foreign
|
7,036 | 3,341 | 6,596 | |||||||||
Total current tax provision
|
30,663 | (71,929 | ) | 52,494 | ||||||||
Deferred:
|
||||||||||||
U.S. federal
|
2,609 | (32,406 | ) | (17,269 | ) | |||||||
State and local
|
3,949 | (6,077 | ) | (6,428 | ) | |||||||
Foreign
|
7,750 | 3,647 | 9,190 | |||||||||
Total deferred tax provision
|
14,308 | (34,836 | ) | (14,507 | ) | |||||||
Total provision for income taxes
|
$ | 44,971 | $ | (106,765 | ) | $ | 37,987 |
|
For the Fiscal Year Ended August 31,
|
|||||||||||
(In thousands)
|
2012
|
2011
|
2010
|
|||||||||
Domestic
|
$ | 134,915 | $ | (314,494 | ) | $ | 61,420 | |||||
Foreign
|
105,136 | 13,575 | 69,673 | |||||||||
Income (loss) before income taxes and earnings (losses) from unconsolidated entities
|
$ | 240,051 | $ | (300,919 | ) | $ | 131,093 |
|
For the Fiscal Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
U.S. Federal statutory tax rate
|
35 | % | 35 | % | 35 | % | ||||||
State taxes, net of federal income tax benefit
|
1 | % | 3 | % | — | |||||||
Foreign tax differential
|
— | — | (2 | )% | ||||||||
Work Opportunity Tax Credit
|
— | — | — | |||||||||
Foreign tax credits
|
— | — | (1 | )% | ||||||||
Section 199 — Domestic Manufacturer Deduction
|
— | — | (1 | )% | ||||||||
Valuation allowance
|
1 | % | (2 | )% | 2 | % | ||||||
Impact of E&C Sale
|
(11 | )% | — | — | ||||||||
Noncontrolling interests
|
(2 | )% | 1 | % | (4 | )% | ||||||
Research and experimentation credit claims
|
— | — | (6 | )% | ||||||||
Compensation and stock options
|
— | (1 | )% | 2 | % | |||||||
Uncertain tax positions
|
(6 | )% | 2 | % | 5 | % | ||||||
Nondeductible expenses
|
2 | % | (2 | )% | 4 | % | ||||||
Rate changes
|
— | (2 | )% | (1 | )% | |||||||
Other, net
|
(1 | )% | 2 | % | (4 | )% | ||||||
19 | % | 36 | % | 29 | % |
(In thousands)
|
2012
|
2011
|
||||||
Deferred tax assets:
|
||||||||
Receivables
|
$ | 6,133 | $ | 8,765 | ||||
Net operating loss and tax credit carryforwards
|
60,827 | 62,073 | ||||||
Other expenses not currently deductible
|
38,822 | 55,683 | ||||||
Foreign currency
|
212,997 | 225,390 | ||||||
Derivative instrument
|
5,174 | 10,418 | ||||||
Deferred financing costs
|
624 | 4,105 | ||||||
Equity in other comprehensive income of unconsolidated entities
|
43,290 | 31,723 | ||||||
Compensation related expenses
|
56,885 | 42,356 | ||||||
Total gross deferred tax assets
|
424,752 | 440,513 | ||||||
Less valuation allowance
|
(32,986 | ) | (32,361 | ) | ||||
Net deferred tax assets
|
391,766 | 408,152 | ||||||
Deferred tax liabilities:
|
||||||||
Goodwill and other intangibles
|
(37,019 | ) | (43,442 | ) | ||||
Property, plant and equipment
|
(37,861 | ) | (39,091 | ) | ||||
Investments in affiliates
|
(11,116 | ) | (20,098 | ) | ||||
Employee benefits and other expenses
|
(788 | ) | (828 | ) | ||||
Total gross deferred tax liabilities
|
(86,784 | ) | (103,459 | ) | ||||
Net deferred tax assets
|
$ | 304,982 | $ | 304,693 |
(In thousands)
|
2012
|
2011
|
2010
|
|||||||||
Balance at September 1
|
$ | 35,795 | $ | 47,275 | $ | 52,140 | ||||||
Increase (decrease) in tax positions – current year | 1,038 | 229 | 443 | |||||||||
Increase (decrease) in tax positions – prior years
|
2,902 | 7,632 | (3,976 | ) | ||||||||
Settlements
|
(14,134 | ) | (19,663 | ) | (1,924 | ) | ||||||
Increase (decrease) in interest — net of tax benefit
|
629 | 304 | 508 | |||||||||
Increase (decrease) in penalties
|
95 | (169 | ) | 5 | ||||||||
Expiration of statutes of limitation
|
(20,081 | ) | — | — | ||||||||
Currency Translation Adjustment
|
(92 | ) | 187 | 79 | ||||||||
Balance at August 31
|
$ | 6,152 | $ | 35,795 | $ | 47,275 |
Year Ended August 31, 2012
|
No. of
Shares
|
Weighted-Average Per Share Cost (1)
|
Total Cost (2)
|
|||||||||
Board authorized $500 million repurchase plan in June 2011
|
6,185,567 | $ | 24.25 | $ | 152,143 | |||||||
Shared exchanged for taxes on stock-based compensation
|
954 | $ | 21.97 | 21 | ||||||||
Total repurchases
|
6,186,521 | $ | 152,164 |
Year Ended August 31, 2011
|
No. of
Shares
|
Weighted-Average Per Share Cost
(1)
|
Total Cost
(2)
|
|||||||||
Board authorized $500 million repurchase plan in December 2010
|
13,688,354 | $ | 36.51 | $ | 500,000 | |||||||
Board authorized $500 million repurchase plan in June 2011
|
945,100 | $ | 23.01 | $ | 21,768 | |||||||
Shared exchanged for taxes on stock-based compensation
|
15,317 | $ | 31.55 | $ | 483 | |||||||
Total repurchases
|
14,648,771 | $ | 522,251 |
Plan
|
Authorized
Shares
|
Types of Instruments Authorized
|
|||
1993 Employee Stock Option Plan (1993 Plan)
|
3,844,000 |
Qualified and non-qualified stock options and restricted stock awards
|
|||
1996 Non-Employee Director Stock Option Plan (1996 Plan)
|
300,000 |
Non-qualified stock options
|
|||
Stone & Webster Acquisition Stock Option Plan (Stone & Webster Plan)
|
1,070,000 |
Non-qualified stock options
|
|||
2001 Employee Incentive Compensation Plan (2001 Plan)
|
9,500,000 |
Qualified and non-qualified stock options, stock appreciation rights, performance shares, and restricted stock awards
|
|||
2005 Non-Employee Director Stock Incentive Plan (Directors’ Plan)
|
300,000 |
Non-qualified stock options and phantom stock awards
|
|||
2008 Omnibus Incentive Plan
|
6,250,000 |
Non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and other stock-based awards
|
|
For the Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Stock Option Compensation Expense
|
$ | 7.5 | $ | 10.2 | $ | 10.8 |
|
Weighted-Average
Grant Date Assumptions
|
|||
Expected volatility
|
53.4 | % | ||
Risk-free interest rate
|
0.8 | % | ||
Expected dividend yield
|
0.0 | % | ||
Expected term (in years)
|
3.9 | |||
Grant date fair value
|
$ | 12.50 |
|
For the Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
SAR Compensation Expense
|
$ | 1.8 | $ | 0.4 | $ | — |
|
Shares
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining
Contract Term
|
|||||||||
Outstanding at August 31, 2010
|
— | $ | — | — | ||||||||
Granted
|
359,364 | 30.56 | ||||||||||
Exercised
|
— | — | ||||||||||
Forfeited
|
(31,135 | ) | 30.56 | |||||||||
Outstanding at August 31, 2011
|
328,229 | $ | 30.56 | 9.2 | ||||||||
Granted
|
— | — | ||||||||||
Exercised
|
(12,513 | ) | 30.56 | |||||||||
Forfeited
|
(74,774 | ) | 30.56 | |||||||||
Expired
|
(3,053 | ) | 30.56 | |||||||||
Outstanding at August 31, 2012
|
237,889 | $ | 30.57 | 8.2 | ||||||||
Exercisable at August 31, 2012
|
64,127 | $ | 30.56 | 8.2 |
|
For the Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Restricted Stock Compensation Expense
|
$ | 15.0 | $ | 22.4 | $ | 24.1 |
|
Shares/Units
|
Weighted Average
Grant-Date
Fair Value
|
||||||
Unvested restricted stock at August 31, 2010
|
2,123,889 | $ | 27.24 | |||||
Granted
|
325,279 | 30.80 | ||||||
Vested
|
(894,143 | ) | 27.27 | |||||
Forfeited
|
(77,248 | ) | 25.82 | |||||
Unvested restricted stock at August 31, 2011
|
1,477,777 | $ | 28.08 | |||||
Granted
|
384,828 | 23.64 | ||||||
Vested
|
(825,403 | ) | 27.84 | |||||
Forfeited
|
(145,722 | ) | 26.95 | |||||
Unvested restricted stock at August 31, 2012
|
891,480 | $ | 26.57 |
|
For the Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Cash-Settled Restricted Stock Unit Compensation Expense
|
$ | 9.7 | $ | 1.1 | $ | — |
|
Units
|
Weighted Average
Grant-Date
Fair Value
|
||||||
Unvested cash-settled restricted stock units at August 31, 2010
|
— | $ | — | |||||
Granted
|
280,571 | 30.58 | ||||||
Vested
|
— | — | ||||||
Forfeited
|
(25,714 | ) | 30.56 | |||||
Unvested cash-settled restricted stock units at August 31, 2011
|
254,857 | $ | 30.59 | |||||
Granted
|
688,411 | 23.25 | ||||||
Vested
|
(60,445 | ) | 30.56 | |||||
Forfeited
|
(191,704 | ) | 25.42 | |||||
Unvested cash-settled restricted stock units at August 31, 2012
|
691,119 | $ | 24.71 |
Weighted-Average
Grant Date Assumptions
|
||||
Expected volatility (Shaw)
|
47.16 | % | ||
Expected volatility (Peer Group average)
|
45.74 | % | ||
Risk-free interest rate
|
0.35 | % | ||
Expected dividend yield
|
0.00 | % | ||
Expected term (in years)
|
2.80 | |||
Grant date fair value
|
$ | 1.10 |
|
For the Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
PCU Compensation Expense
|
$ | 8.8 | $ | — | $ | — |
|
Units
|
Weighted Average
Grant-Date
Fair Value
|
||||||
Unvested PCUs at August 31, 2011
|
— | $ | — | |||||
Granted
|
11,661,500 | 1.10 | ||||||
Vested
|
— | — | ||||||
Forfeited
|
(1,275,000 | ) | 1.10 | |||||
Unvested PCUs at August 31, 2012
|
10,386,500 | $ | 1.10 |
For the year ending August 31 (in thousands):
|
||||
2013
|
$ | 45,532 | ||
2014
|
43,145 | |||
2015
|
37,522 | |||
2016
|
31,819 | |||
2017
|
22,758 | |||
Thereafter
|
101,955 | |||
Total future minimum lease payments
|
$ | 282,731 |
|
•
|
warranties, requiring achievement of acceptance and performance testing levels;
|
|
•
|
liquidated damages, if the project does not meet predetermined completion dates; and
|
|
•
|
penalties or liquidated damages for failure to meet other cost or project performance measures.
|
|
Power
|
Plant Services
|
E&I
|
F&M
|
E&C
|
Investment
In
Westinghouse
|
Corporate
and other
|
Total
|
||||||||||||||||||||||||
Fiscal Year 2012
|
||||||||||||||||||||||||||||||||
Revenues from external clients
|
$ | 1,973.4 | $ | 1,089.2 | $ | 1,814.4 | $ | 551.5 | $ | 579.9 | $ | — | $ | — | $ | 6,008.4 | ||||||||||||||||
Intersegment revenues
|
12.2 | 237.4 | 5.4 | — | 5.9 | — | — | 260.9 | ||||||||||||||||||||||||
Interest income
|
0.5 | — | 0.2 | 0.1 | 0.5 | — | 4.1 | 5.4 | ||||||||||||||||||||||||
Interest expense
|
0.2 | — | — | 0.2 | — | 40.6 | 5.9 | 46.9 | ||||||||||||||||||||||||
Depreciation and amortization
|
28.4 | 1.9 | 14.0 | 18.9 | 9.4 | — | 1.8 | 74.4 | ||||||||||||||||||||||||
Income (loss) before income taxes
|
30.6 | 69.8 | 102.8 | 68.8 | 41.5 | 0.1 | (73.5 | ) | 240.1 | |||||||||||||||||||||||
Earnings (losses) from unconsolidated entities, net of tax
|
(1.5 | ) | — | 0.9 | (0.5 | ) | 5.0 | 12.3 | — | 16.2 | ||||||||||||||||||||||
Goodwill
|
139.2 | 42.0 | 206.9 | 16.4 | — | — | — | 404.5 | ||||||||||||||||||||||||
Total assets
|
2,009.0 | 346.5 | 1,129.6 | 695.4 | 586.7 | 1,216.9 | 245.9 | 6,230.0 | ||||||||||||||||||||||||
Investment in and advances to equity method investees
|
— | — | 5.3 | 0.9 | — | — | — | 6.2 | ||||||||||||||||||||||||
Purchases of property and equipment
|
34.3 | 0.1 | 16.2 | 14.4 | 1.4 | — | 12.2 | 78.6 | ||||||||||||||||||||||||
Increases (decreases) in other assets, long-term, net
|
(0.3 | ) | — | (2.2 | ) | 0.1 | (8.4 | ) | — | 1.2 | (9.6 | ) |
|
Power
|
Plant Services
|
E&I
|
F&M
|
E&C
|
Investment
In
Westinghouse
|
Corporate
and other
|
Total
|
||||||||||||||||||||||||
Fiscal Year 2011
|
||||||||||||||||||||||||||||||||
Revenues from external clients
|
$ | 2,116.8 | $ | 924.7 | $ | 1,894.3 | $ | 408.6 | $ | 593.3 | $ | — | $ | — | $ | 5,937.7 | ||||||||||||||||
Intersegment revenues
|
11.1 | 50.5 | 7.6 | — | 7.9 | — | — | 77.1 | ||||||||||||||||||||||||
Interest income
|
8.1 | — | 0.1 | 0.7 | 0.9 | — | 6.8 | 16.6 | ||||||||||||||||||||||||
Interest expense
|
0.5 | — | — | — | 0.1 | 41.6 | 4.9 | 47.1 | ||||||||||||||||||||||||
Depreciation and amortization
|
27.6 | 1.8 | 13.9 | 17.5 | 10.3 | — | 2.8 | 73.9 | ||||||||||||||||||||||||
Income (loss) before income taxes
|
1.8 | 59.8 | 117.3 | 20.6 | (190.3 | ) | (201.9 | ) | (108.2 | ) | (300.9 | ) | ||||||||||||||||||||
Earnings (losses) from unconsolidated entities, net of tax
|
0.4 | — | 1.2 | — | 3.8 | 20.9 | — | 26.3 | ||||||||||||||||||||||||
Goodwill
|
139.2 | 42.0 | 207.9 | 17.6 | 139.1 | — | — | 545.8 | ||||||||||||||||||||||||
Total assets
|
2,129.0 | 270.2 | 1,060.9 | 710.0 | 482.9 | 1,266.4 | 404.3 | 6,323.7 | ||||||||||||||||||||||||
Investment in and advances to equity method investees
|
— | — | 5.3 | — | 9.5 | — | — | 14.8 | ||||||||||||||||||||||||
Purchases of property and equipment
|
50.8 | 0.1 | 11.7 | 29.0 | 5.4 | — | 4.8 | 101.8 | ||||||||||||||||||||||||
Increases (decreases) in other assets, long-term, net
|
(4.8 | ) | — | 2.5 | 0.3 | (4.1 | ) | — | 1.4 | (4.7 | ) |
Power
|
Plant Services
|
E&I
|
F&M
|
E&C
|
Investment
In
Westinghouse
|
Corporate
and other
|
Total
|
|||||||||||||||||||||||||
Fiscal Year 2010
|
||||||||||||||||||||||||||||||||
Revenues from external clients
|
$ | 2,297.9 | $ | 881.0 | $ | 2,215.2 | $ | 492.0 | $ | 1,097.8 | $ | — | $ | 0.1 | $ | 6,984.0 | ||||||||||||||||
Intersegment revenues
|
4.6 | 49.7 | 16.8 | — | 0.8 | — | — | 71.9 | ||||||||||||||||||||||||
Interest income
|
0.4 | — | 1.4 | 0.4 | 0.4 | — | 11.1 | 13.7 | ||||||||||||||||||||||||
Interest expense
|
1.2 | 0.1 | 0.2 | 0.1 | (0.2 | ) | 38.1 | 4.4 | 43.9 | |||||||||||||||||||||||
Depreciation and amortization
|
23.6 | 1.8 | 12.2 | 13.6 | 9.7 | — | 1.9 | 62.8 | ||||||||||||||||||||||||
Income (loss) before income taxes
|
64.9 | 43.7 | 138.8 | 63.9 | 47.7 | (169.8 | ) | (58.1 | ) | 131.1 | ||||||||||||||||||||||
Earnings (losses) from unconsolidated entities, net of tax
|
— | — | 0.7 | — | (0.2 | ) | 7.0 | (0.4 | ) | 7.1 | ||||||||||||||||||||||
Goodwill
|
139.2 | 42.0 | 189.8 | 16.5 | 112.0 | — | — | 499.5 | ||||||||||||||||||||||||
Total assets
|
2,041.2 | 206.4 | 1,185.4 | 664.8 | 717.7 | 1,197.8 | 965.6 | 6,978.9 | ||||||||||||||||||||||||
Investment in and advances to equity method investees
|
— | — | 6.8 | — | 4.9 | — | — | 11.7 | ||||||||||||||||||||||||
Purchases of property and equipment
|
110.7 | 0.4 | 14.2 | 38.6 | 6.5 | — | 15.4 | 185.8 | ||||||||||||||||||||||||
Increases (decreases) in other assets, long-term, net
|
(7.7 | ) | (1.5 | ) | 33.1 | — | (2.2 | ) | — | (3.8 | ) | 17.9 |
|
At August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Total segment assets
|
$ | 6,230.0 | $ | 6,323.7 | $ | 6,978.9 | ||||||
Elimination of intercompany receivables
|
(635.2 | ) | (468.4 | ) | (570.5 | ) | ||||||
Elimination of investments in subsidiaries
|
(587.3 | ) | (368.3 | ) | (412.1 | ) | ||||||
Income tax entries not allocated to segments
|
— | — | — | |||||||||
Total consolidated assets
|
$ | 5,007.5 | $ | 5,487.0 | $ | 5,996.3 |
|
For the Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Revenues:
|
||||||||||||
United States
|
$ | 5,187.6 | $ | 5,032.2 | $ | 5,619.0 | ||||||
Asia/Pacific Rim countries
|
489.1 | 573.3 | 948.4 | |||||||||
Middle East
|
163.4 | 141.7 | 263.2 | |||||||||
United Kingdom and other European countries
|
53.5 | 105.8 | 67.6 | |||||||||
South America and Mexico
|
85.7 | 56.2 | 16.0 | |||||||||
Canada
|
16.3 | 18.8 | 23.3 | |||||||||
Other
|
12.8 | 9.7 | 46.5 | |||||||||
Total Revenues
|
$ | 6,008.4 | $ | 5,937.7 | $ | 6,984.0 |
|
At August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Long-Lived Assets:
|
||||||||||||
United States
|
$ | 469.2 | $ | 521.5 | $ | 538.5 | ||||||
United Kingdom
|
19.6 | 15.2 | 4.3 | |||||||||
Other foreign countries
|
128.5 | 102.9 | 67.1 | |||||||||
Total Long-Lived Assets
|
$ | 617.3 | $ | 639.6 | $ | 609.9 |
Segment
|
Number of
Clients
|
Revenues
|
Percentage of Segment
Revenues
|
|||||||||
Power
|
4 | $ | 1,504.8 | 76 | % | |||||||
Plant Services
|
3 | 503.4 | 46 | % | ||||||||
E&I
|
1 | 1,318.4 | 73 | % | ||||||||
F&M
|
2 | 115.0 | 21 | % | ||||||||
E&C
|
1 | 273.9 | 47 | % |
|
For the Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Basic
|
67,462 | 80,223 | 84,041 | |||||||||
Diluted:
|
||||||||||||
Stock options
|
675 | — | 1,022 | |||||||||
Restricted stock
|
399 | — | 771 | |||||||||
Diluted
|
68,536 | 80,223 | 85,834 |
|
For the Year Ended August 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Stock options
|
1,596 | 4,139 | 1,222 | |||||||||
Restricted stock
|
204 | 1,752 | 103 |
|
For the Year Ended August 31,
|
|||||||
|
2012
|
2011
|
||||||
Change in projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of year
|
$ | 161,716 | $ | 158,700 | ||||
Service cost
|
63 | 151 | ||||||
Interest cost
|
7,088 | 7,998 | ||||||
Actuarial loss (gain)
|
15,661 | (6,357 | ) | |||||
Benefits paid
|
(6,472 | ) | (7,787 | ) | ||||
Deconsolidation
|
(20,012 | ) | — | |||||
Foreign currency exchange
|
(4,578 | ) | 9,011 | |||||
Other
|
(668 | ) | — | |||||
Projected benefit obligation at end of year
|
$ | 152,798 | $ | 161,716 | ||||
Change in fair value of plan assets:
|
||||||||
Fair value of plan assets at beginning of year
|
$ | 145,951 | $ | 133,129 | ||||
Actual return on plan assets
|
14,120 | 7,766 | ||||||
Company contributions
|
16,685 | 5,284 | ||||||
Benefits paid
|
(6,472 | ) | (7,787 | ) | ||||
Deconsolidation
|
(17,934 | ) | — | |||||
Foreign currency exchange
|
(4,134 | ) | 7,559 | |||||
Other
|
(326 | ) | — | |||||
Fair value of the plan assets at end of year
|
$ | 147,890 | $ | 145,951 | ||||
Funded status at end of year
|
$ | (4,908 | ) | $ | (15,765 | ) |
|
For the Year Ended August 31,
|
|||||||||||
(In thousands)
|
2012
|
2011
|
2010
|
|||||||||
Net periodic benefit cost:
|
||||||||||||
Service cost
|
$ | 63 | $ | 151 | $ | 135 | ||||||
Interest cost
|
7,088 | 7,998 | 8,034 | |||||||||
Expected return on plan assets
|
(7,444 | ) | (8,377 | ) | (7,197 | ) | ||||||
Amortization of net loss
|
2,138 | 3,725 | 3,284 | |||||||||
Deconsolidation
|
292 | — | — | |||||||||
Other
|
(342 | ) | 43 | 40 | ||||||||
Total net periodic benefit cost
|
$ | 1,795 | $ | 3,540 | $ | 4,296 |
Net loss (gain)
|
$ | 8,985 | $ | (5,609 | ) | $ | 9,099 | |||||
Amortization of net actuarial loss
|
(2,509 | ) | (3,787 | ) | (3,263 | ) | ||||||
Deconsolidation
|
(2,637 | ) | — | — | ||||||||
Other amortization
|
— | (43 | ) | (40 | ) | |||||||
Total (increase) decrease recognized in other comprehensive income (loss)
|
$ | 3,839 | $ | (9,439 | ) | $ | 5,796 |
For the Year Ended August 31,
|
|||||||||||||||
2012
|
2011
|
2010
|
|||||||||||||
Weighted-average assumptions used to determine benefit obligations at August 31:
|
|||||||||||||||
Discount rate
|
4.30 | % | 5.00 | - | 5.30 | % | 4.75 | - | 4.90 | % | |||||
Rate of compensation increase
|
— | 4.00 | % | 4.00 | % | ||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended August 31:
|
|||||||||||||||
Discount rate
|
5.00 | - | 5.30 | % | 4.75 | - | 4.90 | % | 5.60 | - | 5.75 | % | |||
Expected long-term rate of return on assets
|
6.00 | - | 6.22 | % | 6.00 | - | 6.75 | % | 5.99 | - | 7.00 | % | |||
Rate of compensation increase at end of the year
|
4.00 | % | 4.00 | % | 4.00 | % |
|
At August 31,
|
|||||||
Asset Category
|
2012
|
2011
|
||||||
Equity securities
|
48.8 | % | 53.5 | % | ||||
Debt securities
|
48.0 | 43.5 | ||||||
Other
|
3.2 | 3.0 | ||||||
Total
|
100.0 | % | 100.0 | % |
Fair Value Measurements as of August 31, 2012
|
||||||||||||||||
Total
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
Cash and cash equivalents
|
$ | 1,437 | $ | 1,437 | $ | — | $ | — | ||||||||
Equity securities (a)
|
72,125 | — | 72,125 | — | ||||||||||||
Fixed Income securities (b)
|
71,013 | — | 71,013 | — | ||||||||||||
Real estate
|
3,315 | — | 3,315 | |||||||||||||
Total
|
$ | 147,890 | $ | 1,437 | $ | 143,138 | $ | 3,315 |
Fair Value Measurements as of August 31, 2011
|
||||||||||||||||
Total
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
Cash and cash equivalents
|
$ | 1,232 | $ | 1,232 | $ | — | $ | — | ||||||||
Equity securities (a)
|
78,129 | — | 78,129 | — | ||||||||||||
Fixed Income securities (b)
|
63,463 | — | 63,210 | 253 | ||||||||||||
Real estate
|
3,127 | — | — | 3,127 | ||||||||||||
Total
|
$ | 145,951 | $ | 1,232 | $ | 141,339 | $ | 3,380 |
(a)
|
Equity securities are equity funds and equity index funds that hold U.S. and foreign equity securities and mutual funds. These equity securities were previously classified as Level 1 and have been reclassified at August 31, 2010 as Level 2.
|
(b)
|
Fixed income securities include government and corporate bonds, annuity contracts and bond funds that hold government and corporate bonds, U.S. and foreign.
|
·
|
Corporate bonds and government bonds: Valued at the closing price reported on the active market on which the individual securities are traded or at quoted prices if in markets that are not active, broker dealer quotations or other methods by which all significant inputs are observable, either directly or indirectly.
|
·
|
Equity securities: Valued at the net asset value of shares held at year end
|
·
|
Real Estate: Valued at net asset value per unit held at year end.
|
Fiscal Year
|
Pension Benefits
|
|||
2013
|
$ | 6,208 | ||
2014
|
6,344 | |||
2015
|
6,636 | |||
2016
|
7,299 | |||
2017
|
7,276 | |||
2018 — 2022
|
39,101 |
Pension Fund
|
EIN/
Plan Number
|
Plan Year End
|
Pension Protection Act
% Funded
(a)
|
FIP/RP
(a)
|
Company Contributions
(in thousands)
|
Expiration Date of Collective Bargaining Agreement/
Labor Agreement
|
||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2010
|
||||||||||||||||||||
Boilermaker-Blacksmith National Pension Trust
|
48-
6168020/001
|
12/31 |
NA
|
80 | % |
FIP
|
$ | 7,592 | $ | 4,715 | $ | 3,090 |
12/31/2012
|
|||||||||||
San Diego County Construction Laborers' Pension Trust Fund (b)
|
95-
6090541/001
|
08/31 |
NA
|
83 | % |
No
|
$ | 1,140 | $ | 887 | $ | 736 |
06/01/2013
|
|||||||||||
IBEW Local 1579 Pension Plan (c)
|
58-
1254974/001
|
09/30 |
NA
|
68 | % |
FIP
|
$ | 1,809 | $ | 454 | $ | 102 |
11/30/2018
|
|||||||||||
Utah Pipe Trades Pension Trust Fund (b)
|
51-
6077569/001
|
12/31 |
NA
|
99 | % |
No
|
$ | 1,838 | $ | 1,899 | $ | 1,643 |
10/31/2015
|
|||||||||||
Greenville Plumb & Steamfitters Pension Ret. Fund (b)
|
57-
6041658/068
|
06/30 |
NA
|
67 | % |
No
|
$ | 961 | $ | 761 | $ | 319 |
12/31/2013
|
|||||||||||
Plumbers & Steamfitters Local 150 Local Pension Fund (b)
|
58-
6116699/001
|
12/31 |
NA
|
54 | % |
FIP
|
$ | 2,029 | $ | 759 | $ | 84 |
11/30/2018
|
|||||||||||
All plans not individually significant | $ | 59,423 | $ | 48,630 | $ | 45,313 | ||||||||||||||||||
Total | $ | 74,792 | $ | 58,105 | $ | 51,287 |
(a)
|
As defined by the Pension Protection Act, “PPA”, the zone status indicates the percent the plan is funded for plan years presented.
|
(b)
|
According to the multiemployer pension plans’ latest available Forms 5500, we were listed as contributing more than 5 percent of the total contributions for 2011 and 2010. If we were to exit certain markets or otherwise cease making contributions this fund, we might trigger a substantial withdrawal liability. Any adjustment for withdrawal liability will be recorded when it is probable that a liability exists and can be reasonably estimated.
|
(c)
|
According to the multiemployer pension plan’s latest available Forms 5500, we were listed as contributing more than 5 percent of the total contributions for 2011. If we were to exit certain markets or otherwise cease making contributions this fund, we might trigger a substantial withdrawal liability. Any adjustment for withdrawal liability will be recorded when it is probable that a liability exists and can be reasonably estimated.
|
For the Year Ended August 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Westinghouse related
|
$ | 70,150 | $ | 5,081 | $ | 1,631 | ||||||
Other
|
16,911 | 14,745 | 6,020 | |||||||||
Total revenue from unconsolidated entities
|
$ | 87,061 | $ | 19,826 | $ | 7,651 |
August 31,
|
||||||||
2012
|
2011
|
|||||||
Westinghouse related
|
$ | 266 | $ | 552 | ||||
Other
|
3,994 | 4,638 | ||||||
Total accounts and other receivables from unconsolidated entities
|
$ | 4,260 | $ | 5,190 |
August 31,
|
||||||||
2012
|
2011
|
|||||||
Westinghouse related
|
$ | 19 | $ | 15 | ||||
Other
|
— | — | ||||||
Total advances to unconsolidated entities
|
$ | 19 | $ | 15 |
Fiscal Year
2012
|
Fiscal Year
2011
|
|||||||
Amounts included in project estimates-at-completion at September 1
|
$ | 448.3 | $ | 111.6 | ||||
Changes in estimates-at-completion
|
452.1 | 417.5 | ||||||
Approved
|
(519.0 | ) | (80.8 | ) | ||||
Amounts included in project estimates-at-completion at August 31, for unapproved change orders and claims
|
$ | 381.4 | $ | 448.3 | ||||
Amounts recorded in revenues (or reductions to contract costs) on a
percentage-of-completion basis at August 31
|
$ | 86.9 | $ | 103.5 |
|
For Year Ended August 31,
|
|||||||||||
2012
|
2011
|
2010
|
||||||||||
Cash payments (receipts) for:
|
||||||||||||
Interest, net of capitalized interest
|
$ | 39,955 | $ | 35,558 | $ | 32,906 | ||||||
Income taxes, net refunds
|
(14,245 | ) | 39,523 | 66,909 | ||||||||
Non-cash investing and financing activities:
|
||||||||||||
Additions to property, plant and equipment
|
9,452 | 702 | 6,909 | |||||||||
Contingent consideration for CPE acquisition
|
— | 9,667 | — | |||||||||
Financed software maintenance agreements
|
6,893 | — | — | |||||||||
Interest rate swap contract on JYP-denominated bonds, net of deferred tax of $5,298, $2,380, and $(729), respectively
|
(8,391 | ) | (3,803 | ) | 1,144 | |||||||
Equity in unconsolidated entities other comprehensive income (loss), net of deferred tax of $(11,398), $9,749, and ($7,411), respectively
|
18,053 | (15,573 | ) | 11,640 |
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
||||||||||||
Year ended August 31, 2012
|
||||||||||||||||
Revenues
|
$ | 1,517,603 | $ | 1,474,736 | $ | 1,560,768 | $ | 1,455,328 | ||||||||
Gross profit
|
$ | 119,942 | $ | 108,625 | $ | 56,539 | $ | 142,858 | ||||||||
Operating income (loss)
|
$ | 50,465 | $ | 46,765 | $ | (1,808 | ) | $ | 139,520 | |||||||
Interest expense, net
|
$ | (9,910 | ) | $ | (10,898 | ) | $ | (10,259 | ) | $ | (10,445 | ) | ||||
Foreign currency transaction gains (losses)
|
$ | 27,359 | $ | 50,145 | $ | (22,273 | ) | $ | (14,139 | ) | ||||||
Income before income taxes and earnings (losses) from unconsolidated entities
|
$ | 68,382 | $ | 88,081 | $ | (34,312 | ) | $ | 117,901 | |||||||
Net income (loss) attributable to Shaw
|
$ | 49,244 | $ | 52,489 | $ | (16,009 | ) | $ | 113,193 | |||||||
Net income (loss) attributable to Shaw per common share:
|
||||||||||||||||
Basic
|
$ | 0.69 | $ | 0.79 | $ | (0.24 | ) | $ | 1.71 | |||||||
Diluted
|
$ | 0.68 | $ | 0.78 | $ | (0.24 | ) | $ | 1.68 | |||||||
Year ended August 31, 2011
|
||||||||||||||||
Revenues
|
$ | 1,543,282 | $ | 1,424,814 | $ | 1,489,956 | $ | 1,479,682 | ||||||||
Gross profit
|
$ | 61,604 | $ | 115,960 | $ | 10,142 | $ | 8,636 | ||||||||
Operating income (loss)
|
$ | (9,291 | ) | $ | 42,904 | $ | (109,077 | ) | $ | (49,839 | ) | |||||
Interest expense, net
|
$ | (9,530 | ) | $ | (5,414 | ) | $ | (9,678 | ) | $ | (5,845 | ) | ||||
Foreign currency transaction gains (losses)
|
$ | (11,412 | ) | $ | (43,945 | ) | $ | (12,546 | ) | $ | (83,401 | ) | ||||
Income before income taxes and earnings (losses) from unconsolidated entities
|
$ | (29,849 | ) | $ | (2,538 | ) | $ | (129,600 | ) | $ | (138,933 | ) | ||||
Net income (loss) attributable to Shaw
|
$ | (16,003 | ) | $ | 1,196 | $ | (69,952 | ) | $ | (90,257 | ) | |||||
Net income (loss) attributable to Shaw per common share:
|
||||||||||||||||
Basic
|
$ | (0.19 | ) | $ | 0.01 | $ | (0.89 | ) | $ | (1.25 | ) | |||||
Diluted
|
$ | (0.19 | ) | $ | 0.01 | $ | (0.89 | ) | $ | (1.25 | ) |
Report of Independent Registered Public Accounting Firm
|
1
|
Combined Financial Statements
|
|
Combined Balance Sheets
|
2
|
Combined Statements of Operations and Comprehensive Income
|
3
|
Combined Statements of Stockholders’ Equity
|
4
|
Combined Statements of Cash Flows
|
5
|
Notes to Combined Financial Statements
|
6
|
March 31
|
||||||||
2012
|
2011
|
|||||||
|
(In Thousands)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 174,471 | $ | 228,490 | ||||
Receivables, net of allowance for doubtful accounts of $370 and $244
|
457,339 | 519,814 | ||||||
Related-party receivables
|
841,155 | 1,102,937 | ||||||
Inventories, net
|
970,125 | 623,767 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
483,025 | 425,501 | ||||||
Amounts earned in excess of billings
|
61,299 | 77,853 | ||||||
Deferred income tax assets
|
129,725 | 127,203 | ||||||
Other current assets
|
216,351 | 184,575 | ||||||
Total current assets
|
3,333,490 | 3,290,140 | ||||||
Noncurrent assets:
|
||||||||
Property, plant and equipment, net
|
1,135,857 | 1,076,248 | ||||||
Goodwill
|
2,853,386 | 2,861,676 | ||||||
Other intangible assets, net
|
1,703,895 | 1,796,209 | ||||||
Uranium assets
|
204,414 | 492,212 | ||||||
Investment in unconsolidated subsidiaries
|
17,675 | 18,659 | ||||||
Other noncurrent assets
|
69,977 | 59,226 | ||||||
Total noncurrent assets
|
5,985,204 | 6,304,230 | ||||||
Total assets
|
$ | 9,318,694 | $ | 9,594,370 | ||||
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 583,536 | $ | 484,182 | ||||
Related-party payables
|
182,453 | 250,521 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts
|
1,006,777 | 1,239,154 | ||||||
Amounts billed in excess of revenue
|
363,983 | 358,558 | ||||||
Other current liabilities
|
435,291 | 571,937 | ||||||
Total current liabilities
|
2,572,040 | 2,904,352 | ||||||
|
||||||||
Noncurrent liabilities:
|
||||||||
Reserves for decommissioning matters
|
189,629 | 177,493 | ||||||
Benefit obligations
|
551,722 | 406,907 | ||||||
Deferred income tax liabilities
|
459,869 | 470,242 | ||||||
Notes due to related party
|
19,994 | 2,013 | ||||||
Other noncurrent liabilities
|
204,847 | 250,583 | ||||||
Total noncurrent liabilities
|
1,426,061 | 1,307,238 | ||||||
|
||||||||
Equity:
|
||||||||
TNEH-US & TNEH-UK stockholders’ equity
|
5,154,101 | 5,224,397 | ||||||
Noncontrolling interests
|
166,492 | 158,383 | ||||||
Total equity
|
5,320,593 | 5,382,780 | ||||||
Total liabilities and equity
|
$ | 9,318,694 | $ | 9,594,370 |
Year Ended March 31
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(In Thousands)
|
||||||||||||
Net revenues
|
$ | 4,815,196 | $ | 4,735,228 | $ | 4,159,969 | ||||||
Cost of goods sold
|
3,816,718 | 3,764,426 | 3,342,185 | |||||||||
Gross profit
|
998,478 | 970,802 | 817,784 | |||||||||
|
||||||||||||
Marketing, administrative and general expenses
|
666,566 | 601,544 | 553,274 | |||||||||
Amortization of intangibles
|
83,254 | 84,235 | 82,915 | |||||||||
Income from operations
|
248,658 | 285,023 | 181,595 | |||||||||
|
||||||||||||
Interest and other (expense) income:
|
||||||||||||
Interest income
|
5,008 | 3,433 | 2,697 | |||||||||
Interest expense
|
(18,128 | ) | (16,559 | ) | (16,027 | ) | ||||||
Gain (loss) on foreign currency transactions, net
|
4,279 | (11,021 | ) | (5,674 | ) | |||||||
Other (expense) income, net
|
(1,139 | ) | 5,291 | 77 | ||||||||
Total interest and other (expense) income
|
(9,980 | ) | (18,856 | ) | (18,927 | ) | ||||||
|
||||||||||||
Income before income taxes
|
238,678 | 266,167 | 162,668 | |||||||||
|
||||||||||||
Income tax provision
|
79,608 | 97,950 | 70,021 | |||||||||
Combined net income
|
159,070 | 168,217 | 92,647 | |||||||||
Less net income attributable to noncontrolling interests
|
9,397 | 10,144 | 6,324 | |||||||||
Net income attributable to TNEH-US & TNEH-UK
|
$ | 149,673 | $ | 158,073 | $ | 86,323 | ||||||
|
||||||||||||
Combined net income
|
$ | 159,070 | $ | 168,217 | $ | 92,647 | ||||||
Other comprehensive (loss) income, net of tax:
|
||||||||||||
Unrealized (loss) gain on derivatives
|
(10,231 | ) | 25,572 | 27,398 | ||||||||
Change in unrecognized (losses) gains and prior service cost
related to pension and other postretirement benefit plans
|
(57,202 | ) | (28,032 | ) | 26,582 | |||||||
Unrealized foreign currency (loss) gain on translation adjustment
|
(36,259 | ) | 175,377 | 115,461 | ||||||||
Other comprehensive (loss) income, net of tax
|
(103,692 | ) | 172,917 | 169,441 | ||||||||
Comprehensive income
|
55,378 | 341,134 | 262,088 | |||||||||
Less comprehensive income attributable to noncontrolling interests
|
9,368 | 28,676 | 7,801 | |||||||||
Comprehensive income attributable to TNEH-US & TNEH-UK
|
$ | 46,010 | $ | 312,458 | $ | 254,287 |
Capital
Stock
|
Retained
Earnings
|
Accumulated
Other
|
TNEH-US &
TNEH-UK
|
Noncontrolling
Interests
|
Total
Equity
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Balance at March 31, 2009
|
$ | 5,400,000 | $ | 104,405 | $ | (720,445 | ) | $ | 4,783,960 | $ | 4,691 | $ | 4,788,651 | |||||||||||
Comprehensive income:
|
||||||||||||||||||||||||
Net income attributable to controlling and noncontrolling interests
|
– | 86,323 | – | 86,323 | 6,324 | 92,647 | ||||||||||||||||||
Unrealized gain on derivatives, net of tax effect of $(8,651)
|
– | – | 27,398 | 27,398 | – | 27,398 | ||||||||||||||||||
Change in unrecognized gains (losses) and prior service cost related to
pension and other postretirement benefit plans, net of tax effect of $(16,751)
|
– | – | 26,582 | 26,582 | – | 26,582 | ||||||||||||||||||
Unrealized foreign currency gain on translation adjustment
|
– | – | 113,984 | 113,984 | 1,477 | 115,461 | ||||||||||||||||||
Total comprehensive income
|
– | 86,323 | 167,964 | 254,287 | 7,801 | 262,088 | ||||||||||||||||||
Noncontrolling interest related to acquisitions and cash contributions
|
– | – | – | – | 112,728 | 112,728 | ||||||||||||||||||
Dividends
|
– | (59,643 | ) | – | (59,643 | ) | (1,476 | ) | (61,119 | ) | ||||||||||||||
Balance at March 31, 2010
|
5,400,000 | 131,085 | (552,481 | ) | 4,978,604 | 123,744 | 5,102,348 | |||||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||
Net income attributable to controlling and noncontrolling interests
|
– | 158,073 | – | 158,073 | 10,144 | 168,217 | ||||||||||||||||||
Unrealized gain on derivatives, net of tax effect of $(8,710)
|
– | – | 25,572 | 25,572 | – | 25,572 | ||||||||||||||||||
Change in unrecognized (losses) gains and prior service cost related to
pension and other postretirement benefit plans, net of tax effect of $19,729
|
– | – | (28,032 | ) | (28,032 | ) | – | (28,032 | ) | |||||||||||||||
Unrealized foreign currency gain on translation adjustment
|
– | – | 156,845 | 156,845 | 18,532 | 175,377 | ||||||||||||||||||
Total comprehensive income
|
– | 158,073 | 154,385 | 312,458 | 28,676 | 341,134 | ||||||||||||||||||
Noncontrolling interest related to acquisitions and cash contributions
|
– | – | – | – | 8,055 | 8,055 | ||||||||||||||||||
Dividends
|
– | (66,665 | ) | – | (66,665 | ) | (2,092 | ) | (68,757 | ) | ||||||||||||||
Balance at March 31, 2011
|
5,400,000 | 222,493 | (398,096 | ) | 5,224,397 | 158,383 | 5,382,780 | |||||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||
Net income attributable to controlling and noncontrolling interests
|
– | 149,673 | – | 149,673 | 9,397 | 159,070 | ||||||||||||||||||
Unrealized loss on derivatives, net of tax effect of $2,618
|
– | – | (10,231 | ) | (10,231 | ) | – | (10,231 | ) | |||||||||||||||
Change in unrecognized (losses) gains and prior service cost related to
pension and other postretirement benefit plans, net of tax effect of $33,573
|
– | – | (57,202 | ) | (57,202 | ) | – | (57,202 | ) | |||||||||||||||
Unrealized foreign currency loss on translation adjustment
|
– | – | (36,230 | ) | (36,230 | ) | (29 | ) | (36,259 | ) | ||||||||||||||
Total comprehensive income (loss)
|
– | 149,673 | (103,663 | ) | 46,010 | 9,368 | 55,378 | |||||||||||||||||
Dividends
|
– | (116,306 | ) | – | (116,306 | ) | (1,259 | ) | (117,565 | ) | ||||||||||||||
Balance at March 31, 2012
|
$ | 5,400,000 | $ | 255,860 | $ | (501,759 | ) | $ | 5,154,101 | $ | 166,492 | $ | 5,320,593 |
Year Ended March 31
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(In Thousands)
|
||||||||||||
Operating activities
|
||||||||||||
Combined net income
|
$ | 159,070 | $ | 168,217 | $ | 92,647 | ||||||
Adjustments to reconcile combined net income to net cash provided by
operating activities:
|
||||||||||||
Depreciation and amortization
|
204,402 | 197,993 | 174,392 | |||||||||
Deferred income taxes
|
25,239 | 17,119 | 12,086 | |||||||||
Loss on sale of property, plant and equipment
|
1,448 | 3,290 | 3,734 | |||||||||
Impairment of definite-lived intangible assets
|
5,308 | 3,355 | – | |||||||||
(Gain) loss on foreign currency transactions, net
|
(4,279 | ) | 11,021 | 5,674 | ||||||||
Equity in losses (earnings) of unconsolidated subsidiaries
|
1,183 | (2,097 | ) | (1,614 | ) | |||||||
Changes in:
|
||||||||||||
Receivables
|
92,196 | (86,248 | ) | (41,467 | ) | |||||||
Notes repaid by related parties
|
1,328,778 | 2,002,092 | 2,041,911 | |||||||||
Notes issued to related parties
|
(1,112,463 | ) | (2,430,961 | ) | (2,443,769 | ) | ||||||
Inventories, net
|
(83,393 | ) | 46,581 | 112,663 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
(77,031 | ) | (124,055 | ) | 288,108 | |||||||
Amounts earned in excess of billings
|
16,258 | 20,265 | 9,122 | |||||||||
Other current assets
|
(44,381 | ) | 8,735 | (23,388 | ) | |||||||
Other noncurrent assets
|
(16,904 | ) | 104,871 | (18,479 | ) | |||||||
Accounts payable and other current liabilities
|
41,695 | 318,337 | (89,205 | ) | ||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts
|
(220,986 | ) | 77,502 | 224,269 | ||||||||
Amounts billed in excess of revenue
|
11,096 | 96,093 | (73,639 | ) | ||||||||
Other noncurrent liabilities
|
68,357 | (41,665 | ) | 14,145 | ||||||||
Net cash provided by operating activities
|
395,593 | 390,445 | 287,190 | |||||||||
|
||||||||||||
Investing activities
|
||||||||||||
Purchases of property, plant and equipment
|
(231,102 | ) | (289,397 | ) | (274,688 | ) | ||||||
Acquisitions of businesses and intangible assets, net of cash acquired
|
– | (22,482 | ) | (51,168 | ) | |||||||
Proceeds from sale of property, plant and equipment
|
573 | 3,401 | 250 | |||||||||
Investment in unconsolidated subsidiaries
|
– | (1,826 | ) | – | ||||||||
Net cash used in investing activities
|
(230,529 | ) | (310,304 | ) | (325,606 | ) | ||||||
|
||||||||||||
Financing activities
|
||||||||||||
Capital contributions from noncontrolling interests
|
– | 8,055 | 8,083 | |||||||||
Payment on capital lease obligations
|
(1,424 | ) | (3,628 | ) | (3,033 | ) | ||||||
Proceeds from related-party notes
|
21,551 | 1,879 | 100,508 | |||||||||
Repayment of related-party notes
|
(120,028 | ) | – | – | ||||||||
Dividends paid to TNEH-US & TNEH-UK stockholders
|
(116,306 | ) | (66,665 | ) | (59,643 | ) | ||||||
Dividends paid to noncontrolling interests
|
(1,259 | ) | (2,092 | ) | (1,476 | ) | ||||||
Contingent consideration payments related to acquisitions of businesses
|
(6,475 | ) | (2,850 | ) | (1,350 | ) | ||||||
Net cash (used in) provided by financing activities
|
(223,941 | ) | (65,301 | ) | 43,089 | |||||||
|
||||||||||||
Effect of foreign currency translation
|
4,858 | 15,217 | 1,493 | |||||||||
Net (decrease) increase in cash and cash equivalents
|
(54,019 | ) | 30,057 | 6,166 | ||||||||
Cash and cash equivalents, beginning of year
|
228,490 | 198,433 | 192,267 | |||||||||
Cash and cash equivalents, end of year
|
$ | 174,471 | $ | 228,490 | $ | 198,433 | ||||||
|
||||||||||||
Supplemental disclosures of cash flow information
|
||||||||||||
Cash paid for interest
|
$ | 12,629 | $ | 11,513 | $ | 8,131 | ||||||
Cash paid for income taxes
|
$ | 61,439 | $ | 52,378 | $ | 50,144 |
|
•
|
Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.
|
|
•
|
Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
|
|
–
|
Quoted prices for similar assets and liabilities in active markets
|
|
–
|
Quoted prices for identical or similar assets or liabilities in markets that are not active
|
|
–
|
Observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals)
|
|
–
|
Inputs that are derived principally from or corroborated by observable market data by correlation or other means
|
|
•
|
Level 3 – Unobservable inputs for the asset or liability (i.e., supported by little or no market activity. Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
|
Buildings and improvements (years)
|
13 | to |
60
|
Machinery and equipment (years)
|
3 | to |
20
|
Computer hardware and software (years)
|
3 | to |
10
|
2012
|
2011
|
2010
|
||||||||||
Net revenue:
|
||||||||||||
Nuclear Fuel
|
$ | 1,509,317 | $ | 1,580,406 | $ | 1,396,909 | ||||||
Nuclear Services
|
1,522,352 | 1,495,065 | 1,510,711 | |||||||||
Nuclear Automation
|
463,856 | 374,264 | 307,638 | |||||||||
Nuclear Power Plants
|
1,372,910 | 1,316,940 | 959,993 | |||||||||
Eliminations
|
(53,239 | ) | (31,447 | ) | (15,282 | ) | ||||||
Total
|
$ | 4,815,196 | $ | 4,735,228 | $ | 4,159,969 | ||||||
Income (loss) from operations:
|
||||||||||||
Nuclear Fuel
|
$ | 98,914 | $ | 140,391 | $ | 67,311 | ||||||
Nuclear Services
|
120,486 | 127,453 | 108,047 | |||||||||
Nuclear Automation
|
32,421 | 21,020 | 25,788 | |||||||||
Nuclear Power Plants
|
4,727 | 20,931 | 3,105 | |||||||||
Corporate Center
|
(7,890 | ) | (24,772 | ) | (22,656 | ) | ||||||
Total
|
$ | 248,658 | $ | 285,023 | $ | 181,595 | ||||||
Depreciation expense:
|
||||||||||||
Nuclear Fuel
|
$ | 54,372 | $ | 46,802 | $ | 39,185 | ||||||
Nuclear Services
|
31,915 | 29,265 | 23,095 | |||||||||
Nuclear Automation
|
2,113 | 2,101 | 2,311 | |||||||||
Nuclear Power Plants
|
3,564 | 2,781 | 1,997 | |||||||||
Corporate Center
|
29,184 | 32,809 | 24,889 | |||||||||
Total
|
$ | 121,148 | $ | 113,758 | $ | 91,477 |
2012
|
2011
|
2010
|
||||||||||
Amortization expense of definite-lived
intangible assets:
|
||||||||||||
Nuclear Fuel
|
$ | 27,113 | $ | 26,137 | $ | 21,935 | ||||||
Nuclear Services
|
17,865 | 19,211 | 22,360 | |||||||||
Nuclear Automation
|
7,981 | 8,066 | 7,724 | |||||||||
Nuclear Power Plants
|
30,295 | 30,821 | 30,896 | |||||||||
Total
|
$ | 83,254 | $ | 84,235 | $ | 82,915 |
Equity in (losses) earnings of unconsolidated subsidiaries:
|
||||||||||||
Nuclear Fuel
|
$ | (967 | ) | $ | 1,819 | $ | 1,322 | |||||
Nuclear Services
|
(216 | ) | 278 | 292 | ||||||||
Total
|
$ | (1,183 | ) | $ | 2,097 | $ | 1,614 |
2012
|
2011
|
|||||||
Total assets:
|
||||||||
Nuclear Fuel
|
$ | 3,287,351 | $ | 3,235,394 | ||||
Nuclear Services
|
2,229,303 | 2,092,873 | ||||||
Nuclear Automation
|
672,578 | 659,982 | ||||||
Nuclear Power Plants
|
2,613,744 | 2,703,255 | ||||||
Corporate Center
|
515,718 | 902,866 | ||||||
Total
|
$ | 9,318,694 | $ | 9,594,370 |
Goodwill:
|
||||||||
Nuclear Fuel
|
$ | 48,062 | $ | 48,203 | ||||
Nuclear Services
|
756,280 | 758,422 | ||||||
Nuclear Automation
|
389,456 | 390,597 | ||||||
Nuclear Power Plants
|
1,659,588 | 1,664,454 | ||||||
Total
|
$ | 2,853,386 | $ | 2,861,676 |
Investment in unconsolidated subsidiaries:
|
||||||||
Nuclear Fuel
|
$ | 14,817 | $ | 15,706 | ||||
Nuclear Services
|
2,858 | 2,953 | ||||||
Total
|
$ | 17,675 | $ | 18,659 |
2012
|
2011
|
2010
|
||||||||||
Americas
|
$ | 2,397,852 | $ | 2,561,432 | $ | 2,118,473 | ||||||
EMEA
|
1,212,251 | 1,043,238 | 1,047,709 | |||||||||
Asia
|
1,205,093 | 1,130,558 | 993,787 | |||||||||
Total
|
$ | 4,815,196 | $ | 4,735,228 | $ | 4,159,969 |
2012
|
2011
|
|||||||
Americas
|
$ | 5,440,292 | $ | 5,671,499 | ||||
EMEA
|
3,093,784 | 3,203,487 | ||||||
Asia
|
784,618 | 719,384 | ||||||
Total
|
$ | 9,318,694 | $ | 9,594,370 |
Asset Derivatives | |||||||||
Balance Sheet
Location
|
March 31, 2012
Fair Value
|
March 31, 2011
Fair Value
|
|||||||
Derivatives designated as hedging instruments:
|
|||||||||
Foreign exchange contracts
|
Other current assets
|
$ | 34,110 | $ | 37,276 | ||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign exchange contracts
|
Other current assets
|
8,902 | 18,671 | ||||||
Total asset derivatives
|
$ | 43,012 | $ | 55,947 |
Liability Derivatives | |||||||||
Balance Sheet
Location
|
March 31, 2012
Fair Value
|
March 31, 2011
Fair Value
|
|||||||
Derivatives designated as hedging instruments:
|
|||||||||
Foreign exchange contracts
|
Other current liabilities
|
$ | (17,354 | ) | $ | (9,194 | ) | ||
Derivatives not designated as hedging instruments: | |||||||||
Foreign exchange contracts
|
Other current liabilities
|
(7,814 | ) | (5,030 | ) | ||||
Total liability derivatives
|
$ | (25,168 | ) | $ | (14,224 | ) | |||
Net asset (liability) position
|
$ | 17,844 | $ | 41,723 |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ||||||||||||
March 31, | ||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2012 | 2011 | 2010 | |||||||||
Foreign exchange contracts | $ | (1,750 | ) | $ | 38,032 | $ | 42,601 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||||||||
March 31, | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2012 | 2011 | 2010 | Location | |||||||||
Foreign exchange contracts | $ | 11,099 | $ | 38,032 | $ | 42,601 | Gain (loss) on foreign currency transactions, net |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (a) | |||||||||||||
March 31, | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2012 | 2011 | 2010 | Location | |||||||||
Foreign exchange contracts | $ | 1,875 | $ | (1,767 | ) | $ | 4,502 | Gain (loss) on foreign currency transactions, net |
Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||
March 31, | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2012 | 2011 | 2010 | Location | |||||||||
Foreign exchange contracts | $ | (12,928 | ) | $ | 14,202 | 25,928 | Gain (loss) on foreign currency transactions, net |
2012
|
2011
|
|||||||
Raw materials and consumables
|
$ | 217,371 | $ | 188,996 | ||||
Work in process
|
250,786 | 213,930 | ||||||
Finished goods
|
263,954 | 222,150 | ||||||
Engineering inventory
|
22,068 | 17,367 | ||||||
Uranium inventory available for sale
|
234,014 | 1,218 | ||||||
Gross inventories
|
988,193 | 643,661 | ||||||
Inventory reserve
|
(18,068 | ) | (19,894 | ) | ||||
Inventories, net
|
$ | 970,125 | $ | 623,767 |
2012
|
2011
|
|||||||
Land
|
$ | 42,450 | $ | 42,475 | ||||
Buildings and improvements
|
302,505 | 317,861 | ||||||
Machinery and equipment
|
967,042 | 781,508 | ||||||
Computer software
|
128,610 | 61,727 | ||||||
Construction in progress
|
158,622 | 223,440 | ||||||
Total
|
1,599,229 | 1,427,011 | ||||||
Less accumulated depreciation
|
463,372 | 350,763 | ||||||
Property, plant and equipment, net
|
$ | 1,135,857 | $ | 1,076,248 |
2012
|
2011
|
2010
|
||||||||||
Cost of goods sold
|
$ | 96,705 | $ | 93,305 | $ | 78,457 | ||||||
Marketing, administrative and
general expenses
|
24,443 | 20,453 | 13,020 | |||||||||
Total
|
$ | 121,148 | $ | 113,758 | $ | 91,477 |
2012
|
2011
|
|||||||
Balance, beginning of year
|
$ | 2,861,676 | $ | 2,806,618 | ||||
Foreign currency translation adjustment
|
(8,290 | ) | 55,058 | |||||
Balance, end of year
|
$ | 2,853,386 | $ | 2,861,676 |
Life
|
2012
|
2011
|
|||||||||||
Contracted customer relationships
|
5 | – | 24 | $ | 110,145 | $ | 116,226 | ||||||
Noncontracted customer relationships
|
25 | 199,917 | 200,268 | ||||||||||
Developed technology
|
20 | – | 25 | 1,417,198 | 1,420,348 | ||||||||
Brand name
|
Indefinite
|
|
404,711 | 405,334 | |||||||||
Brand name
|
3 | – | 140 | ||||||||||
Patent
|
20 | 7,484 | 7,500 | ||||||||||
Total
|
2,139,455 | 2,149,816 | |||||||||||
Accumulated amortization
|
(435,560 | ) | (353,607 | ) | |||||||||
Intangible assets, net
|
$ | 1,703,895 | $ | 1,796,209 |
For the fiscal year ending March 31:
|
||||
2013
|
$ | 81,372 | ||
2014
|
77,484 | |||
2015
|
74,816 | |||
2016
|
75,879 | |||
2017
|
76,830 | |||
Thereafter
|
912,803 | |||
Total
|
$ | 1,299,184 |
2012
|
2011
|
|||||||
Current uranium assets:
|
||||||||
Surplus available for sale
|
$ | 234,014 | $ | 1,218 | ||||
Total current uranium assets
|
234,014 | 1,218 | ||||||
Noncurrent uranium assets:
|
||||||||
Uranium working stock
|
204,414 | 488,754 | ||||||
Uranium leased to external party
|
– | 3,458 | ||||||
Total noncurrent uranium assets
|
204,414 | 492,212 | ||||||
Net uranium assets
|
$ | 438,428 | $ | 493,430 |
2012
|
2011
|
|||||||
Other current assets:
|
||||||||
Prepaid insurance, taxes and other services
|
$ | 126,769 | $ | 89,169 | ||||
Derivative instruments, at fair value
|
43,012 | 55,947 | ||||||
Contract receivable
|
31,994 | 26,474 | ||||||
Restricted cash
|
369 | – | ||||||
Other
|
14,207 | 12,985 | ||||||
Other current assets
|
$ | 216,351 | $ | 184,575 | ||||
Other noncurrent assets:
|
||||||||
Contractual asset for postretirement benefit costs
|
$ | 18,830 | $ | 21,684 | ||||
Pension asset
|
14,293 | 10,472 | ||||||
Restricted cash
|
2,978 | 2,617 | ||||||
Other
|
33,876 | 24,453 | ||||||
Other noncurrent assets
|
$ | 69,977 | $ | 59,226 |
2012
|
2011
|
|||||||
Balance, beginning of year
|
$ | 295,452 | $ | 264,277 | ||||
Liabilities settled
|
(19,035 | ) | (14,855 | ) | ||||
Foreign currency translation effect
|
(1,505 | ) | 3,499 | |||||
Liabilities (reduced) incurred
|
(47,159 | ) | 34,721 | |||||
Accretion expense
|
7,040 | 7,810 | ||||||
Balance, end of year
|
$ | 234,793 | $ | 295,452 |
2012
|
2011
|
2010
|
||||||||||||||||||||||||||||||||||
U.S.
|
Non-U.S.
|
Total
|
U.S.
|
Non-U.S.
|
Total
|
U.S.
|
Non-U.S.
|
Total
|
||||||||||||||||||||||||||||
Service cost
|
$ | 67,891 | $ | 20,068 | $ | 87,959 | $ | 56,722 | $ | 19,944 | $ | 76,666 | $ | 43,261 | $ | 4,757 | $ | 48,018 | ||||||||||||||||||
Interest cost
|
40,631 | 10,314 | 50,945 | 33,539 | 9,295 | 42,834 | 28,453 | 8,875 | 37,328 | |||||||||||||||||||||||||||
Expected return on plan assets
|
(39,120 | ) | (6,627 | ) | (45,747 | ) | (36,599 | ) | (5,205 | ) | (41,804 | ) | (31,684 | ) | (3,227 | ) | (34,911 | ) | ||||||||||||||||||
Amortization of prior service cost
|
915 | 61 | 976 | 625 | 4 | 629 | 443 | – | 443 | |||||||||||||||||||||||||||
Amortization of unrecognized
net loss (gain)
|
6,237 | 123 | 6,360 | 1,523 | 84 | 1,607 | 363 | 182 | 545 | |||||||||||||||||||||||||||
Ongoing periodic pension cost
|
76,554 | 23,939 | 100,493 | 55,810 | 24,122 | 79,932 | 40,836 | 10,587 | 51,423 | |||||||||||||||||||||||||||
Settlement charges
|
– | 300 | 300 | – | – | – | – | 468 | 468 | |||||||||||||||||||||||||||
Net periodic benefit cost
|
$ | 76,554 | $ | 24,239 | $ | 100,793 | $ | 55,810 | $ | 24,122 | $ | 79,932 | $ | 40,836 | $ | 11,055 | $ | 51,891 |
U.S.
|
Non-U.S.
Average
|
|||||||
Discount rate for obligations
|
5.15 | % | 3.74 | % | ||||
Discount rate for expense
|
5.40 | % | 4.20 | % | ||||
Compensation increase rate for obligations
|
4.50 | % | 3.25 | % | ||||
Compensation increase rate for expense
|
4.50 | % | 3.77 | % | ||||
Long-term rate of return on plan assets
|
7.98 | % | 4.34 | % |
2012
|
2011
|
|||||||||||||||||||||||
U.S.
|
Non-U.S.
|
Total
|
U.S.
|
Non-U.S.
|
Total
|
|||||||||||||||||||
Accumulated benefit obligation
|
$ | 773,937 | $ | 282,610 | $ | 1,056,547 | $ | 622,630 | $ | 248,293 | $ | 870,923 | ||||||||||||
Change in benefit obligation
|
||||||||||||||||||||||||
Benefit obligation,
beginning of year
|
$ | 730,757 | $ | 260,258 | $ | 991,015 | $ | 582,706 | $ | 214,369 | $ | 797,075 | ||||||||||||
Service cost
|
67,891 | 20,068 | 87,959 | 56,722 | 19,944 | 76,666 | ||||||||||||||||||
Interest cost
|
40,631 | 10,314 | 50,945 | 33,539 | 9,295 | 42,834 | ||||||||||||||||||
Employee contributions
|
11,359 | 3,657 | 15,016 | 8,946 | 3,675 | 12,621 | ||||||||||||||||||
Plan amendments
|
4,515 | – | 4,515 | 1,991 | 1,054 | 3,045 | ||||||||||||||||||
Actuarial loss (gain)
|
61,488 | 12,992 | 74,480 | 56,367 | (802 | ) | 55,565 | |||||||||||||||||
Business combinations
|
– | – | – | – | 1,009 | 1,009 | ||||||||||||||||||
Foreign currency exchange rate changes
|
– | (8,986 | ) | (8,986 | ) | – | 18,983 | 18,983 | ||||||||||||||||
Special termination benefits
|
– | 300 | 300 | – | – | – | ||||||||||||||||||
Benefits paid
|
(11,840 | ) | (8,447 | ) | (20,287 | ) | (9,514 | ) | (7,269 | ) | (16,783 | ) | ||||||||||||
Benefit obligation,
end of year
|
$ | 904,801 | $ | 290,156 | $ | 1,194,957 | $ | 730,757 | $ | 260,258 | $ | 991,015 | ||||||||||||
Change in plan assets
|
||||||||||||||||||||||||
Plan assets at fair value, beginning of year
|
$ | 495,574 | $ | 142,415 | $ | 637,989 | $ | 439,845 | $ | 105,215 | $ | 545,060 | ||||||||||||
Actual return on plan assets
|
22,840 | 4,797 | 27,637 | 55,096 | 4,624 | 59,720 | ||||||||||||||||||
Employee contributions
|
11,359 | 3,657 | 15,016 | 8,946 | 3,675 | 12,621 | ||||||||||||||||||
Employer contributions
|
16,391 | 26,564 | 42,955 | 1,201 | 26,169 | 27,370 | ||||||||||||||||||
Business combinations
|
– | – | – | – | 1,089 | 1,089 | ||||||||||||||||||
Benefits paid from plan assets
|
(11,840 | ) | (8,447 | ) | (20,287 | ) | (9,514 | ) | (7,269 | ) | (16,783 | ) | ||||||||||||
Special termination benefits
|
– | 300 | 300 | – | – | – | ||||||||||||||||||
Foreign currency exchange rate changes
|
– | (2,500 | ) | (2,500 | ) | – | 8,912 | 8,912 | ||||||||||||||||
Plan assets at fair value,
end of year
|
$ | 534,324 | $ | 166,786 | $ | 701,110 | $ | 495,574 | $ | 142,415 | $ | 637,989 | ||||||||||||
Funded status, end of year
|
$ | (370,477 | ) | $ | (123,370 | ) | $ | (493,847 | ) | $ | (235,183 | ) | $ | (117,843 | ) | $ | (353,026 | ) |
2012
|
2011
|
|||||||||||||||||||||||
U.S.
|
Non-U.S.
|
Total
|
U.S.
|
Non-U.S.
|
Total
|
|||||||||||||||||||
Accrued cost as included
in the combined
balance sheets
|
||||||||||||||||||||||||
Noncurrent assets
|
$ | – | $ | 14,293 | $ | 14,293 | $ | 81 | $ | 10,391 | $ | 10,472 | ||||||||||||
Other current liabilities
|
(1,857 | ) | (6,534 | ) | (8,391 | ) | (1,098 | ) | (6,602 | ) | (7,700 | ) | ||||||||||||
Noncurrent benefit obligation
|
(368,620 | ) | (131,129 | ) | (499,749 | ) | (234,166 | ) | (121,632 | ) | (355,798 | ) | ||||||||||||
Net benefit obligation
|
$ | (370,477 | ) | $ | (123,370 | ) | $ | (493,847 | ) | $ | (235,183 | ) | $ | (117,843 | ) | $ | (353,026 | ) | ||||||
Amounts recognized in accumulated other comprehensive (loss) income consist of
|
||||||||||||||||||||||||
Net actuarial (loss) gain
|
$ | (189,196 | ) | $ | (21,693 | ) | $ | (210,889 | ) | $ | (117,198 | ) | $ | (6,758 | ) | $ | (123,956 | ) | ||||||
Prior service cost
|
(9,262 | ) | (979 | ) | (10,241 | ) | (5,663 | ) | (1,050 | ) | (6,713 | ) | ||||||||||||
Net amount recognized,
before tax effect
|
$ | (198,458 | ) | $ | (22,672 | ) | $ | (221,130 | ) | $ | (122,861 | ) | $ | (7,808 | ) | $ | (130,669 | ) | ||||||
Amounts expected to be amortized from other comprehensive (loss) income into net periodic benefit cost over the next fiscal year
|
$ | (9,629 | ) | $ | (61 | ) | $ | (9,690 | ) | $ | (5,046 | ) | $ | (162 | ) | $ | (5,208 | ) |
Assets at Fair Value as of March 31, 2012
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Equities
|
$ | 60,268 | $ | 11,060 | $ | – | $ | 71,328 | ||||||||
Corporate and municipal obligations
|
51,403 | – | – | 51,403 | ||||||||||||
Mutual funds
|
482,930 | – | – | 482,930 | ||||||||||||
Money market funds
|
2,660 | – | – | 2,660 | ||||||||||||
Investment contracts issued by
insurance companies
|
– | 42,458 | – | 42,458 | ||||||||||||
Structured credit investment
|
– | – | 50,331 | 50,331 | ||||||||||||
Total assets at fair value
|
$ | 597,261 | $ | 53,518 | $ | 50,331 | $ | 701,110 |
Assets at Fair Value as of March 31, 2011
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Equities
|
$ | 56,313 | $ | – | $ | – | $ | 56,313 | ||||||||
Corporate and municipal obligations
|
46,818 | – | – | 46,818 | ||||||||||||
Mutual funds
|
495,574 | – | – | 495,574 | ||||||||||||
Money market funds
|
815 | – | – | 815 | ||||||||||||
Investment contracts issued by
insurance companies
|
– | 38,469 | – | 38,469 | ||||||||||||
Total assets at fair value
|
$ | 599,520 | $ | 38,469 | $ | – | $ | 637,989 |
2012
|
2011
|
|||||||
Balance, beginning of year
|
$ | – | $ | – | ||||
Purchases
|
50,000 | – | ||||||
Unrealized gains included in other comprehensive income
|
331 | – | ||||||
Balance, end of year
|
$ | 50,331 | $ | – |
Asset Category
|
Target
|
Actual
|
||||||
U.S. Plans:
|
||||||||
U.S. equity securities
|
34 | % | 38 | % | ||||
Non-U.S. equity securities
|
16 | 14 | ||||||
Debt securities
|
50 | 48 | ||||||
Total
|
100 | % | 100 | % | ||||
Non-U.S. Plans (weighted average):
|
||||||||
Equity securities
|
38 | % | 44 | % | ||||
Debt securities
|
37 | 31 | ||||||
Investment contracts issued by insurance companies
|
25 | 25 | ||||||
Total
|
100 | % | 100 | % |
U.S.
|
Non-U.S.
|
Total
|
||||||||||
Fiscal years ending March 31:
|
||||||||||||
2013
|
$ | 15,700 | $ | 11,434 | $ | 27,134 | ||||||
2014
|
20,083 | 8,499 | 28,582 | |||||||||
2015
|
24,714 | 10,617 | 35,331 | |||||||||
2016
|
29,984 | 11,123 | 41,107 | |||||||||
2017
|
35,593 | 12,473 | 48,066 | |||||||||
2018–2021
|
285,234 | 69,138 | 354,372 |
U.S.
|
Non-U.S.
|
Total
|
||||||||||
Expected contributions
|
$ | 89,814 | $ | 27,983 | $ | 117,797 |
2012
|
2011
|
2010
|
||||||||||
Service cost
|
$ | 1,901 | $ | 1,900 | $ | 1,637 | ||||||
Interest cost
|
2,364 | 2,379 | 2,478 | |||||||||
Expected return on plan assets
|
(1,487 | ) | (2,059 | ) | (2,000 | ) | ||||||
Amortization of prior service cost
|
(233 | ) | (233 | ) | (233 | ) | ||||||
Net gain
|
(613 | ) | (1,161 | ) | (1,584 | ) | ||||||
Net periodic postretirement benefit costs
|
$ | 1,932 | $ | 826 | $ | 298 |
Discount rate for obligations
|
4.65 | % | ||
Discount rate for expense
|
4.85 | % | ||
Health care cost trend rates:
|
||||
Initial
|
5.50 | % | ||
Ultimate
|
4.00 | % | ||
Year in which ultimate rates are reached
|
2015 | |||
Long-term rate of return on plan assets
|
7.25 | % |
Increase
|
Decrease
|
|||||||
Effect on 2012 total service and interest cost
|
$ | 31 | $ | (26 | ) | |||
Effect on postretirement benefit obligation as of March 31, 2012
|
296 | (259 | ) |
2012
|
2011
|
|||||||
Change in benefit obligation
|
||||||||
Benefit obligation, beginning of year
|
$ | 51,109 | $ | 48,255 | ||||
Service cost
|
1,901 | 1,900 | ||||||
Interest cost
|
2,364 | 2,378 | ||||||
Plan amendments
|
(867 | ) | – | |||||
Employee contributions
|
2,251 | 1,991 | ||||||
Actuarial (gain) loss
|
(104 | ) | 983 | |||||
Benefits paid
|
(4,681 | ) | (4,398 | ) | ||||
Benefit obligation, end of year
|
$ | 51,973 | $ | 51,109 | ||||
Net actuarial gain recognized in accumulated
other comprehensive income, before tax effect
|
$ | 13,647 | $ | 13,961 |
2013
|
$ | 2,732 | ||
2014
|
3,261 | |||
2015
|
3,674 | |||
2016
|
4,012 | |||
2017
|
4,266 | |||
2018–2021
|
23,185 |
2012
|
2011
|
2010
|
||||||||||
Current income taxes:
|
||||||||||||
U.S. Federal
|
$ | 2,446 | $ | 17,603 | $ | 4,730 | ||||||
State
|
3,731 | 9,463 | 1,515 | |||||||||
Non-U.S.
|
48,192 | 53,765 | 51,690 | |||||||||
Total current income taxes
|
54,369 | 80,831 | 57,935 | |||||||||
Deferred income taxes:
|
||||||||||||
U.S. Federal
|
46,548 | 50,550 | 37,324 | |||||||||
State
|
2,783 | (4,871 | ) | 4,417 | ||||||||
Non-U.S.
|
(24,092 | ) | (28,560 | ) | (29,655 | ) | ||||||
Total deferred income taxes
|
25,239 | 17,119 | 12,086 | |||||||||
Total income tax provision presented
in combined statements of operations
and comprehensive income
|
$ | 79,608 | $ | 97,950 | $ | 70,021 |
2012
|
2011
|
2010
|
||||||||||
U.S. income
|
$ | 141,973 | $ | 171,066 | $ | 115,067 | ||||||
Non-U.S. income
|
96,705 | 95,101 | 47,601 | |||||||||
Income before income taxes and n
oncontrolling interest
|
$ | 238,678 | $ | 266,167 | $ | 162,668 |
2012
|
2011
|
2010
|
||||||||||
Income tax expense, computed at the statutory
rate of 35%
|
$ | 83,537 | $ | 93,159 | $ | 56,934 | ||||||
State income taxes, net of U.S. Federal income
tax effect
|
4,735 | 5,515 | 3,969 | |||||||||
Tax effect of foreign earnings
|
5,213 | 3,998 | 2,821 | |||||||||
Changes to valuation allowances
|
3,168 | (141 | ) | 1,691 | ||||||||
Non-U.S. statutory rate reduction
|
(11,887 | ) | (6,329 | ) | – | |||||||
Other permanent differences
|
(2,906 | ) | 729 | (780 | ) | |||||||
Reserve for uncertain tax positions
|
(1,609 | ) | 5,737 | 4,264 | ||||||||
Provision-to-return adjustments
|
(643 | ) | (4,718 | ) | 1,122 | |||||||
Total income tax expense
|
$ | 79,608 | $ | 97,950 | $ | 70,021 | ||||||
Effective tax rate
|
33.4 | % | 36.8 | % | 43.0 | % |
2012
|
2011
|
|||||||
Current deferred income tax assets:
|
||||||||
Decommissioning
|
$ | 54,110 | $ | 44,550 | ||||
Other
|
33,115 | 19,535 | ||||||
Compensation and benefits
|
28,487 | 31,699 | ||||||
Product warranty
|
5,276 | 4,370 | ||||||
Deferred revenue and contract reserves
|
4,190 | 4,098 | ||||||
General liability
|
2,908 | 3,062 | ||||||
Inventory
|
1,639 | 19,889 | ||||||
Net current deferred tax asset
|
$ | 129,725 | $ | 127,203 |
2012
|
2011
|
|||||||
Long-term deferred income tax assets and (liabilities):
|
||||||||
Net operating loss carryforwards
|
$ | 177,729 | $ | 182,755 | ||||
Compensation and benefits
|
164,359 | 107,331 | ||||||
Other
|
80,884 | 93,487 | ||||||
Decommissioning
|
46,012 | 60,626 | ||||||
Inventory
|
(57,247 | ) | (70,839 | ) | ||||
Fixed assets
|
(124,129 | ) | (80,762 | ) | ||||
Goodwill and intangible assets
|
(712,409 | ) | (730,811 | ) | ||||
Subtotal
|
(424,801 | ) | (438,213 | ) | ||||
Valuation allowance
|
(35,068 | ) | (32,029 | ) | ||||
Net long-term deferred tax liabilities
|
$ | (459,869 | ) | $ | (470,242 | ) | ||
Total net deferred income tax liabilities
|
$ | (330,144 | ) | $ | (343,039 | ) |
2012
|
2011
|
|||||||
Unrecognized tax benefit, beginning of year
|
$ | 24,145 | $ | 21,517 | ||||
Increases in tax positions in current year
|
5,236 | 5,788 | ||||||
Lapse of statute of limitations or closed audits
|
(8,266 | ) | (3,160 | ) | ||||
Unrecognized tax benefits, end of year
|
$ | 21,115 | $ | 24,145 |
2012
|
2011
|
|||||||
Balance, beginning of year
|
$ | 36,160 | $ | 36,574 | ||||
Liabilities settled
|
(11,215 | ) | (12,292 | ) | ||||
Additional liabilities accrued
|
10,922 | 14,857 | ||||||
Foreign currency translation effect
|
(605 | ) | (2,979 | ) | ||||
Balance, end of year
|
$ | 35,262 | $ | 36,160 | ||||
Recorded in balance sheet as:
|
||||||||
Other current liabilities
|
$ | 14,452 | $ | 13,922 | ||||
Other noncurrent liabilities
|
20,810 | 22,238 | ||||||
Balance, end of year
|
$ | 35,262 | $ | 36,160 |
For the fiscal year ending March 31:
|
||||
2013
|
$ | 127,444 | ||
2014
|
99,549 | |||
2015
|
6,975 | |||
2016
|
19,267 | |||
2017
|
2,991 | |||
Unconditional purchase obligations
|
$ | 256,226 |
For the fiscal year ending March 31:
|
||||
2013
|
$ | 43,511 | ||
2014
|
35,495 | |||
2015
|
31,130 | |||
2016
|
29,386 | |||
2017
|
28,750 | |||
Thereafter
|
202,899 | |||
Minimum lease payments
|
$ | 371,171 |
2012
|
2011
|
|||||||
Other current liabilities:
|
||||||||
Vacation liability
|
$ | 88,423 | $ | 88,171 | ||||
Accrued payroll and other employee compensation
|
65,896 | 87,466 | ||||||
Accrued income and other taxes
|
54,181 | 69,337 | ||||||
Reserve for decommissioning matters
|
45,164 | 117,959 | ||||||
Derivative instruments, at fair value
|
25,168 | 14,224 | ||||||
Accrued royalties and commissions
|
16,805 | 22,434 | ||||||
Accrued product warranty
|
14,452 | 13,922 | ||||||
Contract and other reserves
|
13,097 | 27,765 | ||||||
Deferred revenue
|
9,914 | 7,198 | ||||||
Pension liability
|
8,391 | 7,700 | ||||||
Environmental liabilities
|
4,494 | 3,052 | ||||||
Obligations under capital leases
|
2,247 | 3,426 | ||||||
Settlement obligations to provide future discounts
|
2,230 | 3,430 | ||||||
Contractually obligated liabilities
|
– | 10,500 | ||||||
Other
|
84,829 | 95,353 | ||||||
Other current liabilities
|
$ | 435,291 | $ | 571,937 |
Other noncurrent liabilities:
|
||||||||
Environmental liabilities
|
$ | 74,484 | $ | 75,950 | ||||
Obligations under capital leases
|
55,857 | 64,534 | ||||||
Accrued product warranty
|
20,810 | 22,238 | ||||||
Accrued royalties and commissions
|
3,056 | 25,075 | ||||||
Other
|
50,640 | 62,786 | ||||||
Other noncurrent liabilities
|
$ | 204,847 | $ | 250,583 |
2012
|
2011
|
2010
|
||||||||||
Revenue
|
$ | 58,615 | $ | 93,879 | $ | 67,021 | ||||||
Cost of goods sold
|
$ | 260,467 | $ | 310,738 | $ | 263,978 | ||||||
Marketing, administrative and general expenses
|
$ | 3,660 | $ | 2,087 | $ | 1,858 |
2012
|
2011
|
|||||||
Related-party receivables
|
$ | 841,155 | $ | 1,102,937 | ||||
Related-party payables
|
$ | 182,453 | $ | 250,521 | ||||
Note due to related party
|
$ | 19,994 | $ | 2,013 |
2012
|
2011
|
|||||||
Loans receivable from Toshiba International Finance (UK)
|
$ | 824,125 | $ | 1,051,599 | ||||
Loan receivable from Enwesa Operations
|
739 | 565 | ||||||
Total loans receivable
|
824,864 | 1,052,164 | ||||||
Trade receivables
|
16,291 | 50,773 | ||||||
Total related-party receivables
|
$ | 841,155 | $ | 1,102,937 |
2012
|
2011
|
|||||||
Trade payables to Toshiba America Nuclear Energy
|
$ | 172,540 | $ | 128,704 | ||||
Trade payables to other Toshiba companies
|
7,718 | 200 | ||||||
Trade payables to Shaw companies
|
2,195 | 4,053 | ||||||
Total trade payables
|
182,453 | 132,957 | ||||||
Current note due to related party
|
– | 117,564 | ||||||
Total related-party payables
|
$ | 182,453 | $ | 250,521 |
2012
|
2011
|
|||||||
Note due to State Nuclear WEC Zirconium Hafnium Co. LTD (
China JV)
|
$ | 19,994 | $ | – | ||||
Note due to KW Nuclear Components Co. LTD (Korea JV)
|
– | 2,013 | ||||||
Total notes due to related parties
|
$ | 19,994 | $ | 2,013 |
March 31
|
||||||||
2012
|
2011
|
|||||||
Current assets
|
$ | 84,306 | $ | 109,729 | ||||
Noncurrent assets
|
17,729 | 18,772 | ||||||
Total assets
|
$ | 102,035 | $ | 128,501 | ||||
Current liabilities
|
$ | 45,799 | $ | 69,857 | ||||
Noncurrent liabilities
|
7,620 | 6,992 | ||||||
Member’s equity
|
48,616 | 51,652 | ||||||
Total liabilities and member’s equity
|
$ | 102,035 | $ | 128,501 |
Year Ended March 31
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Revenue
|
$ | 128,842 | $ | 163,359 | $ | 103,310 | ||||||
Income from operations
|
914 | 8,896 | 5,539 | |||||||||
Net income
|
72 | 6,235 | 3,899 |
Year Ended March 31, 2012
|
||||||||
Consolidated VIEs
|
VIE Total
Assets
|
VIE Total
Liabilities
|
||||||
State-Nuclear WEC Zirconium Hafnium Co., Ltd.
|
$ | 71,130 | $ | 40,163 | ||||
Westinghouse Technology Services S.A.
|
15,818 | 4,914 | ||||||
Westron
|
9,371 | 2,748 | ||||||
NuCrane Manufacturing, LLC
|
6,866 | 10,314 | ||||||
KW Nuclear Components Co. LTD
|
9,274 | 8,166 | ||||||
Kontec
|
(45 | ) | (411 | ) |
Year Ended March 31, 2011
|
||||||||
Consolidated VIEs
|
VIE Total
Assets
|
VIE Total Liabilities
|
||||||
State-Nuclear WEC Zirconium Hafnium Co., Ltd.
|
$ | 32,719 | $ | 1,661 | ||||
Westinghouse Technology Services S.A.
|
15,358 | 8,782 | ||||||
Westron
|
6,987 | 656 | ||||||
NuCrane Manufacturing, LLC
|
5,455 | 6,708 | ||||||
KW Nuclear Components Co. LTD
|
3,130 | 2,656 | ||||||
Kontec
|
1,375 | 1,356 |
2012
|
2011
|
|||||||
Claims and unapproved change orders
|
$ | 76,364 | $ | 17,378 |
2012
|
2011
|
|||||||
Net unrealized gain on derivatives
|
$ | 19,443 | $ | 29,674 | ||||
Unrealized loss on foreign currency translation
|
(392,318 | ) | (356,088 | ) | ||||
Pension and other postretirement benefits adjustment
|
(128,884 | ) | (71,682 | ) | ||||
Accumulated other comprehensive loss
|
$ | (501,759 | ) | $ | (398,096 | ) |
Vesting Dates
|
Cumulative Percentage of RSUs Vested
|
[Insert 1
st
Vesting Date]
|
33%
|
[Insert 2
nd
Vesting Date]
|
66%
|
[Insert 3
rd
Vesting Date]
|
100%
|
COMPANY:
|
|||
THE SHAW GROUP INC.
|
|||
|
/ s / |
Scott A. Trezise
|
|
Scott A. Trezise
|
|||
Senior Vice President, Human Resources
|
|||
RECIPIENT:
|
|||
[Insert Recipient’s Name]
|
|
FIRST:
At the end of each Measurement Period during the Performance Period, determine the following:
|
|
·
|
The TSR for the Company and for each company in the Peer Group.
|
|
·
|
The Peer Group Median TSR.
|
|
·
|
The Relative TSR.
|
|
·
|
The Performance Multiplier using Table A below.
|
|
SECOND
: At the end of the Performance Period, determine the Average Performance Multiplier and multiply by the Target Award to determine the number of Achieved Relative TSR PCUs.
|
|
Example: Assume Target Award = 200,000 and PM1 = 50.00%, PM2 = 100.00%, and PM3 = 150.00%. The Average Performance Multiplier would be (50.00% + 100.00% + 150.00%) / 3 = 100.00%. The Achieved Relative TSR PCUs would be 200,000 * 100.00% = 200,000.
|
RELATIVE TSR
|
|
PERFORMANCE MULTIPLIER
|
<-25.00%
|
|
0.00%
|
-25.00%
|
|
50.00%
|
0.00%
|
|
100.00%
|
+25.00%
|
|
200.00%
|
Vesting Dates
|
Cumulative Percentage of RSUs Vested
|
[Insert 1
st
Vesting Date]
|
33%
|
[Insert 2
nd
Vesting Date]
|
66%
|
[Insert 3
rd
Vesting Date]
|
100%
|
COMPANY:
|
|||
THE SHAW GROUP INC.
|
|||
|
/ s / |
Scott A. Trezise
|
|
Scott A. Trezise
|
|||
Senior Vice President, Human Resources
|
|||
RECIPIENT:
|
|||
[Insert Recipient’s Name]
|
Vesting Dates
|
Cumulative Percentage of RSUs Vested
|
[Insert 1
st
Vesting Date]
|
33%
|
[Insert 2
nd
Vesting Date]
|
66%
|
[Insert 3
rd
Vesting Date]
|
100%
|
COMPANY:
|
|||
THE SHAW GROUP INC.
|
|||
|
/ s / |
Scott A. Trezise
|
|
Scott A. Trezise
|
|||
Senior Vice President, Human Resources
|
|||
RECIPIENT:
|
|||
[Insert Recipient’s Name]
|
|
FIRST:
At the end of each Measurement Period during the Performance Period, determine the following:
|
|
·
|
The TSR for the Company and for each company in the Peer Group.
|
|
·
|
The Peer Group Median TSR.
|
|
·
|
The Relative TSR.
|
|
·
|
The Performance Multiplier using Table A below.
|
|
SECOND
: At the end of the Performance Period, determine the Average Performance Multiplier and multiply by the Target Award to determine the number of Achieved Relative TSR PCUs.
|
|
Example: Assume Target Award = 200,000 and PM1 = 50.00%, PM2 = 100.00%, and PM3 = 150.00%. The Average Performance Multiplier would be (50.00% + 100.00% + 150.00%) / 3 = 100.00%. The Achieved Relative TSR PCUs would be 200,000 * 100.00% = 200,000.
|
RELATIVE TSR
|
|
PERFORMANCE MULTIPLIER
|
<-25.00%
|
|
0.00%
|
-25.00%
|
|
50.00%
|
0.00%
|
|
100.00%
|
+25.00%
|
|
200.00%
|
|
i.
|
Your retention bonus payment will be made three (3) months after the closing of the CB&I transaction, provided you sign and return this Memorandum by 10am CDST on October 23, 2012 as set forth herein. The payments will be made per the respective timeline, provided you are still employed by CB&I or one of its subsidiaries at the time of payment.
|
ii.
|
If the CB&I transaction does not close, then your retention bonus payment will be made within 30 days following the termination of the Transaction Agreement in accordance with its terms, provided you are still employed by Shaw or one of its subsidiaries at the time of payment.
|
iii.
|
The retention bonus payment will be subject to required withholding taxes, 401(k) elections and other legally required withholdings, if applicable, but there will not be any deductions for any employee benefit plans.
|
iv.
|
If you voluntarily resign, including for retirement,
prior
to the date upon which the retention payment is made, then you will not be eligible to receive the retention payment.
|
v.
|
If you are terminated without “cause”, as defined by The Shaw Group Inc. 2008 Omnibus Incentive Plan,
on or after
the closing but
prior
to the date upon which the retention payment is made, you will be eligible to receive the retention bonus within 30 days following such termination provided you meet all other eligibility requirements.
|
vi.
|
Due to the confidential nature of this award, we encourage you to keep the facts surrounding this payment confidential and you should not discuss it with any other Shaw employee, including your manager.
|
4171 ESSEN LANE, BATON ROUGE, LA
225.932.2500
Ÿ
FAX 225.987.3072
Ÿ
THE SHAW GROUP INC.
®
|
Accepted: | /s/ Timothy Poch é | ||
Timothy Poch
é
(1291789)
|
|||
Date: | October 18, 2012 |
THE SHAW GROUP INC.
|
|
50% AND GREATER
|
|
OWNED SUBSIDIARIES
|
|
(Updated as of October 19, 2012)
|
|
NO.
|
ENTITY NAME
|
1
|
Aiton & Co Limited
|
2
|
American Plastic Pipe and Supply, L.L.C.
|
3
|
Arlington Avenue E Venture, LLC
|
4
|
Atlantic Contingency Constructors II, LLC
|
5
|
Atlantic Contingency Constructors, LLC
|
6
|
B.F. Shaw, Inc.
|
7
|
Bellefontaine Gas Producers, LLC
|
8
|
Benicia North Gateway II, L.L.C.
|
9
|
C.B.P. Engineering Corp.
|
10
|
Camden Road Venture, LLC
|
11
|
Coastal Estuary Services, L.L.C.
|
12
|
Coastal Infrastructure Solutions, LLC
|
13
|
Coastal Planning & Engineering, Inc.
|
14
|
Cojafex B.V.
|
15
|
Convey All Bulk, L.L.C.
|
16
|
EDS Equipment Company, LLC
|
17
|
EMCON/OWT, Inc.
|
18
|
Emergency Response Services, LLC
|
19
|
Environmental Solutions (Cayman) Ltd.
|
20
|
Environmental Solutions Ltd.
|
21
|
Environmental Solutions of Ecuador S.A. Envisolutec
|
22
|
ES3 – EBSE Shaw Spool Solutions Fabricacao de Sistemas de Tubulacao Ltda.
|
23
|
Field Services Canada Inc.
|
24
|
Field Services, LLC
|
25
|
Findlay Inn Limited Partnership
|
26
|
GFM Real Estate LLC
|
27
|
GHG Solutions, LLC
|
28
|
Great Southwest Parkway Venture, LLC
|
29
|
Greater Baton Rouge Ethanol, L.L.C.
|
30
|
HAKS Stone & Webster Joint Venture
|
31
|
High Desert Support Services, LLC
|
32
|
HL Newhall II, L.L.C.
|
33
|
HNTB-CPE, A Joint Venture, L.L.C.
|
34
|
Holding Manufacturas Shaw South America, C.A.
|
35
|
Integrated Site Solutions, L.L.C.
|
36
|
International Consultants, L.L.C.
|
37
|
IT Holdings Canada, Inc.
|
38
|
Jernee Mill Road, L.L.C.
|
39
|
Kato Road II, L.L.C.
|
40
|
KB Home/Shaw Louisiana LLC
|
41
|
Kings Bay Support Services, LLC
|
42
|
KIP I, L.L.C.
|
43
|
LandBank Properties, L.L.C.
|
44
|
LFG Specialties, L.L.C.
|
45
|
Liquid Solutions LLC
|
46
|
Lone Star Fabricators, Inc.
|
47
|
Loring BioEnergy, LLC
|
48
|
Loring Management, LLC
|
49
|
Manufacturas Shaw South America, C.A.
|
50
|
Millstone River Wetland Services, L.L.C.
|
51
|
NET Power, LLC
|
52
|
Northeast Plaza Venture I, LLC
|
53
|
Norwood Venture I, L.L.C.
|
54
|
Nuclear Energy Holdings, L.L.C.
|
55
|
Nuclear Technology Solutions, L.L.C.
|
56
|
Otay Mesa Ventures II, L.L.C.
|
57
|
Pacific Support Group LLC
|
58
|
Pike Properties I, Inc.
|
59
|
Pike Properties II, Inc.
|
60
|
Pipework Engineering and Developments Limited
|
61
|
Plattsburg Venture, L.L.C.
|
62
|
Prospect Industries (Holdings) Inc.
|
63
|
PT Stone & Webster Indonesia
|
64
|
Raritan Venture I, L.L.C.
|
65
|
S C Woods, L.L.C.
|
66
|
SELS Administrative Services, L.L.C.
|
67
|
Shaw A/DE, Inc.
|
68
|
Shaw Alaska, Inc.
|
69
|
Shaw Alloy Piping Products, LLC
|
70
|
Shaw Americas, L.L.C.
|
71
|
Shaw Asia Company, Limited
|
72
|
Shaw Beale Housing, L.L.C.
|
73
|
Shaw Beneco, Inc.
|
74
|
Shaw Biofuels, L.L.C.
|
75
|
Shaw California, L.L.C.
|
76
|
Shaw Canada L.P.
|
77
|
Shaw Capital (Cayman)
|
78
|
Shaw Capital, LLC
|
79
|
Shaw CENTCOM Services, L.L.C.
|
80
|
Shaw Chile Servicios Limitada
|
81
|
Shaw CMS, Inc.
|
82
|
Shaw Coastal, Inc.
|
83
|
Shaw Connex, Inc.
|
84
|
Shaw Constructors Two, LLC
|
85
|
Shaw Constructors, Inc.
|
86
|
Shaw Consultants International, Inc.
|
87
|
Shaw Dunn Limited
|
88
|
Shaw E & I International Ltd.
|
89
|
Shaw E & I Investment Holdings, Inc.
|
90
|
Shaw East Tennessee Solutions, LLC
|
91
|
Shaw Energy & Chemicals France SAS
|
92
|
Shaw Energy Services, Inc.
|
93
|
Shaw Environmental & Infrastructure International, LLC
|
94
|
Shaw Environmental & Infrastructure Massachusetts, Inc.
|
95
|
Shaw Environmental & Infrastructure, Inc.
|
96
|
Shaw Environmental International, Inc.
|
97
|
Shaw Environmental Liability Solutions, L.L.C.
|
98
|
Shaw Environmental, Inc.
|
99
|
Shaw Europe, Inc.
|
100
|
Shaw Export Company, S. de R. L. de C.V.
|
101
|
Shaw Fabrication & Manufacturing International, Inc.
|
102
|
Shaw Fabrication & Manufacturing, Inc.
|
103
|
Shaw Fabricators, Inc.
|
104
|
Shaw Facilities, Inc.
|
105
|
Shaw Far East Services, LLC
|
106
|
Shaw Field Services, LLC
|
107
|
Shaw FMG, LLC
|
108
|
Shaw Fronek Company (FCI), LLC
|
109
|
Shaw Fronek Power Services, Inc.
|
110
|
Shaw Ft. Leonard Wood Housing II, L.L.C.
|
111
|
Shaw Ft. Leonard Wood Housing, L.L.C.
|
112
|
Shaw GBB International, LLC
|
113
|
Shaw GBB Maintenance, Inc.
|
114
|
Shaw GBB, LLC
|
115
|
Shaw Global Energy Services, LLC
|
116
|
Shaw Global Offshore Services, Inc.
|
117
|
Shaw Global Services, LLC
|
118
|
Shaw Global, L.L.C.
|
119
|
Shaw Group Power Limited
|
120
|
Shaw Group UK Holdings
|
121
|
Shaw Group UK Limited
|
122
|
Shaw GRP of California
|
123
|
Shaw Heat Treating Service, C.A.
|
124
|
Shaw Home Louisiana, Inc.
|
125
|
Shaw Industrial Supply Co., LLC
|
126
|
Shaw Infrastructure, Inc.
|
127
|
Shaw Intellectual Property Holdings, LLC
|
128
|
Shaw International Management Services Two, Inc.
|
129
|
Shaw International, Inc.
|
130
|
Shaw International, Ltd.
|
131
|
Shaw JV Holdings, L.L.C.
|
132
|
Shaw Lancas, C.A.
|
133
|
Shaw Liquid Solutions LLC
|
134
|
Shaw Maintenance, Inc.
|
135
|
Shaw Managed Services, LLC
|
136
|
Shaw Management Services One, Inc.
|
137
|
Shaw Manpower, S. de R.L. de C.V.
|
138
|
Shaw Matamoros Fabrication and Manufacturing, S. de R.L. de C.V.
|
139
|
Shaw Meio Ambiente e Infraestrutra Ltda
|
140
|
Shaw Mexican Holdings, S. de R.L. de C.V.
|
141
|
Shaw Mexico Employment Recruiters, S. de R.L. de C.V.
|
142
|
Shaw Mexico Real Estate Holdings, S. de R.L. de C.V.
|
143
|
Shaw Mexico, L.L.C.
|
144
|
Shaw Mid States Pipe Fabricating, Inc.
|
145
|
Shaw Morgan City Terminal, LLC
|
146
|
Shaw NAPTech, Inc.
|
147
|
Shaw NC Company, Inc.
|
148
|
Shaw North Carolina, Inc.
|
149
|
Shaw Nuclear Energy Holdings (UK), Inc.
|
150
|
Shaw Nuclear Services, Inc.
|
151
|
Shaw Overseas (Far East) Ltd.
|
152
|
Shaw Overseas (Middle East) Ltd.
|
153
|
Shaw Pacific Pte. Ltd.
|
154
|
Shaw Pipe Supports, LLC
|
155
|
Shaw Power Delivery Systems, Inc.
|
156
|
Shaw Power International, Inc.
|
157
|
Shaw Power Services Group, L.L.C.
|
158
|
Shaw Power Services, LLC
|
159
|
Shaw Power Technologies, Inc.
|
160
|
Shaw Power, Inc.
|
161
|
Shaw Process and Industrial Group, LLC
|
162
|
Shaw Process Fabricators, Inc.
|
163
|
Shaw Project Services Group, Inc.
|
164
|
Shaw Property Holdings, LLC
|
165
|
Shaw Remediation Services, L.L.C.
|
166
|
Shaw Rio Grande Holdings, L.L.C.
|
167
|
Shaw Rio Grande Valley Fabrication & Manufacturing, L.L.C.
|
168
|
Shaw Services, L.L.C
|
169
|
Shaw SKE&C Middle East Ltd.
|
170
|
Shaw SSS Fabricators, Inc.
|
171
|
Shaw Stone & Webster Arabia Co., Ltd.
|
172
|
Shaw Stone & Webster International, LLC
|
173
|
Shaw Sunland Fabricators, LLC
|
174
|
Shaw Transmission & Distribution Services International, Inc.
|
175
|
Shaw Transmission & Distribution Services, Inc.
|
176
|
Shaw Tulsa Fabricators, Inc.
|
177
|
SHAW-AIM, JV
|
178
|
Shaw-Gemmo Egypt, LLC
|
179
|
So-Glen Gas Co., LLC
|
180
|
Stone & Webster Asia, Inc.
|
181
|
Stone & Webster Canada Holding One (N.S.), ULC
|
182
|
Stone & Webster Canada Holding Two, Inc.
|
183
|
Stone & Webster Construction Services, L.L.C.
|
184
|
Stone & Webster Construction Two, LLC
|
185
|
Stone & Webster Construction, Inc.
|
186
|
Stone & Webster Holding One, Inc.
|
187
|
Stone & Webster Holding Two, Inc.
|
188
|
Stone & Webster International B.V.
|
189
|
Stone & Webster International Holdings, Inc.
|
190
|
Stone & Webster International, Inc.
|
191
|
Stone & Webster Massachusetts, Inc.
|
192
|
Stone & Webster Michigan, Inc.
|
193
|
Stone & Webster Process Technologies B.V.
|
194
|
Stone & Webster Services, L.L.C.
|
195
|
Stone & Webster, Inc.
|
196
|
Stone & Webster, Inc.
|
197
|
Stone & Webster/Fluor Daniel JV
|
198
|
Strategic Asset Solutions LLC
|
199
|
The LandBank Group, Inc.
|
200
|
The Shaw Group International Inc.
|
201
|
The Shaw Group UK 1997 Pension Scheme Limited
|
202
|
The Shaw Group UK 2001 Pension Plan Limited
|
203
|
The Shaw Group UK Pension Plan Limited
|
204
|
TVL Lender II, Inc.
|
205
|
Westinghouse Electric UK Limited
|
206
|
Whessoe Piping Systems Limited
|
207
|
Whippany Venture I, L.L.C.
|
208
|
World Industrial Constructors, Inc.
|
|
|
/s/ J.M. Bernhard, Jr.
|
|
J.M. Bernhard, Jr.
|
|||
Chief Executive Officer
|
|
|
/s/ Brian K. Ferraioli
|
|
Brian K. Ferraioli
|
|||
Chief Financial Officer
|
|
|
/s/ J.M. Bernhard, Jr.
|
|
J.M. Bernhard, Jr.
|
|||
Chief Executive Officer
|
|
|
/s/ Brian K. Ferraioli
|
|
Brian K. Ferraioli
|
|||
Chief Financial Officer
|