Working capital as of
June 30, 2013, our cash and cash equivalents were $572.4as compared to $513.7at December 31, 2012. Cash generated from operating activities was $129.4for the six months ended June 30, 2013, as compared to $124.9in the same period in the prior year. The primary sources of cash from operations during the six months ended June 30, 2013were net earnings of $182.3, adjusted by depreciation and amortization of $42.5, non-cash compensation of $11.8, a decrease in deferred income taxes of $18.6and an increase in accounts payable and accrued liabilities of $73.4. Offsetting these sources of cash were an increase in accounts receivable of $68.7as a result of increased revenues and an increase in inventories of $124.5to support our record backlog.
Our capital expenditures were
$67.8and $53.4during the six months ended June 30, 2013and 2012, respectively. We expect capital expenditures of approximately $150during 2013. These capital expenditures are needed to support our record total backlog of approximately $8.4 billion( $3.8booked and $4.6awarded but unbooked), and take into consideration our targeted capacity utilization levels, recent acquisitions and current industry conditions. We have, in the past, generally funded our capital expenditures with cash from operations and funds available to us under revolving bank credit facilities. We expect to fund future capital expenditures from cash on hand, from operations and from funds available to us under the Revolving Credit Facility.
Outstanding Debt and Other Financing Arrangements
Long-term debt at
We also have a five-year,
$950.0Revolving Credit Facility, which also provides an option to request additional incremental revolving credit borrowing capacity and incremental term loans, in each case upon the satisfaction of certain customary terms and conditions. At June 30, 2013, there were no amounts outstanding under the Revolving Credit Facility. Our obligations under the Revolving Credit Facility are secured by liens on substantially all of our domestic assets, including a pledge of a portion of the capital stock of certain foreign subsidiaries owned directly by us. Amounts borrowed and outstanding under the Revolving Credit Facility will, in certain circumstances, be required to be prepaid with the proceeds from certain asset sales, subject to certain thresholds and reinvestment rights. The Revolving Credit Facility matures in August 2017unless terminated earlier.