Boeing 2009 Annual Report Download - page 64

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The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in millions)
Years ended December 31, 2009 2008 2007
Cash flows – operating activities:
Net earnings $ 1,312 $ 2,672 $ 4,074
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Non-cash items –
Share-based plans expense 238 209 287
Depreciation 1,459 1,325 1,334
Amortization of other acquired intangibles 207 166 152
Amortization of debt discount/premium and issuance costs 12 11 (1)
Investment/asset impairment charges, net 151 50 51
Customer financing valuation provision 45 84 (60)
(Gain)/loss on disposal of discontinued operations 36 (28) (25)
(Gain)/loss on dispositions, net 24 (4) (38)
Other charges and credits, net 214 116 197
Excess tax benefits from share-based payment arrangements (5) (100) (144)
Changes in assets and liabilities –
Accounts receivable (391) 564 (392)
Inventories, net of advances and progress billings (1,525) (6,168) (1,577)
Accounts payable 1,141 318 (198)
Other accrued liabilities 1,327 554 1,126
Advances and billings in excess of related costs (680) (1,120) 2,369
Income taxes receivable, payable and deferred 607 744 1,290
Other long-term liabilities (12) (211) 71
Pension and other postretirement plans 1,140 14 (143)
Customer financing, net 104 432 1,458
Other 199 (29) (247)
Net cash provided/(used) by operating activities 5,603 (401) 9,584
Cash flows – investing activities:
Property, plant and equipment additions (1,186) (1,674) (1,731)
Property, plant and equipment reductions 27 34 59
Acquisitions, net of cash acquired (639) (964) (75)
Contributions to investments (2,629) (6,673) (5,710)
Proceeds from investments 1,041 11,343 3,817
Payments on Sea Launch guarantees (448)
Reimbursement of Sea Launch guarantee payments 40
Purchase of distribution rights (178) (182)
Net cash (used)/provided by investing activities (3,794) 1,888 (3,822)
Cash flows – financing activities:
New borrowings 5,961 13 40
Debt repayments (551) (738) (1,406)
Payments to noncontrolling interests (40)
Repayments of distribution rights financing (357)
Stock options exercised, other 10 44 209
Excess tax benefits from share-based payment arrangements 5100 144
Employee taxes on certain share-based payment arrangements (21) (135)
Common shares repurchased (50) (2,937) (2,775)
Dividends paid (1,220) (1,192) (1,096)
Net cash provided/(used) by financing activities 4,094 (5,202) (4,884)
Effect of exchange rate changes on cash and cash equivalents 44 (59) 46
Net increase/(decrease) in cash and cash equivalents 5,947 (3,774) 924
Cash and cash equivalents at beginning of year 3,268 7,042 6,118
Cash and cash equivalents at end of year $ 9,215 $ 3,268 $ 7,042
See notes to consolidated financial statements on pages 55 – 112.
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