Boeing 2010 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, 2010 2009 2008
Cash flows – operating activities:
Net earnings $ 3,307 $ 1,312 $ 2,672
Adjustments to reconcile net earnings to net cash provided/(used)by operating
activities:
Non-cash items –
Share-based plans expense 215 238 209
Depreciation 1,510 1,459 1,325
Amortization of other acquired intangibles 217 207 166
Amortization of debt discount/premium and issuance costs 19 12 11
Investment/asset impairment charges, net 174 151 50
Customer financing valuation provision 51 45 84
Loss on disposal of discontinued operations 636 (28)
(Gain)/loss on dispositions, net (6) 24 (4)
Other charges and credits, net 512 214 116
Excess tax benefits from share-based payment arrangements (19) (5) (100)
Changes in assets and liabilities –
Accounts receivable 8(391) 564
Inventories, net of advances and progress billings (7,387) (1,525) (6,168)
Accounts payable 313 1,141 318
Other accrued liabilities 668 1,327 554
Advances and billings in excess of related costs 238 (680) (1,120)
Income taxes receivable, payable and deferred 822 607 744
Other long-term liabilities 328 (12) (211)
Pension and other postretirement plans 1,335 1,140 14
Customer financing, net 717 104 432
Other (76) 199 (29)
Net cash provided/(used) by operating activities 2,952 5,603 (401)
Cash flows – investing activities:
Property, plant and equipment additions (1,125) (1,186) (1,674)
Property, plant and equipment reductions 63 27 34
Acquisitions, net of cash acquired (932) (639) (964)
Contributions to investments (15,548) (2,629) (6,673)
Proceeds from investments 12,425 1,041 11,343
Payments on Sea Launch guarantees (448)
Reimbursement of Sea Launch guarantee payments 82 40
Receipt of economic development program funds 206
Purchase of distribution rights (2) (178)
Net cash (used)/provided by investing activities (4,831) (3,794) 1,888
Cash flows – financing activities:
New borrowings 41 5,961 13
Debt repayments (689) (551) (738)
Payments to noncontrolling interests (40)
Repayments of distribution rights financing (137) (357)
Stock options exercised, other 87 10 44
Excess tax benefits from share-based payment arrangements 19 5 100
Employee taxes on certain share-based payment arrangements (30) (21) (135)
Common shares repurchased (50) (2,937)
Dividends paid (1,253) (1,220) (1,192)
Net cash (used)/provided by financing activities (1,962) 4,094 (5,202)
Effect of exchange rate changes on cash and cash equivalents (15) 44 (59)
Net (decrease)/increase in cash and cash equivalents (3,856) 5,947 (3,774)
Cash and cash equivalents at beginning of year 9,215 3,268 7,042
Cash and cash equivalents at end of year $ 5,359 $ 9,215 $ 3,268
See notes to the consolidated financial statements on pages 55 – 108.
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