Boeing 2011 Annual Report Download - page 63

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The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in millions)
Years ended December 31, 2011 2010 2009
Cash flows – operating activities:
Net earnings $ 4,018 $ 3,307 $ 1,312
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Non-cash items –
Share-based plans expense 186 215 238
Depreciation 1,457 1,510 1,459
Amortization of acquired intangible assets 203 217 207
Amortization of debt discount/premium and issuance costs 15 19 12
Investment/asset impairment charges, net 119 174 151
Customer financing valuation provision (269) 51 45
(Gain)/loss on disposal of discontinued operations (11) 6 36
(Gain)/loss on dispositions, net (24) (6) 24
Other charges and credits, net 500 512 214
Excess tax benefits from share-based payment arrangements (36) (19) (5)
Changes in assets and liabilities –
Accounts receivable (292) 8 (391)
Inventories, net of advances and progress billings (10,012) (7,387) (1,525)
Accounts payable 1,164 313 1,141
Accrued liabilities 237 668 1,327
Advances and billings in excess of related costs 3,173 238 (680)
Income taxes receivable, payable and deferred 1,262 822 607
Other long-term liabilities 127 328 (12)
Pension and other postretirement plans 2,126 1,335 1,140
Customer financing, net (6) 717 104
Other 86 (76) 199
Net cash provided by operating activities 4,023 2,952 5,603
Cash flows – investing activities:
Property, plant and equipment additions (1,713) (1,125) (1,186)
Property, plant and equipment reductions 94 63 27
Acquisitions, net of cash acquired (42) (932) (639)
Contributions to investments (6,796) (15,548) (2,629)
Proceeds from investments 10,757 12,425 1,041
Payments on Sea Launch guarantees (448)
Reimbursement of Sea Launch guarantee payments 82 40
Receipt of economic development program funds 69 206
Purchase of distribution rights (2)
Net cash provided/(used) by investing activities 2,369 (4,831) (3,794)
Cash flows – financing activities:
New borrowings 799 41 5,961
Debt repayments (930) (689) (551)
Payments to noncontrolling interests (40)
Repayments of distribution rights financing (451) (137)
Stock options exercised, other 114 87 10
Excess tax benefits from share-based payment arrangements 36 19 5
Employee taxes on certain share-based payment arrangements (24) (30) (21)
Common shares repurchased (50)
Dividends paid (1,244) (1,253) (1,220)
Net cash (used)/provided by financing activities (1,700) (1,962) 4,094
Effect of exchange rate changes on cash and cash equivalents (2) (15) 44
Net increase/(decrease) in cash and cash equivalents 4,690 (3,856) 5,947
Cash and cash equivalents at beginning of year 5,359 9,215 3,268
Cash and cash equivalents at end of year $ 10,049 $ 5,359 $ 9,215
See notes to the consolidated financial statements on pages 55 – 108.
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