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General Dynamics Annual Report • 201038
CONSOLIDAT ED STAT EMENT OF CASH FLOWS
Year EndedDecember31
(Dollarsin millions) 2008 2009 2010
Cashflows fromoperatingactivities:
Net earnings$2,459 $2,394$2,624
Adjustments to reconcilenet earningstonet cashprovidedby
operating activities–
Depreciationofproperty,plantand equipment301344 345
Amortizationofintangibleassets 146218224
Stock-basedcompensationexpense 105 117 118
Excess tax benefitfromstock-basedcompensation(31) (5) (18)
Deferredincometax provision196 22756
Discontinuedoperations, net oftax 19134
(Increase) decrease in assets, net ofeffects ofbusiness acquisitions–
Accounts receivable (386) (151)(152)
Contracts in process 73(112) (334)
Inventories (183) (72) (23)
Increase (decrease) in liabilities, net ofeffects ofbusiness acquisitions–
Accounts payable (38) (92) 366
Customer advances and deposits 84914530
Othercurrentliabilities (203) (306) (285)
Other,net (183) 135 31
Net cashprovidedbyoperating activities 3,1242,855 2,986
Cashflows from investingactivities:
Maturities ofheld-to-maturitysecurities ––605
Purchases ofheld-to-maturitysecurities –(337)(468)
Capital expenditures (490) (385) (370)
Business acquisitions, net ofcash acquired(3,224)(811) (233)
Purchases of available-for-salesecurities (1,406) (152) (226)
Maturities of available-for-salesecurities 1,292 179126
Other,net 165 114 158
Net cashusedbyinvesting activities (3,663) (1,392) (408)
Cashflows from financingactivities:
Purchases ofcommonstock (1,522) (209) (1,185)
Repaymentof fixed-rate notes (500) –(700)
Dividendspaid (533) (577) (631)
Proceedsfromoptionexercises 144 142277
Net proceedsfrom(repaymentof)commercial paper904(904)–
Proceedsfrom fixed-rate notes 995 747 –
Other,net (206) (5) 13
Net cashused by financing activities (718) (806) (2,226)
Net cashusedbydiscontinuedoperations(13) (15) (2)
Net(decrease)increase in cashandequivalents(1,270) 642 350
Cash and equivalentsat beginningofyear 2,8911,6212,263
Cashandequivalentsat end ofyear $1,621$2,263 $2,613
Theaccompanying Notes to Consolidated Financial Statements arean integral partofthisstatement.