Lockheed Martin 2013 Annual Report Download - page 67

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Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(in millions)
Years Ended December 31,
2013 2012 2011
Operating activities
Net earnings $ 2,981 $ 2,745 $ 2,655
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization 990 988 1,008
Stock-based compensation 189 167 157
Deferred income taxes (5) 930 (2)
Goodwill impairment charge 195 ——
Severance charges 201 48 136
Reduction in tax expense from resolution of certain tax matters —— (89)
Changes in operating assets and liabilities:
Receivables, net 767 (460) (363)
Inventories, net (60) (422) (74)
Accounts payable (647) (236) 609
Customer advances and amounts in excess of costs incurred (158) 57 502
Postretirement benefit plans (375) (1,883) (393)
Income taxes 364 (535) 304
Other, net 104 162 (197)
Net cash provided by operating activities 4,546 1,561 4,253
Investing activities
Capital expenditures (836) (942) (987)
Acquisitions of businesses and investments in affiliates (269) (259) (624)
Maturities of short-term investments —— 510
Other, net (16) 24 313
Net cash used for investing activities (1,121) (1,177) (788)
Financing activities
Repurchases of common stock (1,762) (990) (2,465)
Proceeds from stock option exercises 827 440 116
Dividends paid (1,540) (1,352) (1,095)
Repayments of long-term debt (150) — (632)
Premium paid on debt exchange —(225) —
Issuance of long-term debt, net of related costs —— 1,980
Other, net (81) 59 (48)
Net cash used for financing activities (2,706) (2,068) (2,144)
Net change in cash and cash equivalents 719 (1,684) 1,321
Cash and cash equivalents at beginning of year 1,898 3,582 2,261
Cash and cash equivalents at end of year $ 2,617 $ 1,898 $ 3,582
The accompanying notes are an integral part of these consolidated financial statements.
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