Northrop Grumman 2010 Annual Report Download - page 75

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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in millions 2010 2009 2008
Year Ended December 31
Reconciliation of Net Earnings (Loss) to Net Cash Provided by Operating
Activities
Net earnings (loss) $2,053 $1,686 $(1,262)
Net (earnings) from discontinued operations (95) (91)
Adjustments to reconcile to net cash provided by operating activities
Depreciation 606 585 567
Amortization of assets 132 151 189
Impairment of goodwill 3,060
Stock-based compensation 136 105 118
Excess tax benefits from stock-based compensation (22) (2) (48)
Pre-tax gain on sale of businesses (446) (58)
Charge on debt redemption 231
(Increase) decrease in
Accounts receivable, net (664) 297 (133)
Inventoried costs, net (61) (246) (2)
Prepaid expenses and other current assets 38 (6) (20)
Increase (decrease) in
Accounts payable and accruals 330 (151) 383
Deferred income taxes 60 112 167
Income taxes payable (26) 65 241
Retiree benefits (326) (20) (167)
Other non-cash transactions, net (34) (4) 94
Cash provided by continuing operations 2,453 2,031 3,038
Cash provided by discontinued operations 102 173
Net cash provided by operating activities $2,453 $2,133 $ 3,211
Non-Cash Investing and Financing Activities
Sale of businesses
Liabilities assumed by purchaser $ 167 $ 18
Purchase of businesses
Liabilities assumed by the company $ 20
Mandatorily redeemable convertible preferred stock converted or redeemed into common
stock $ 350
Capital expenditures accrued in accounts payable $85 $ 104 $ 84
The accompanying notes are an integral part of these consolidated financial statements.
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NORTHROP GRUMMAN CORPORATION