Northrop Grumman 2011 Annual Report Download - page 70

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NORTHROP GRUMMAN CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31
$ in millions 2011 2010 2009
Operating Activities
Sources of Cash — Continuing Operations
Cash received from customers
Progress payments $ 4,803 $ 4,437 $ 2,957
Collections on billings 21,628 23,531 24,955
Other cash receipts 149 40 71
Total sources of cash — continuing operations 26,580 28,008 27,983
Uses of Cash — Continuing Operations
Cash paid to suppliers and employees (22,059) (23,759) (23,761)
Pension contributions (1,084) (789) (657)
Interest paid, net of interest received (227) (269) (257)
Income taxes paid, net of refunds received (810) (1,071) (774)
Income taxes paid on sale of business (508)
Excess tax benefits from stock-based compensation (17) (22) (2)
Other cash payments (36) (42) (29)
Total uses of cash — continuing operations (24,233) (25,952) (25,988)
Cash provided by continuing operations 2,347 2,056 1,995
Cash (used in) provided by discontinued operations (232) 397 138
Net cash provided by operating activities 2,115 2,453 2,133
Investing Activities
Continuing Operations
Contribution received from the spin-off of Shipbuilding business 1,429
Additions to property, plant, and equipment (488) (579) (473)
Purchases of short term investments (450) (2)
Maturities of short term investments 200
Proceeds from sale of business, net of cash divested 414 1,650
Other investing activities, net 48 (4) (127)
Cash provided by (used in) investing activities by continuing operations 743 (571) 1,050
Cash used in investing activities by discontinued operations (63) (189) (184)
Net cash provided by (used in) investing activities 680 (760) 866
Financing Activities
Common stock repurchases (2,295) (1,177) (1,100)
Payments of long-term debt (768) (1,011) (474)
Proceeds from issuance of long-term debt 1,484 843
Cash dividends paid (543) (545) (539)
Proceeds from exercises of stock options and common stock issuances 101 142 51
Excess tax benefits from stock-based compensation 17 22 2
Other financing activities, net (6) (2) (12)
Cash used in financing activities by continuing operations (3,494) (1,087) (1,229)
Cash used in financing activities by discontinued operations (179)
Net cash used in financing activities (3,494) (1,266) (1,229)
(Decrease) increase in cash and cash equivalents (699) 427 1,770
Cash and cash equivalents, beginning of year 3,701 3,274 1,504
Cash and cash equivalents, end of year $ 3,002 $ 3,701 $ 3,274
The accompanying notes are an integral part of these consolidated financial statements.
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