Northrop Grumman 2012 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2012 Northrop Grumman annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

NORTHROP GRUMMAN CORPORATION
-45-
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31
$ in millions 2012 2011 2010
Operating activities
Sources of cash—continuing operations
Cash received from customers
Collections on billings $ 20,892 $ 21,628 $ 23,531
Progress payments 4,472 4,803 4,437
Other cash receipts 99 149 40
Total sources of cash—continuing operations 25,463 26,580 28,008
Uses of cash—continuing operations
Cash paid to suppliers and employees (21,074)(22,059)(23,759)
Pension contributions (367)(1,084)(789)
Interest paid, net of interest received (200)(227)(269)
Income taxes paid, net of refunds received (1,119)(810)(1,071)
Excess tax benefits from stock-based compensation (45)(17)(22)
Other cash payments (18)(36)(42)
Total uses of cash—continuing operations (22,823)(24,233)(25,952)
Cash provided by continuing operations 2,640 2,347 2,056
Cash (used in) provided by discontinued operations —(232) 397
Net cash provided by operating activities 2,640 2,115 2,453
Investing activities
Continuing operations
Capital expenditures (331)(492)(585)
Maturities of short-term investments 250 200 —
Contribution received from the spin-off of shipbuilding business —1,429 —
Purchases of short-term investments —(450)(2)
Other investing activities, net (3)56 16
Cash (used in) provided by investing activities from continuing
operations (84)743 (571)
Cash used in investing activities from discontinued operations —(63)(189)
Net cash (used in) provided by investing activities (84)680 (760)
Financing activities
Common stock repurchases (1,316)(2,295)(1,177)
Cash dividends paid (535)(543)(545)
Proceeds from exercises of stock options 188 101 142
Excess tax benefits from stock-based compensation 45 17 22
Payments of long-term debt —(768)(1,011)
Proceeds from issuance of long-term debt —— 1,484
Other financing activities, net (78)(6)(2)
Cash used in financing activities from continuing operations (1,696)(3,494)(1,087)
Cash used in financing activities from discontinued operations ——(179)
Net cash used in financing activities (1,696)(3,494)(1,266)
Increase (decrease) in cash and cash equivalents 860 (699) 427
Cash and cash equivalents, beginning of year 3,002 3,701 3,274
Cash and cash equivalents, end of year $ 3,862 $ 3,002 $ 3,701
The accompanying notes are an integral part of these consolidated financial statements.