Northrop Grumman 2012 Annual Report Download - page 56

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NORTHROP GRUMMAN CORPORATION
-46-
Year Ended December 31
$ in millions 2012 2011 2010
Reconciliation of net earnings to net cash provided by operating
activities
Net earnings $1,978 $2,118 $2,053
Net earnings from discontinued operations —(32)(134)
Adjustments to reconcile to net cash provided by operating activities:
Depreciation 448 462 446
Amortization 62 82 109
Stock-based compensation 183 140 136
Excess tax benefits from stock-based compensation (45)(17)(22)
Pre-tax gain on sale of businesses ——(10)
Charge on debt redemption —— 229
(Increase) decrease in assets:
Accounts receivable, net 90 350 (471)
Inventoried costs, net 46 (2)(64)
Prepaid expenses and other assets (65)16 36
Increase (decrease) in liabilities:
Accounts payable and accruals 23 (341) 70
Deferred income taxes 78 441 89
Income taxes payable (75)(32)(26)
Retiree benefits (71)(904)(354)
Other, net (12)66 (31)
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
The accompanying notes are an integral part of these consolidated financial statements.